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}, "f-365": { "value": "11126000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXG42836", "period": "2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-366": { "value": "Company Information
Aker Solutions delivers integrated solutions, products and services to the global energy industry. We
enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs.
By combining innovative digital solutions and predictable project execution we accelerate the transition
to sustainable energy production. The company had about 11,800 own employees and was present in 15
countries at the end of 2024.
The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo
Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the
financial performance and position of the company and its subsidiaries collectively referred to as \u201cthe
group\u201d or \u201cthe company\u201d and separately as group companies.\u00a0
Basis of Preparation
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their
interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2024.
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 31, 2025. The
consolidated financial statements will be
authorized at the Annual General Meeting on
April 28, 2025. Until this date the Board of
Directors has the authority to amend the
financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except for
certain financial assets and liabilities as
presented in note 24 measured at fair value on
each reporting date. The consolidated financial
statements are presented in Norwegian Kroner
(NOK) and have been rounded to the nearest
million (NOK million), therefore the subtotals and
totals in some tables may not equal the sum of
the amounts shown.
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and
losses or income and expenses arising from
intra-group transactions, are eliminated in the
consolidated financial statements.
Aker Solutions contributed in all material aspects
the entire Subsea segment into a new entity
formed with SLB on October 2, 2023. Aker
Solutions holds a non-controlling interest of 20
percent in the new entity OneSubsea. For
historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 26 Investments in Companies and note
27 The Subsea Transaction and Discontinued
Operations.
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to
NOK using the exchange rate on the balance
sheet date. Income and expenses are translated
using the average exchange rate for the year,
calculated on the basis of 12 monthly rates.
Foreign exchange differences arising from these
translations are recognized in other
comprehensive income, and presented as a
separate component in equity (translation
reserve). The translation differences are
reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned
nor likely in the foreseeable future, forms part of
the net investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect
the income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates
used in valuations and measurement of certain
accounting items. This is further described in
note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 30 Climate Risk
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2024.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 \u201cPresentation and Disclosure in Financial
Statements\u201d was issued in 2024, effective for
annual reporting period beginning on or after
January 1, 2027. The impact of changes
resulting from implementation of IFRS 18 has not
yet been assessed.
Revenue
The revenue in Aker Solutions consists of large
engineering, procurement and construction
(EPC) contracts within the renewables and oil
and gas energy sector. The company also has
engineering contracts and frame agreements for
maintenance of various energy installations. The
compensation format is both reimbursable and
lump sum, and the contracts often include
various incentive mechanisms. Project execution
is a key component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business
practice. The deliveries in the contracts are
reviewed to identify distinct performance
obligations. For the vast majority of the identified
performance obligations, control has been
assessed to be transferred to the customer over
time as the performance obligation is satisfied.
Revenue is recognized over time using a cost
based progress method, or as time and materials
are delivered to the customer. The cost progress
method is commonly used on reimbursable - and
lump sum contracts when scope of work is firm.
The time and materials method is more
commonly used for reimbursable contracts with
less firm scope. These methods are used to best
reflect the pattern of transfer of control of goods
and services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money.
Profit is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor
and material cost) and an allocation of overhead
that relate directly to the contract or activities
required to fulfil the contract. Customer financed
assets required to execute the projects are
presented gross in the financial statements.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes
an analysis of the customer contract to
determine if the goods or services are distinct
deliveries or input to an overall promise to deliver
a combined system of products and services. As
most of the contracts represent a single,
combined output for the customers, contracts
will normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain
reimbursable contracts. They can also be
present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially both
increase and decrease revenue. Most incentives
are estimated using the most likely amount.
Revenue from variable consideration is included
only when it is highly probable that the revenue
will not be reversed. There is a risk that the
actual payment of incentives may differ from the
estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present
in service contracts. If a project does not meet
the defined milestone in a contract, a provision
reducing the transaction price is made unless it
is highly probable that LD will not be imposed.
The estimated LD provision is highly judgmental.
The assessment of the LD provision is based on
experience from similar LD situations in addition
to client relationship, contractual position and
status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement,
construction, modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include facilities for carbon capture, offshore wind and traditional oil and gas installations,
topside modules, substructures, floating production units (FPSOs), decommissioning, hook-up services
and marine operations. Most contracts last between three to five years. The contracts include a
combination of FEED, engineering, procurement, construction and installation (EPCI) of equipment. Each
contract is usually assessed as one performance obligation as the deliveries are combined in one output.
The contracts may be reimbursable, lump sum, target cost or a combination. The contracts regularly
include incentives for achievement of key performance indicators (KPIs) or penalties for late delivery.
Payment terms are normally 30-45 days according to predefined milestones or monthly billing.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A Platform
Aker BP
2022
2026
Valhall PWP Platform
Aker BP
2022
2026
Norfolk Vanguard East HVDC1
RWE
2025
2028
Norfolk Vanguard West HVDC1
RWE
2025
2027
Hugin B Platform
Aker BP
2022
2026
East Anglia 3 HVDC
ScottishPower
2022
2025
Fenris UI
Aker BP
2022
2026
Sunrise Wind HVDC
\u00d8rsted & Eversource
2021
2025
Rosebank FPSO
Altera
2023
2025
Jackdaw WHP
Shell
2022
2025
Johan Castberg FPSO
Equinor
2017
2025
1) Awarded in January 2025.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The
majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms, key
performance indicators and productivity measures. Each contract or purchase order under a frame
agreement (FA) is usually assessed as a separate performance obligation. The contracts usually last from
one to five years. Payment terms are normally 30 days after time and materials are delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Mongstad Waste Water Treatment Plant
upgrade
Equinor
2024
2026
Draugen Electrification
OKEA
2023
2027
Equinor H (FA)
Equinor
2016
2026
V\u00e5r Energi M&M
V\u00e5r Energi
2020
2029
Valhall PWP tie-in
Aker BP
2023
2028
ConocoPhillips M&M (FA)
ConocoPhillips
2016
2026
Berling tie-in to \u00c5sgard B
Equinor
2023
2028
Skarv Satellites Project
Aker BP
2023
2027
Shell Modification Contract (FA)
Shell
2017
2028
Angola EPC Services
Azule Energy
2018
2027
Aker BP EMM/Modific. Alliance (FA)
Aker BP
2015
2026
Troll Phase 3 Stage II EPCIC
Equinor
2024
2027
Bestla tie-in to Brage EPCI
OKEA
2024
2027
Troll West, electrification
Equinor
2021
2026
Note 3 continues on next page
Note 3 Revenue cont.
Revenue by segment
The following tables show the revenue from customer contracts by segment. Revenue by country is
shown in note 4 Segments.
Amounts in NOK million
2024
2023
Renewables and Field Development
38,011
21,472
Life Cycle
13,188
13,025
Other
1,002
1,384
Total revenue from customer contracts
52,202
35,882
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as long as
five years. The order backlog as of December\u00a031, 2024 was NOK 60.9 billion, compared to NOK 72.7
billion the year before. The table below shows the expected timing of future revenue for ongoing and not
yet started performance obligations at year-end.
Amounts in NOK billion
2025
2026
2027
2028
and
later
Total
backlog
Backlog phasing of ongoing performance obligations
42.1
13.3
3.3
2.0
60.8
Backlog phasing of performance obligations not yet started
0.0
0.0
0.0
0.0
0.1
Total backlog
42.1
13.4
3.4
2.0
60.9
Revenue recognized in 2024 for performance obligations satisfied in prior years was NOK -5 million,
compared to NOK 0 million the year before.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with customers:
Amounts in NOK million
Note
December
31, 2024
December
31, 2023
Trade receivables
13
6,208
5,268
Customer contract assets
13
4,721
2,113
Customer contract liabilities
-4,428
-4,831
Customer contract assets relate to consideration for work completed, but not yet invoiced at the
reporting date. The contract assets are transferred to trade receivables when the right to payment
become unconditional and invoices are issued to the customers. Customer contract liabilities relate to
advances from customers for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project portfolio, as
well as the current project mix. Of the amount of NOK -4,831 million recognized in contract liabilities at
the end of prior year, NOK 4,780 million has been recognized as revenue in 2024.
The bad debt provision included in trade receivables at December\u00a031, 2024 was NOK 161 million,
compared to NOK 116 million the year before. No impairment has been recognized on customer contract
assets.
Note 3 continues on next page
Note 3 Revenue cont.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity accounted
investees. As the activities of the investees are closely related to Aker Solutions operating activities, the
share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2024
2023
Share of net income OneSubsea
789
172
Share of net income other equity accounted investees
1
34
Profit from equity accounted investees
26
790
205
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2024
2023
Revenue from operating leases
172
155
Other
37
20
Total other income
209
175
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas
platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities. The
objective of the segment is to add value by improving efficiency and reducing carbon footprint in oil and
gas deliveries. Furthermore accelerating the transition to renewables and become a key supplier to
renewables and carbon capture solutions by building execution and collaboration through a digital value
chain.
The Renewables and Field Development reporting segment includes two operating segments in Aker
Solutions that are organized separately and provide individual management reporting to the CEO. The
following two operating segments are included: (1) New Build and (2) New Energies. The operating
segments have been aggregated in the external reporting as they share resources and production
capacity, and engineering is often an integrated scope of the customer contracts in both operating
segments. The operating segments have similar commercial risks, they operate in the same economic
climate and markets, and have similar customers. They also have similar operational characteristics and
use the same type of KPI's to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and
environmentally sound offerings both for offshore and onshore facilities. The segment provides a full-
range offering of maintenance and modification services including electrification projects, digitally
enabled asset integrity services, hook-up and installation services as well as late-life and
decommissioning activities. The segment has a global presence across regions with main execution in
Norway, UK, Canada, Brazil, Brunei and Angola.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad businesses
and the group effect of hedges not qualifying for hedge accounting. The Other segment also includes
impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken by the
corporate center. The number of employees in corporate functions and finance support functions are reported
in the Other segment while the related cost is allocated to the segments.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2024
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
38,011
13,188
51,199
1,002
0
52,202
Net profit equity accounted investees
0
0
0
790
0
790
Other income
21
8
29
180
0
209
External revenue
38,032
13,196
51,228
1,972
0
53,201
Inter-segment revenue
58
52
110
2
-113
0
Total revenue
38,090
13,249
51,339
1,975
-113
53,201
Operating income before depreciation, amortization and impairment
3,097
920
4,016
552
0
4,568
Depreciation and amortization
10, 11, 17
-782
-137
-920
-239
0
-1,158
Impairment
10, 11, 12, 17
-2
0
-2
-20
0
-22
Operating income
2,312
782
3,095
293
0
3,388
Assets and Liabilities
Property, plant and equipment
3,515
46
3,561
492
0
4,053
Intangible assets
1,623
1,304
2,927
560
0
3,487
Right-of-use assets
465
58
523
1,284
0
1,807
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Operating assets
13,396
4,904
18,301
3,654
-36
21,919
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Current operating liabilities
13,829
3,054
16,883
3,574
-36
20,421
Net current operating assets
-6,035
442
-5,593
-2,255
0
-7,848
Cash flow
Cash flow from operating activities
3,052
739
3,791
-684
0
3,107
Acquisition of property, plant and equipment
-1,287
-22
-1,309
-87
0
-1,396
Capitalized development
-22
0
-22
-29
0
-51
Other key figures
Order intake
24,011
14,951
38,962
1,288
-165
40,085
Order backlog
37,508
22,454
59,961
988
-65
60,885
Own employees
6,449
4,134
10,583
1,194
0
11,777
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2023
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
21,866
13,025
34,891
991
0
35,882
Net profit equity accounted investees
29
0
29
176
0
205
Other income
2
7
10
165
0
175
External revenue
21,898
13,032
34,930
1,332
0
36,262
Inter-segment revenue
622
40
662
-131
-531
0
Total revenue
22,520
13,072
35,592
1,201
-531
36,262
Operating income before depreciation, amortization and impairment
973
686
1,659
-492
0
1,166
Depreciation and amortization
10, 11, 17
-376
-120
-496
-188
0
-684
Impairment
10, 11, 12, 17
0
0
0
-60
0
-60
Operating income
597
565
1,162
-740
0
422
Assets and Liabilities
Property, plant and equipment
2,995
52
3,047
440
0
3,487
Intangible assets
1,631
1,309
2,940
623
0
3,563
Right-of-use assets
470
79
548
1,363
0
1,911
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Operating assets
9,227
4,746
13,973
4,137
-230
17,880
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Current operating liabilities
10,167
2,769
12,936
4,697
-230
17,403
Net current operating assets
-6,035
537
-5,498
-2,986
0
-8,484
Cash flow
Cash flow from operating activities
3,832
237
4,069
2,147
0
6,216
Acquisition of property, plant and equipment
-1,482
-39
-1,521
-313
0
-1,833
Capitalized development
-30
0
-30
-359
0
-388
Other key figures
Order intake
22,523
11,781
34,304
1,146
-147
35,303
Order backlog
51,405
20,579
71,984
710
-15
72,680
Own employees
6,121
4,220
10,341
1,132
0
11,473
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS Measures
Amounts in NOK million
2024
2023
Assets
Total operating assets
21,919
17,880
Deferred tax assets
225
491
Lease receivables
445
529
Equity accounted investees
7,870
6,555
Investments in companies
16
19
Derivative financial instruments
105
258
Current interest-bearing receivables
142
3,103
Financial investments
2,197
5,714
Non-current interest-bearing receivables
193
197
Other non-current assets
187
506
Cash and cash equivalents
2,860
6,003
Total assets
36,157
41,253
Liabilities
Total operating liabilities
20,421
17,403
Non-current lease liabilities
2,637
2,921
Pension obligations
945
895
Deferred tax liabilities
304
140
Other non-current liabilities
0
119
Current lease liabilities
708
619
Derivative financial instruments
17
204
Total liabilities
25,031
22,300
Major Customer
The reporting segments delivered to two major customers; one large Norwegian oil company which
represented 44 percent of total revenue in 2024 (2023: 17.8 percent) and one large international oil
company which represented 23 percent of total revenue in 2024 (2023: 42 percent). Aker Solutions has
long-term contracts with these customers.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-current
assets and capital expenditures are based on the geographical location of the company owning the
assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Norway
47,830
31,782
8,429
8,079
1,381
1,640
Canada
1,326
973
59
73
5
19
USA
1,088
1,024
11
2
0
5
Brunei
858
874
8
15
2
6
UK
624
472
590
550
0
9
Malaysia
118
286
36
44
0
16
Angola
169
264
1
1
1
2
India
108
80
202
195
5
16
Other countries
82
127
10
4
3
121
Total
52,202
35,882
9,347
8,962
1,396
1,833
See note 3 for more information about revenue
See note 27 for more information about the subsea transaction
Personnel Expenses
Personnel Expenses
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
9,616
8,544
Social security contribution
1,351
1,188
Pension cost
867
795
Other employee benefits
269
229
Personnel expenses
12,103
10,757
Total number of employees as of December 31
11,777
11,473
Average number of employees
11,553
11,289
Employee Share Purchase Program
In 2024 , 1,675 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up
for shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum
20 percent of annual salary. The original agreement was that employees that are still working in the
company three years after completion of the program will receive one bonus share for every two shares
still held by the employee. In December 2024, Aker Solutions paid an extraordinary dividend of NOK 21
per share. The historic employee share purchase programs including 2024 have therefore been amended
and the employees receive one bonus share for every one share still held by the employee. Costs related
to the bonus shares are expensed over the vesting period. Aker Solutions expensed a total of NOK 11
million excluding social security contribution in 2024 related to share purchase programs (NOK 12 million
in 2023, including NOK 4 million related to compensation of the employees in the Subsea segment).
There were no loans to employees as of December 31, 2024, same as in the previous year.
See note 18 for more information about the pension cost and obligations
See note 28 for more information about compensation to key management
Other Operating Expenses
Amounts in NOK million
2024
2023
Rental of equipment, IT systems and support
1,556
1,369
Operating and maintenance expenses for
property
1,039
808
External consultants including audit fees
549
526
Travel expenses
530
343
Insurance
186
190
Other expenses
210
343
Other operating expenses
4,070
3,578
See note 17 for more information about leasing costs
See note 29 for more information about audit fees
Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to
operating activities such as trade receivables and payables are included in operating expenses before
depreciation, amortization and impairment. However, the currency gains and losses are offset by the
effects from hedging derivatives. Translation of operational monetary assets and liabilities in countries
with hyperinflationary or non-convertible currencies are presented as financial items. Translation of
assets and liabilities related to general financing of the entity are included as financial income and
expenses. Foreign exchange gains and losses also include effects from translating monetary assets and
liabilities denominated in foreign currencies at the balance sheet date. The profit or loss on foreign
exchange forward contracts include effects from derivatives that do not qualify for hedge accounting,
embedded derivatives and the ineffective portion of qualifying hedges.
Financial Income and Expenses
Amounts in NOK million
Notes
2024
2023
Interest income from lease receivables
17
26
28
Other interest income
371
325
Interest income
397
353
Interest expense on lease liability
17
-156
-155
Interest expense on financial liabilities measured at amortized cost
-59
-32
Interest expense on financial liabilities measured at fair value
-37
-39
Interest expense
-252
-227
Net foreign exchange gain (loss)
-40
-116
Profit (loss) on foreign currency forward contracts
0
33
Loss on marketable shares1
-487
-453
Other financial income
355
86
Other financial expenses
-12
-3
Net other financial items
-184
-453
Net finance cost
-39
-328
1)Unrealized loss on shares in SLB.
See note 14 for more information about financial investments
See note 17 for more information about lease receivables and liabilities
See note 18 for more information about pension obligations
See note 23 for more information about foreign exchange and hedging
See note 26 for more information about financial assets and liabilities
See note 26 for more information about investments in companies
Earnings per Share and Dividends
Earnings per Share (EPS)
2024
2023
Income from continuing operations attributable to ordinary shares (NOK
million)
2,656
97
Income from discontinued operations (NOK million)
0
11,540
Income from total operations attributable to ordinary shares (NOK million)
2,656
11,637
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
481,905,159
488,829,434
Basic and diluted earnings per share from continuing operations (NOK)
5.51
0.20
Basic and diluted earnings per share from discontinued operations (NOK)
0.00
23.61
Basic and diluted earnings per share from total operations (NOK)
5.51
23.81
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain criteria,
be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in December
2024 employees will receive one bonus share, instead of the original 0.5, for every share purchased in
the programs for 2021 to 2024. The bonus shares do not represent a material dilutive effect and diluted
earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given
the company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share
of NOK 3.30 for 2024. The proposed dividend amounts to NOK 1,582 million based on outstanding
shares as of December 31, 2024. Aker Solutions had a liquidity buffer of NOK 5.9 billion as of December
31, 2024 compared to NOK 9.0 billion as of December 31, 2023.
In 2024, Aker Solutions distributed ordinary dividend to its shareholders of NOK 2 per share with a total
amount of NOK 970 million. In addition, the group paid an extraordinary dividend of NOK 21 per share
with a total amount of NOK 10 billion and bought back own shares for a value of NOK 501 million during
2024.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of
taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions
may change and lead to a different conclusion regarding recoverability, and such changes may affect
future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and
in many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1,
2024 and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules. This assessment shows that several jurisdictions with
limited activity will meet the \"de minimis test\u201d. However, the jurisdictions that do not meet the \"de minimis
test\u201d all have a reported effective tax rate exceeding 15 percent for the year 2024. No top-up tax has
been included in the tax expense for 2024.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall
not recognize or disclose information about deferred tax assets and deferred tax liabilities related to the
Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable
profits will be available to utilize the tax losses and credits. The forecasted future taxable profits are
based on firm orders in the backlog and identified prospects in addition to expected service revenue. The
forecasted taxable profits reflect organic growth only. Other parameters in the assessment are the
predicted long-term investment level by companies in the renewable and oil and gas energy sector, mix of
projects and services and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2024
2023
Current income tax
Current year
184
89
Prior year adjustment
22
10
Total current income tax
206
99
Deferred income tax
Origination and reversal of temporary differences
468
-34
Non-recognition of tax losses and temporary differences
18
35
Change in tax rates
17
0
Adjustment for prior periods
-24
9
Total deferred income tax
479
11
Total income tax
684
110
Taxes in OCI and Equity
Amounts in NOK million
2024
2023
Cash flow hedges, deferred tax
0
-2
Remeasurement of defined benefit pension plans
-6
-8
Income taxes included in OCI
-6
-10
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2024
2023
Income before tax from continuing operations
3,349
95
Income tax when applying Norwegian tax rate of 22 percent
737
22.0%
21
22.1%
Tax effects of:
Effect of different tax rates in other jurisdictions
22
0.7%
9
9.5%
Non-taxable income
-172
-5.1%
-47
-49.5%
Non-deductible expenses
27
0.8%
29
30.5%
Effect of withholding tax
50
1.5%
44
46.3%
Current tax adjustments related to prior years
22
0.7%
10
10.5%
Deferred tax adjustments related to prior years
-24
-0.7%
9
9.5%
Previously unrecognized tax losses used to reduce payable tax
-11
-0.3%
0
0.0%
Non-recognition of deferred tax assets
18
0.5%
35
36.8%
Impact of change in tax rate
17
0.5%
0
0.0%
Other
-1
0.0%
0
0.0%
Income tax and effective tax rate
684
20.4%
110
115.8%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Property, plant and equipment
24
10
-62
-46
-39
-36
Pensions
190
190
0
0
190
190
Projects under construction
33
66
-1,167
-1,880
-1,134
-1,814
Tax loss carry-forwards
209
1,591
-1
0
208
1,591
Intangible assets
5
5
-13
-16
-9
-11
Provisions
435
281
0
0
435
281
Derivatives
0
1
-5
-41
-5
-40
Tax credits and other
488
448
-214
-259
273
189
Total before offsetting
1,384
2,592
-1,462
-2,242
-79
351
Offsetting
-1,159
-2,101
1,159
2,101
0
0
Total
225
491
-304
-140
-79
351
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2023
125
Disposal of Subsea
623
Recognized in profit and loss1
-420
Prior year-adjustments booked in equity
-25
Recognized in other comprehensive income (OCI)
10
Prepaid withholding tax
14
Reclassification between categories
0
Currency translation differences
25
Balance as of December 31, 2023
351
Business acquisition
15
Recognized in profit and loss
-479
Prior year-adjustments booked in equity
0
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
1)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
\"Note_9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
254
254
0
254
93
Europe excluding Norway
1
0
454
455
454
1
44
North America
0
28
1,522
1,550
832
718
0
South America
0
0
808
808
808
0
0
Africa
25
0
0
25
25
0
0
Asia Pacific
242
580
0
823
823
0
61
Total\u00a0
268
608
3,039
3,915
2,942
973
198
See note 19 for more information about tax provisions
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development
segment. Historically, the majority of property, plant and equipment related to the disposed subsea
business\u2019 manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK.
Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may
change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 133 million as of December 31, 2024, all of which is expected to be paid
during 2025. Contractual commitments were NOK 871 million per December 31, 2023.
Note 10 continues on next page
\"Note_10.jpg\"
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2022
3,010
8,070
530
11,610
Additions1
17
25
1,979
2,021
Acquisition of subsidiaries
25
3
0
28
Reclassification from assets under
construction
80
238
-318
0
Disposal of subsea operations
-1,140
-5,060
-337
-6,537
Disposal and scrapping
-4
-110
0
-115
Currency translation differences
152
429
26
608
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-1,351
-6,658
-6
-8,015
Depreciation for the year2
-91
-274
0
-365
Impairment3
12
-93
-55
0
-148
Disposal of subsea operations
437
4,260
0
4,697
Disposal and scrapping
1
92
0
93
Currency translation differences
-55
-335
0
-389
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
0
-570
Impairment
12
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Book value as of December 31, 2023
987
626
1,874
3,487
Book value as of December 31, 2024
1,541
2,002
510
4,053
1)Excludes NOK 270 million in paid investments that were capitalized in 2023. NOK 160 million related to discontinued
operations in 2023.
2)Includes NOK 138 million in depreciation in 2023 related to discontinued operations.
3)Includes NOK 148 million in impairment in 2023 related to discontinued operations.
See note 17 for more information about right-of-use lease assets
Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The
technology development programs are closely monitored to secure the desired technological
achievements in time and at acceptable cost levels. Technology development programs that meet certain
criteria are capitalized and amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level
(TRL) consisting of eight phases. Research and development costs are expensed as incurred until a
program has completed the concept phase. Development cost is only capitalized if the product or process
is technically and commercially feasible and the business case shows a positive net present value.
Capitalized development mainly includes internal labor costs in addition to materials for the development
program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized
development is normally amortized over five years on a straight-line basis, but certain programs with a
clear differentiating offering and a longer economic benefit may be amortized up to seven years. For
development projects in progress, a full impairment test is performed annually or when impairment
indicators are identified. Assets are written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it. These
factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects, other
intangible assets, and for cash generating units including goodwill. Impairment testing is performed when
impairment indicators have been identified. In addition, goodwill and capitalized development programs
that have not been completed are subject to an annual impairment test. The impairment testing involves
judgmental assumptions about future market development, cash flows, determination of weighted
average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2022
3,599
5,598
384
9,581
Additions from internal development1,2,3
361
0
6
367
Acquisition of subsidiaries
0
13
0
13
Reclassification between categories
7
0
-7
0
Disposal of subsea operations
-2,981
-1,842
-2
-4,825
Disposal of assets
-4
0
-1
-4
Currency translation differences
145
14
16
174
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
1) Development cost funded by third-party totaled NOK 11 million in 2024 (NOK 37 million in 2023, of which nil related to the
disposed subsea business).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
3) Includes NOK 47 million in capital expenditure in 2023 related to discontinued operations.
4) Includes NOK 109 million in amortization in 2023 related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 related to discontinued operations.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-2,778
-560
-293
-3,631
Amortization for the year4
-180
0
-15
-195
Impairment5
12
-19
0
0
-19
Reclassifications between categories
-1
0
1
0
Disposal of subsea operations
2,352
-110
2
2,245
Disposal of assets
3
0
1
3
Currency translation differences
-118
-13
-16
-146
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Book value as of December 31, 2023
386
3,100
77
3,563
Book value as of December 31, 2024
295
3,101
91
3,487
Research and Development Expenses
The research and development expense was NOK 88 million in 2024 compared to NOK 59 million in
2023.
Impairment of Assets
The outlook for the energy industry and Aker Solutions continues to be positive despite geopolitical
uncertainty and volatile energy prices. The group\u2019s offerings and services are in high demand. Aker
Solutions has a solid order backlog of projects, with balanced risk-reward profiles, and high tendering-
and FEED activity. The company had net impairments of NOK 22 million in 2024.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter
to identify assets that are damaged, no longer in use or will be disposed. Capitalized development is
assessed for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value.
Capitalized development programs that have not been completed are subject to annual impairment
testing. The impairment testing of capitalized development includes an update of the future expected
cash flows, assessing status on technical achievements and reviewing cost incurred compared to budget
in order to identify if any of the capitalized cost should be expensed. The assets are written down to
recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets
previously impaired or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of
a cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by
the assets. This is usually the lowest level where a separate external market exists for the output from the
CGU. Impairment indicators are reviewed for all assets with assessment of market conditions,
technological development, change in order backlog, change in discount rate and other elements that
may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach
determined by discounting expected future cash flows. Various sensitivity analysis for change in future
cash flows, growth rate and WACC is performed for CGUs with limited headroom in the impairment
testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than
book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies.
Carbon taxation impacts the investment levels of carbon capture and offshore wind investments. These
external factors in turn impact the markets in which Aker Solutions operates.
Climate Related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019
business activities over this period. Aker Solutions will be engaged in traditional oil and gas projects and
will also be engaged in projects relating to decarbonization solutions and services for existing platforms.
Therefore, Aker Solutions does not expect any changes to the useful lives of our property, plant, and
equipment. Assessment of effect on useful lives is not considered to be a significant accounting
judgment or estimate. Aker Solutions note that assessment of useful lives of future capital expenditure
may be different, and local climate changes in the future may affect useful lives of certain assets.
Under all three climate scenarios (described in note 30 Climate Risk) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on useful
economic life of property, plant and equipment per 2024.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender
for are based on the pipeline of future projects needed to fulfill the energy need in the market. This
market has changed during the last decade, and Aker Solutions renewables and transitional solutions
represented 18 percent of the revenue in 2024, and we continue to see material projects within this
market also in the future. As the cash flows used in the impairment testing are based on current backlog
together with identified prospects, the climate changes have an impact on our impairment testing through
the projects included in the cashflows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2025 to 2029 have been used
as basis. The forecasted cash flows are based on firm orders in the backlog and identified prospects in
addition to expected service revenue. ROU lease assets are included in the impairment test. Management
has defined the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive
assumptions in the value-in-use calculation. The forecasted cash flows used in the impairment tests
reflect organic growth only. Other parameters in the assessment are the predicted long-term oil price per
barrel, mix of projects and services, level of operating expenses and capital expenditure for maintenance
of the asset portfolio.
Discount and Growth Rate
The WACC used in the impairment testing of goodwill is shown below.
2024
2023
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
9.7%
13.4%
10.8%
15.3%
New Energies
10.0%
12.0%
10.9%
13.2%
Life Cycle
10.0%
12.5%
11.7%
14.6%
Benestad
9.6%
11.5%
10.8%
13.1%
Hydropower1
9.9%
9.9%
11.1%
13.1%
1)Hydropower had significant tax losses carry forward in the impairment testing and no tax payments were assumed.
Estimated future cash flows are discounted to their present value using the weighted average cost of
capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk
premium and average beta values of peers within each market. A separate WACC has been calculated for
each of the CGUs taken into consideration country specific risk premiums and long-term risk free interest
rates. A growth rate has been applied to calculate terminal value after the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the impairments recognized per group of assets and per segment.
Renewables and
Field
Development
Life Cycle
Other
Continuing
operations
Amounts in NOK million
2024
2023
2024
2023
2024
2023
2024
2023
Impairment of intangible assets
2
0
0
0
0
5
2
5
Impairment of property, plant and equipment
0
0
0
0
5
0
5
0
Impairment of right-of-use assets
0
0
0
0
15
55
15
55
Total impairment
2
0
0
0
20
60
22
60
The company had impairments of NOK 22 million in 2024 (NOK 60 million in 2023). Impairments in the
year mainly related to right-of-use assets with empty areas available for sublease and intangible assets
where the technology or commercial outlook no longer justified the value.\u00a0
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are expected
and goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below.
Amounts in NOK million
2024
2023
New Build yards (Renewables and Field Development)
1,302
1,302
New Energies (Renewables and Field Development)
226
226
Life Cycle (Life Cycle)
1,303
1,302
Benestad (Other)
188
188
Hydropower (Other)
82
82
Total goodwill as of December 31
3,101
3,100
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method for
illustration purposes only. The forecasted cash flows are based on firm orders and an expected share of
new contracts. When determining the terminal value, a growth rate of 1.5 percent has been used for the
CGUs. The annual impairment testing of goodwill did not result in any impairment losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services.
External factors such as long-term oil prices and governments\u2019 policies regarding renewable energy
sources and decarbonization impact customers\u2019 investment decisions. The testing is also affected by
changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to secure
projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key assumptions in
the value-in-use calculation to evaluate possible adverse changes. This includes changing the discount
rate and growth rate in addition to reducing the expected future cash flows.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate
embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,
leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and gas
activities are not assumed to have infinite lives. When material climate risk effects on operations are
identified, impairment assessments will be reassessed. Climate risks are assessed and reported in note
30 Climate Risk and also described in the Sustainability Statement.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill
impairment testing both in 2024 and 2023.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 17 for more information about right-of-use lease assets
See note 30 for more information about climate scenarios and climate-related risk
Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract
assets. The impairment is based on individual assessments of each customer and default risk in the
industry and the country in which the customer operates in line with the expected credit loss method
(ECL). The customers of Aker Solutions are mainly large, international energy companies with low credit
risk.
Trade and Other Receivables
Amounts in NOK million
2024
2023
Trade receivables
6,026
4,775
Trade receivables, related parties
342
608
Less bad debt provision
-161
-116
Trade receivables, net
6,208
5,268
Customer contract assets
4,721
2,113
Other receivables
204
204
Customer contract assets and other receivables
4,925
2,317
Bad Debt Provision
Amounts in NOK million
2024
2023
Balance as of January 1
-116
-69
Provisions made during the year
-67
-61
Provisions reversed during the year
31
4
Provisions used during the year
0
5
Disposal of subsea operations
0
10
Currency translation differences
-9
-4
Balance as of December 31
-161
-116
Aging of Trade Receivables
Amounts in NOK million
2024
2023
Not due
5,394
4,584
Past due 0-30 days
270
589
Past due 31-90 days
223
74
Past due 91 days to one year
360
115
Past due more than one year
122
21
Total
6,368
5,383
The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit
risk has not changed significantly, as the majority of customers are large, international energy
companies.
See note 3 for more information about customer contract assets and trade receivables
See note 21 for more information about credit risk and the ECL method
See note 24 for more information about financial assets and liabilities
See note 28 for more information about receivables to related parties
Financial Investments and Interest-Bearing
Receivables
Financial Investments
Amounts in NOK million
2024
2023
Liquid funds
0
3,030
Shares in SLB
2,197
2,684
Total
2,197
5,714
Liquid funds
Aker Solutions\u2019 Investment Strategy allows investments in liquid money market funds with low risk. The
rationale is to diversify the risk among debtors and enhance the return from surplus cash, compared to
the interest rate in the cash pool.
As of December 31, 2023 Aker Solutions had invested NOK 3,030 million in three different funds. After
the company distributed NOK 10 billion in dividend in December 2024, the company has used all its
investments in liquid funds and have no such placements as of December 31, 2024.
Shares in SLB
As part of the consideration from the sale of the subsea business in 2023, Aker Solutions received USD
306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares was subject to a lock-up-
period of 180 days from closing at October 2, 2023.
The shares are measured at fair value through profit and loss. The investment is exposed to currency risk
and share price risk. Part of the currency exposure has been secured with put options during 2024. At
year end 2024 all options have matured. A loss of NOK 114 million for the put option was recognized in
2024 (loss of NOK 126 million in 2023) as part of net foreign exchange gain (loss).
Interest-Bearing Current Receivables
Amounts in NOK million
2024
2023
Vendor note OneSubsea
0
912
Receivable Subsea7
0
1,592
Working capital funding of OneSubsea
0
370
Lease receivable
122
148
Other interest-bearing receivables
20
81
Total current interest-bearing receivables
142
3,103
Vendor note and receivable from Subsea7
The vendor note of USD 87,5 million and receivable from Subsea7 of USD 153 million were hedged with
both call and a put options. Both receivables were settled during 2024 and a loss of NOK 131 million (gain
of NOK 85 million in 2023) was recognized as part of net foreign exchange gain (loss).
See note 21 for more information about financial risk management and exposures
See note 24 for more information about financial assets and liabilities
See note 27 for more information about the subsea transaction
Cash and Cash Equivalents
Amounts in NOK million
2024
2023
Interest-bearing desposits in cash pool
1,854
3,979
Other interest-bearing deposits
1,005
2,018
Non interest-bearing deposits
0
5
Total
2,860
6,003
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0 billion,
compared to NOK 3.0 billion in the prior period. Together with cash and cash equivalents, this gives a
total liquidity buffer of NOK 5.9 billion, compared to NOK 9.0 billion in prior year.\u00a0
See note 14 for more information about liquid interest funds
See note 21 for more information about cash restrictions and the cash pool arrangement
See note 22 for more information about capital management
Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 divided into
492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, 2024. All issued
shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal rights for all
shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per
share at general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average
number of ordinary shares. Earnings per share have been calculated based on an average of 481,905,159
shares outstanding December 31, 2024. Consideration for treasury shares sold in 2024 was NOK 69
million and consideration for treasury shares acquired was NOK 500 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2023
2,468,935
Purchase
12,303,831
Sale
-1,929,209
Treasury shares as of December 31, 2024
12,843,557
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in
the income statement. The hedging effects are recognized in the income statement according to the
progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 10 in the parent company financial statement for overview of the largest shareholders
See note 23 for more information about hedging
See note 26 for more information about equity securities in the fair value reserve
Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-
use asset and lease liability unless the lease is short-term or low-value. Vacated leased property made
available for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,
credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to
impairment testing. Several property leases contain extension options or cancellation clauses. The non-
cancellable lease period is basis for the lease commitment. Periods covered by extension or termination
options are included when it is reasonably certain that the lease period will be extended. When
management has decided to extend the lease period is typically an event that would trigger an updated
assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured
using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset
is the basis for measuring the investment property. When testing the investment property for impairment,
the expected future sublease income is discounted to present value and compared to the value of the
investment property. The cost model together with impairment assessments is also an estimate of fair
value of the right-of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed
for separable parts of leased buildings that have been or will be vacated in the near future. The
impairment is sensitive to changes in estimated future expected sublease income and sublease period.
Further, judgment is involved when determining whether sublease contracts are financial or operational,
as well as when determining lease term for contracts that have extension or termination options.
Determination of the discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2023
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposal of lease contracts
-37
-86
0
-124
Disposal of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2023
-2,368
-670
-31
-3,069
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Book value as of December 31, 2023
1,497
379
35
1,911
Book value as of December 31, 2024
1,459
312
36
1,807
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023.
2)Impairments include discontinued operations with NOK 135 million for 2023.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2024
2023
2024
2023
Movement of lease liabilities and receivables
Balance as of January 1
3,540
4,413
677
697
Additions and remeasurement
321
566
11
61
De-recognition
-5
-50
-45
0
Disposal of subsea operations
0
-791
0
-14
Interest expense/sublease interest income
156
181
26
28
Lease payments/sublease payments
-827
-956
-149
-146
Currency translation differences
161
176
47
50
Balance as of December 31
3,345
3,540
567
677
Of which current
708
619
122
148
Of which non-current
2,637
2,921
445
529
Balance as of December 31
3,345
3,540
567
677
The weighted-average discount rate applied to calculate lease liability was 4.6 percent in 2024 (4.7
percent in 2023).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Maturity within 1 year
837
765
140
173
45
33
Maturity 1-5 years
1,846
2,101
307
397
56
71
Maturity 5-10 years
1,150
1,069
184
165
11
26
Maturity later than 10 years
14
200
1
34
0
0
Total
3,846
4,135
632
769
113
130
Discounting effect
-501
-595
-65
-92
n/a
n/a
Lease liabilities and lease receivable
3,345
3,540
567
677
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2024
2023
Income from operational subleases presented as other income
172
155
Expenses relating to short-term leases presented as operating costs
-512
-552
Expenses relating to low-value leases presented as operating costs
-6
-6
Depreciation of ROU assets
-438
-371
Net impairments of ROU assets
-15
-55
Interest on lease receivables presented as financial income
26
28
Interest on lease liabilities presented as financial expense
-156
-155
Gain/(loss) on termination of lease agreements
-12
-2
Expense relating to variable lease payments not included in lease liabilities
-11
-4
Total effect on profit/(loss) before tax
-952
-963
Short-term leases include storage and accommodation for expats and workers in addition to rental of
tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 28 for more information about leasing contracts with related parties
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is the
defined contribution plan, where Aker Solutions makes contributions to the employee's individual pension
account. Aker Solutions also has a closed defined benefit plan where the impact is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a
regular basis to the employee\u2019s individual pension account. The benefits received by the employee are
based on the employer contributions and gains or losses from investing the capital. Contributions to
defined contribution pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history,
years of service and age. The calculation of defined benefit obligations is performed annually by a
qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount
of future benefit that employees have earned in the current and prior periods and deducting the fair value
of any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other
comprehensive income. Net interest expense and other expenses related to defined benefit plans are
recognized in the income statement. When the benefits of a plan are changed, settled or when a plan is
curtailed, the change relating to past service or the gain or loss on curtailment or settlement is
recognized immediately in the income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality,
employee turnover, disability and early retirement. Assumptions about all these factors are based on the
situation at the time the assessment is made. However, it is reasonably certain that such factors will
change over long periods for which pension calculations are made. Any changes in these assumptions
will affect the calculated pension obligations with immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing
a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian employers are
obliged to provide according to current legislation, represent limited additional pension entitlements. The
occupational plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual
contributions, premium and administration cost expensed for the Norwegian plans in 2024 were NOK
454 million, compared to NOK 377 million in 2023. The estimated contribution, premium and
administration cost expected to be paid in 2025 is NOK 537 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway
closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still
members of the closed defined benefit plan. This is a funded plan and represents the funded pension
liability reported in the tables below. Aker Solutions also has various unfunded early retirement plans and
executive pension plans that are partially closed for new members. The estimated premium cost expected
to be paid during 2025 is NOK 74 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted
annually in accordance with the adjustment of the employees' pensionable income, and accrued interest
according to market interest. If the employee leaves the company voluntarily before the age of 67 years,
the accrued compensation amount will be paid out. The compensation plan is an unfunded plan, and is
included in the unfunded pension liability reported in the tables below. The liability is equal to the
compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main
labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information
required to estimate the pension obligation from this defined benefit plan is not available from the plan
administrator. Aker Solutions therefore currently accounts for the plan as if it was a defined contribution
plan. The annual contributions expensed in 2024 were NOK 126 million, compared to NOK 177 million in
2023. The estimated contribution expected to be paid in 2025 is NOK 125 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions expensed
for plans outside Norway in 2024 were NOK 120 million, compared to NOK 101 million in 2023. The
estimated contributions expected to be paid in 2025 is NOK 118 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2024
2023
Defined benefit plans
96
78
Defined contribution plans
808
735
Total
904
813
Note 18 continues on next page
Note 18 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability. Present value obligations include NOK 80 million in pension obligations related to the disposed
subsea business. In 2023, the pension liability related to the disposed subsea business was reported as other non-current liabilities and the numbers for 2023 have been restated.
Present value of obligation
Fair value of plan assets
Net defined benefit liability
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Balance as of January 1
2,035
2,128
-1,057
-1,096
978
1,031
Current service and administration cost
55
53
4
8
59
60
Interest cost (income)
68
50
-31
-32
37
18
Included in income statement
123
103
-28
-24
96
78
Actuarial loss (gain) arising from financial assumptions
-11
18
0
0
-11
18
Return on plan assets
0
0
65
19
65
19
Actuarial loss (gain) arising from experience adjustments
-27
0
0
0
-27
0
Remeasurements loss (gain) included in OCI
-37
17
65
19
28
36
Contributions paid into the plan
0
0
-77
-86
-77
-86
Benefits paid by the plan
-205
-213
124
131
-81
-81
Other
-205
-213
48
45
-157
-168
Balance as of December 31
1,916
2,035
-971
-1,057
945
978
Note 18 continues on next page
Note 18 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of
obligation
Fair value of plan
assets
Net defined
benefit liability
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Net defined benefit liability funded plan
971
1,057
-971
-1,057
0
0
Net defined benefit liability unfunded plans
945
978
0
0
945
978
Balance as of December 31
1,916
2,035
-971
-1,057
945
978
Assets in the Defined Benefit Plan
Amounts in NOK million
2024
2023
Bonds
299
429
Income and equity funds
672
628
Total plan assets at fair value
971
1,057
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating equal
to AA, but there are few official ratings for these investments. The remaining bond investment is primarily
in the Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The majority of these
investments do not, however, have an official rating. The fund investments consist of fixed income funds
and equity funds with listed securities where the value is based on quoted prices. The equity securities
are invested globally, and the value is based on quoted price at the reporting date without any deduction
for estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans. The
following were the principal actuarial assumptions at the reporting date:
2024
2023
Discount rate
3.30%
3.10%
Asset return
3.30%
3.10%
Salary progression
3.50%
3.50%
Pension indexation funded plans1
0-4 %
0-4%
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.8
22.7
Remaining life expectancy at age 65 for pensioners, females
26.1
26.0
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with the
terms of the obligations. The assumptions used are in line with recommendations from the Norwegian
Accounting Standards Board.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have changed the defined benefit obligation as of December 31
by the amounts shown below.
2024
2023
Discount rate increase by 1 percent
-83
-94
Discount rate decrease by 1 percent
103
116
Expected rate of salary increase by 1 percent
0
0
Expected rate of salary decrease by 1 percent
0
0
Expected rate of pension increase by 1 percent
96
106
Expected rate of pension decrease by 1 percent
-78
-90
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation
by only 7 percent. This is because the benefit obligation in Aker Solutions consists mainly of pensioners
and employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
Provisions and Contingent Liabilities
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event.
All provisions are presented as short-term as they are part of the operating cycle.
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made when it
is considered as probable that cash outflow will take place, and the obligation can be measured reliably.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2022
464
841
415
1,719
Provisions made during the year
267
983
1,176
2,426
Provisions used during the year
-64
-460
-67
-591
Provisions reversed during the year
-3
-1
-22
-27
Disposal of subsea operations
0
-132
-37
-169
Reclassifications
-12
-4
21
5
Currency translation differences
15
1
27
42
Balance as of December 31, 2023
666
1,227
1,512
3,405
Provisions made during the year
229
1,013
81
1,323
Provisions used during the year
-58
-657
-190
-905
Provisions reversed during the year
-25
-9
-53
-88
Currency translation differences
13
1
-59
-46
Balance as of December 31, 2024
825
1,574
1,291
3,690
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
180
1,068
360
1,609
Payment after one year
486
158
1,152
1,796
Total as of December 31, 2023
666
1,227
1,512
3,405
Payment within one year
182
1,424
169
1,775
Payment after one year
643
150
1,122
1,915
Total as of December 31, 2024
825
1,574
1,291
3,690
Note 19 continues on next page
Note 19 Provisions and Contingent Liabilities cont.
Warranties
The provision for warranties relates to expected re-work for products and services delivered to
customers. The warranty period is normally two to five years. The provision is based on the historical
average warranty expense for each type of equipment and an assessment of the value of delivered
products and services currently in the warranty period. The provision can also be a higher or lower
amount following a specific evaluation of the actual circumstances for each contract. The final warranty
cost may differ from the estimated warranty provision. Warranty provisions in 2023 and 2024 includes
amounts related to the disposed subsea business that was contributed into OneSubsea. Aker Solutions
is responsible for possible warranty claims related to subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The
provision is mainly driven by legacy renewables projects contracted on lump sum terms and entered
into in 2021. The cost in the projects have been impacted by increased commodity prices and supply
chain constraints driven by the war in Ukraine, changes in designs and increased carry-over work from
a subcontractor.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions for
claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring provision
and certain employee benefits.
Other provisions also include provisions related to certain indemnities given in relation to the disposal of
the subsea operations in 2023 of NOK 978 million (NOK 1,093 million in 2023) reported as part of the
result from discontinued operations in 2023. The subsea related provision includes the ICMS tax claim
in Brazil and is dependent on the administrative and legal proceedings. The timing of a final decision is
difficult to determine and it could take five to ten years before a final decision is made. The subsea
related provision also includes provision for unavoidable costs during the next ten years on premises
remaining in Aker Solutions after the disposal of subsea operations.
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon
delivery and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s worldwide
operations there is a risk that legal claims may arise in the future for deliveries where revenue has been
recognized in the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration process,
and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions recognized
NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK 426 million as
settlement of accounts receivable in 2021. In June 2021, the counterparty RWE submitted an
application for annulment of the arbitration award to the German Courts. After decisions by the court of
first instance in Hamburg in February 2023 and the federal appeal court in October 2023 on the
admissibility of RWE\u2019s annulment application, the annulment application remains in process and has
been redirected to the court of first instance for re-assessment. No provision has been made for this
contingent liability as the probability for a cash outflow is considered remote.
See note 27 for more information about the subsea transaction
Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2024
2023
Trade creditors
2,744
2,489
Trade creditors, related parties
25
65
Trade payables
2,769
2,554
Accrued operating costs
7,403
4,434
Public duties and taxes
993
873
Other current liabilities
1,015
1,243
Other payables
9,411
6,550
Total
12,180
9,104
Accrued operating costs mainly relate to cost accruals in projects, salary and holiday pay for own
employees and cost for hired in personnel and was impacted by high activity level in 2024. Accrued
operating costs include NOK 1.3 billion related to cost not yet invoiced by joint venture in Dubai at year
end 2024.
Trade creditors include NOK 10 million as of December 31, 2024 (NOK 11 million in 2023)
due after one year.
See note 3 for more information about customer contract liabilities
See note 28 for more information about payables to related parties
Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase the
predictability of earnings and minimize potential adverse effects on the company\u2019s financial performance. The
energy landscape has evolved significantly recent years, as energy markets were strongly impacted by the war
in Ukraine. Aker Solutions uses derivatives to hedge currency risk exposures and aims to apply hedge
accounting whenever possible in order to reduce the volatility resulting from the periodic market-to-market
revaluation of financial instruments in the income statement. The company is also exposed to interest rate risk,
credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the project
manager. They cooperate with local finance managers and corporate treasury to identify, evaluate and
hedge financial risks under policies approved by the Board of Directors. The company has well-
established procedures for overall risk management, as well as policies for the use of derivatives and
financial investments.
Geopolitical unrest
The continuous unstable geopolitical situation have affected financial markets over the recent years,
leading to volatile commodity prices, fear of inflation and global supply chain constraints. The unstable
situation generally increase financial risk.
\u25fc Currency risk: Over the recent years we have seen increased volatility in the currency market.
Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency
buffer included in tender prices, and currency options are used to mitigate contingent currency
exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and the
ongoing transition towards renewable energy has increased credit risk in the energy sector. Due to a
predominance of large international energy companies with a relatively low credit risk in its customer
base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order
backlog and strong cash generation from operations have contributed to a strong balance sheet and
visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial transactions,
assets and liabilities when payments and revenues are denominated in a currency other than the
functional currency of the respective entity. The company's exposure to currency risk is primarily related
to USD, EUR and GBP. The company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including currency
clauses in the tender, entering into derivative instruments or including a contingency in the tender price.
All entities identify and hedge their exposure with the Corporate treasury department. The Corporate
treasury department manages the overall currency exposures based on well established currency risk
strategy and procedures.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow hedges
or as hedges of separate embedded derivatives. Corporate treasury enters into external foreign exchange
contracts separately for revenue and cost exposure. The overarching strategy is that 80 percent of the
value of the hedging instruments shall either qualify for hedge accounting or be hedges of separate
embedded derivatives. However, due to significantly lower total currency exposure in projects following
the divestment of the Subsea segment, the qualifying portion of hedges was 67 percent as of December
31, 2024. Corporate treasury monitors hedges not qualifying for hedge accounting and non-qualifying
hedges are reported in the \"other\" segment. Currency exposure from long-term investments in foreign
currencies is only hedged when specifically instructed by management. Treasury hedged parts of the
currency exposure from USD denominated proceeds received in 2024 from the OneSubsea formation
with financial derivatives. A net-investment hedge to mitigate the foreign exchange risk associated with
parts of Aker Solutions\u2019 equity denominated in USD was also established in 2024.
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the
convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to minimize the
currency exposure. However, Aker Solutions has historically experienced currency exposures in such
jurisdictions where no means of hedging has been available.
Exposure to Currency Risk
Corporate treasury is allowed to hold positions within an approved trading mandate. The net exposure as
of December 31 is shown in the following table. A bank deposit in a currency different than the functional
currency of the entity represent an exposure for the group. A negative amount on bank deposits
represent an overdraft for the entities. Estimated forecasted cash flows in the table are calculated based
on the entity's hedge transactions through corporate treasury, as these are considered to be the best
estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by
corporate treasury.
2024
2023
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-150
-128
-165
-1
-49
-173
Intercompany and related parties deposits (+) and loan (-)
-73
0
-1
-51
0
-36
Balance sheet exposure
-223
-128
-166
-51
-48
-209
Forecasted receipts from customers
11
90
22
26
53
29
Forecasted payments to vendors
-31
-64
-14
-49
-84
-19
Cash flow exposure
-20
26
8
-23
-31
10
Forward exchange contracts
240
102
157
75
80
199
Net exposure in currency
-3
0
-1
1
1
1
Net exposure in NOK
-30
-4
-13
6
7
13
The currency exposures in USD, EUR and GBP per December 31, 2024 and 2023, were within the trading
mandate.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Sensitivity Analysis - Fair Value of Financial Instruments
The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against other
currencies is shown below. A 15 percent weakening would have had the equal, but opposite effect. This
sensitivity analysis shows the impact on financial instruments denominated in a foreign currency per
December 31 and assumes that all other variables, in particular interest rates, remain constant. The
analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect
from translation of subsidiaries. Revaluation of equity accounted investees in USD is included in the
sensitivity analysis on equity, but does not include any effect on the balancesheet of the investee itself.
2024
2023
Amounts in NOK million
Income (loss)
before tax
Equity increase
(decrease)
Income (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
501
1,290
307
317
EUR - 15 percent strengthening
188
194
72
115
GBP - 15 percent strengthening
92
91
-9
-13
The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations, choices of
locations, suppliers and other strategic decisions. Such effects are not systematically hedged and are not
included in the sensitivity analysis.
Sensitivity Analysis - Currency Translation of Subsidiaries
A change in foreign currency rates will also impact the income statement and balance sheet when
translating the Aker Solutions companies into the presentation currency which is NOK. The effect of
change in the various currencies will impact the consolidated financial statements in the following
manner:
2024
Amounts in NOK million
Revenue increase
(decrease)
EBIT increase
(decrease)
Profit (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
234
21
36
285
EUR - 15 percent strengthening
3
1
4
43
GBP - 15 percent strengthening
75
-8
6
166
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker Solutions
has no external debt. In 2023 and 2024, Corporate Treasury has invested surplus liquidity in time
deposits and liquid funds to distribute risk among counterparties and enhance the return compared to the
interest rate in the cash pool. Funds were sold during 2024 to free up cash to pay extraordinary dividend.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank and
debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the interest
exposure on any borrowings shall be fixed interest rate for the duration of the debt. The company has
used interest rate swaps to achieve the desired fixed/floating ratio of the external debt.
As the company has no significant interest-bearing operating assets, operating income and operating
cash flow are substantially independent of changes in market interest rates.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and
loss by the amounts shown on the table below. This analysis assumes that all other variables, in
particular foreign currency rates, remain constant.
2024
2023
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and interest-bearing
receivables
121
0
78
0
Interest on borrowings
0
0
-5
0
Effect of interest rate swap
-2
0
-1
0
Cash flow sensitivity (net)
119
0
73
0
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the
amounts, on the basis that all other variables remain constant.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation).
All approved banks are participants in the Aker Solutions loan syndicate and have investment grade
ratings. Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the
bid phase and throughout the contract period. Such assessments are based on credit ratings, income
statement and balance sheet reviews and using credit assessment tools available (e.g. BvD
Procurement Catalyst). Revenues are mainly related to large and long-term projects closely followed up
in terms of payments in accordance with agreed milestones. Normally, lack of payment is due to
disagreements related to project deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered
to be limited. Risk related to lower rated companies is monitored closely. The maximum exposure to
credit risk at the reporting date equals the book value of each category of financial assets. The
company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to the
company in full. ECLs are estimated probability-weighted net present value of future expected credit losses.
ECLs are discounted at the effective interest rate of the financial asset. Loss allowances for trade
receivables, contract assets and lease receivables are always measured at an amount equal to lifetime ECLs.
Twelve month ECLs are used for interest-bearing receivables and bank balances for which credit risk has not
increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days past
due without agreed postponement, knowledge of significant financial difficulty of the customer or
debtor or other forward-looking information. The gross carrying amount of a financial asset is written off
(either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally
the case when the company determines that the debtor does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to write-off.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury maintains flexibility in
funding by maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2024
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
89
89
75
16
-1
-3
0
Trade and other payables
12,180
12,180
12,170
1
0
10
0
Lease liabilities
3,345
3,846
443
393
621
1,225
1,163
Total liabilities
15,614
16,115
12,688
410
620
1,231
1,163
2023
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
54
54
-91
139
6
0
0
Trade and other payables
9,104
9,104
9,078
16
1
10
0
Lease liabilities
3,540
4,135
400
365
699
1,402
1,269
Total liabilities
12,698
13,292
9,387
519
706
1,411
1,269
1) Nominal currency value including interest.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the company
is to operate centrally managed cash pooling arrangements. Such arrangements are either organized
with a bank as a service provider, or as a part of the operation of corporate treasury. An important
condition for the participants (entities) in such cash pooling arrangements is that Aker Solutions as an
owner of such pools is financially viable and is able to prove its capability to service its obligations
concerning repayment of any net deposits made by entities. The company policy is not applied in
countries where local laws prohibit international cash pool arrangements, such as Malaysia and India.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the
operating businesses related to individual contracts. The units are exposed to changes in market prices
for raw materials, equipment and development in wages. This is managed in the bid process by locking
in committed prices from key vendors as basis for offers to customers or through escalation clauses
with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and related
parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group
companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and loans
were NOK 7.6 billion (NOK 10.6 billion in 2023)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for
pension obligations to employees were NOK 6.2 billion (NOK 7.1 billion in 2023)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability
according to Norwegian law. If an obligation that arose prior to the completion of the demerger is not
met by either party, the other party will have secondary joint liability for such obligation. The remaining
value of the financial guarantees where Aker Solutions has a secondary joint liability was NOK 0.9
billion per December 31, 2024, compared to NOK 1.3 billion per December 31, 2023. There is only one
guarantee remaining which expires end of September 2027. There are no provisions related to the
guarantee as the likelihood of any payments related to the joint liability is considered to be low.
See note 13 for more information about trade and other receivables
See note 15 for more information about cash and available credit facility
See note 17 for more information about lease liabilities
See note 20 for more information about trade and other payables
See note 23 for more information about derivatives
See note 24 for more information about financial assets and liabilities
Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to ensure
sufficient and timely funding over time to finance its activities at the lowest cost, in addition to investing
in projects and businesses which will increase the company's return on capital employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which considers
not only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but also external
factors such as market expectations and extrinsic risk factors. This selection process is coupled with a
centralized approval process for all capital expenditures to be incurred by the group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term and to
ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to have a
minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit facilities. As per
December 31, 2024 the liquidity reserve amounted to NOK 5.9 billion compared to NOK 9.0 billion in the
prior year. It was composed of an undrawn committed credit facility, cash in bank accounts and bank
deposits. The cash position in Aker Solutions is still robust after the distribution of extraordinary dividend
of NOK 10 billion in December 2024.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate treasury.
This ensures optimal availability and transfer of cash within the group, improved control of the group's
capital structure and optimized terms and conditions on funding of the group\u2019s operations. The group
policy is not applied in countries where local laws prohibit international cash pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance
between liquidity risk and refinancing risk. In this perspective, any loans and other external borrowings
will be renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.
These funding sources may include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
As per December 31, 2024 Aker Solutions did not have any drawn debt.
Debt Covenants
During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion senior
unsecured floating rate bond loan due June 2024 and bank loans and facilities related to Hydropower
which was acquired in 2022.
The group has an undrawn NOK 3 billion Revolving Credit Facility (RCF), maturing January 30, 2028. The
facility is provided by a syndicate of ten banks which contains financial covenants based on gearing and
interest cover ratios. The terms and conditions include restrictions which are customary for these kind of
facilities, including inter alia negative pledge provisions, financial covenants and restrictions related to
acquisitions, disposals and mergers. There are also certain provisions of change of controls included in
the agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest
terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The margin
applicable to the facility is determined by leverage ratio. Utilization fee applies based on utilized portion
of credit facility. Commitment fee is 35 percent of the margin. The loan agreement has an uncommitted
provision that allows the maximum amount to be increased to NOK 5 billion (accordion). In 2024 the
accordion facility deadline was extended from January 30, 2025 to January 30, 2026.
All debt covenants are based on IFRS excluding the impact of IFRS 16. At year-end 2024, all ratios were
well within the covenants in the RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA to net
finance cost
Note 22 continues on next page
Note 22 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2024
2023
Gearing ratios
Non-current interest-bearing borrowings
0
0
Current interest-bearing borrowings
0
0
Gross interest-bearing debt
0
0
Cash and cash equivalents
2,860
6,003
Net debt
-2,860
-6,003
EBITDA excl. IFRS 161
3,973
477
Restructuring and other special items as defined in the loan agreement
41
181
Adjusted EBITDA
4,014
658
Gross interest-bearing debt/adjusted EBITDA
0
0
Net debt/adjusted EBITDA
-0.7
-9.1
Interest cover
Adjusted EBITDA excl. IFRS 161
4,014
658
Net interest expense as defined in the loan agreement
291
240
Adjusted EBITDA/Net finance cost
13.8
2.7
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 21 for more information about financial risk management
See note 23 for more information about interest rate derivatives
See note 24 for more information about financial assets and liabilities
See note 27 for more information about proceeds from the subsea transaction
Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are the
most commonly used derivative to hedge such exposures. The risk management policy states that all
foreign exchange exposure shall be hedged, and the overarching strategy is that 80 percent of the value
of the hedging instruments shall either qualify for hedge accounting or be hedges of separate embedded
derivatives. Aker Solutions\u2019 interest rate exposure mainly arises from its cash position. Aker Solutions has
no external debt or interest rate swaps after settling bonds in 2023 and interest rate swaps matured
during 2024.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the expected
maturity dates, currencies or amounts of the hedged items corresponding derivatives are routinely
adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently
at fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in
other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and
applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and timing of
the forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated
in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash
flows of the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged transactions
are not accounted for by applying hedge accounting, primarily because internal hedged transactions are
grouped and netted before external hedge transactions are established. Changes in the fair value of
derivatives will be reported as financial income or expenses. Remaining derivatives not applying hedge
accounting include derivatives used by corporate treasury to hedge the residual exposure of the
company as part of its risk mandate. As of December 31, 2024, these hedging instruments include
currency forwards and foreign exchange swaps. In addition, Aker Solutions ASA has hedged the foreign
exchange risk associated with parts of Aker Solutions\u2019 equity denominated in USD.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the
income statement when a hedge no longer qualifies for hedge accounting, for example upon sale,
expiration, termination or when a forecasted transaction is no longer probable. The derivative financial
instruments are classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from
any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2024 has mainly been from the cash position and investments in
liquid funds. During 2024, Treasury has invested surplus liquidity in time deposits and liquid funds to
distribute the risk among debtors and enhance the return compared to the interest rate in the cash pool.
In preparation for the distribution of NOK 10 billion in dividend in December 2024, the company realized
its investments in liquid funds and have no such investments as of December 31, 2024. One interest rate
swap related to the former bond loan matured in June 2024.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are cash neutral,
this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the project. This may result in
differences between cash flow and revenue recognition.
2024
2023
Amounts in NOK million
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Assets
Cash flow hedging instruments
56
3
52
1
0
43
24
8
11
0
Fair value adjustments to hedged instruments
-38
-2
-36
0
0
-17
-12
-2
-4
0
Fair value of currency options2
0
0
0
0
0
197
45
152
0
0
Embedded derivatives in ordinary commercial contracts
5
5
0
0
0
6
5
1
0
0
Financial instruments not hedge accounted
83
77
6
0
0
23
22
1
0
0
Total forward foreign exchange contracts
106
83
22
1
0
251
85
160
7
0
Cash flow hedges interest rate assets
0
0
0
0
0
7
7
0
0
0
Total financial instrument assets
106
83
22
1
0
258
92
160
7
0
Liabilities
Cash flow hedging instruments
-31
-11
-16
-2
-3
-38
-35
-2
-1
0
Fair value adjustments to hedged instruments
12
3
9
0
0
5
3
1
1
0
Fair value of currency options2
0
0
0
0
0
-18
0
-18
0
0
Embedded derivatives in ordinary commercial contracts
-1
-1
0
0
0
-4
-2
-2
0
0
Financial instruments not hedge accounted
3
1
1
0
0
-149
-149
0
0
0
Total forward foreign exchange contracts
-17
-8
-6
-2
-3
-204
-182
-21
-1
0
Cash flow hedges interest rate liability
0
0
0
0
0
0
0
0
0
0
Total financial instrument liabilities
-17
-8
-6
-2
-3
-204
-182
-21
-1
0
Net financial instruments
89
75
16
-1
-3
54
-91
139
6
0
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
2) The proceeds from the subsea transaction represented a significant currency exposure, and Aker Solutions entered into FX put options contracts to hedge for a part of the exposed proceeds. As of December 31, 2024, all currency options related to settlements
from the OneSubsea formation has been settled.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2024
2023
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
24
22
2
4
11
-7
Interest rate swaps
0
0
0
7
1
6
Total
24
22
2
11
12
-1
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates. Revenue and
expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 22 million (NOK 11 million in 2023) of the value of the forward contracts have
already impacted the income statement. The NOK 2 million (NOK -7 million in 2023) that are currently recorded in the hedge reserve, will be reclassified to the income statement over the next years.
The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest rates of the
swaps, tax and deferred settlements related to matured instruments. As of December 31, 2024, Aker Solutions does not have any external liabilities or interest rate swaps. One fixed interest rate swap of NOK 500
million matured June, 2024.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2023
10
Forward currency
35
Interest rate swaps
-4
Total changes in fair value
31
Forward currency contracts
-4
Interest rate swaps
-1
Total amount reclassified to profit or loss
-5
Tax on movements on reserves during the year
2
Disposal of subsea operations
-40
Balance as of December 31, 2023
-1
Forward currency contracts
-16
Interest rate swaps
-7
Total changes in fair value
-23
Forward currency contracts
25
Interest rate swaps
1
Total amount reclassified to profit or loss
26
Tax on movements on reserves during the year
0
Balance as of December 31, 2024
2
See note 24 for more information about financial assets and liabilities
Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair
value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an
active market, whereas level three fair values are based on assumptions made by the company in the
absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial
assets and financial liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from
observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on
foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in
the absence of quoted prices from an active market or other observable price inputs.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2024
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
16
0
16
3
0
14
16
Non-current receivables
0
0
824
0
0
824
0
0
0
0
Trade and other receivables
0
0
6,412
0
0
6,412
0
0
0
0
Forward foreign exchange contracts
101
0
0
0
0
101
0
101
0
101
Fair value of currency options
0
0
0
0
0
0
0
0
0
0
Fair value embedded derivatives
5
0
0
0
0
5
0
5
0
5
Current interest-bearing receivables
0
0
142
0
0
142
0
0
0
0
Financial investments
0
2,197
0
0
0
2,197
2,197
0
0
2,197
Cash and cash equivalents
0
0
2,860
0
0
2,860
0
0
0
0
Financial assets
105
2,197
10,237
16
0
12,556
2,200
105
14
2,319
Trade and other payables3
0
0
0
0
-6,456
-6,456
0
0
0
0
Lease liabilities
0
0
0
0
-3,345
-3,345
0
0
0
0
Forward foreign exchange contracts
-16
0
0
0
0
-16
0
-16
0
-16
Financial liabilities
-17
0
0
0
-9,801
-9,818
0
-17
0
-17
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 5,724 million in 2024 are not included.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2023
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
19
0
19
5
0
14
19
Non-current receivables
0
0
1,231
0
0
1,231
0
0
0
0
Trade and other receivables
0
0
5,472
0
0
5,472
0
0
0
0
Forward foreign exchange contracts
50
0
0
0
0
50
0
50
0
50
Fair value of currency options
0
197
0
0
0
197
0
197
0
197
Fair value embedded derivatives
4
0
0
0
0
4
0
4
0
4
Interest rate instruments
7
0
0
0
0
7
0
7
0
7
Current interest-bearing receivables
0
0
3,103
0
0
3,103
0
0
0
0
Financial investments
0
5,714
0
0
0
5,714
5,714
0
0
5,714
Cash and cash equivalents
0
0
6,003
0
0
6,003
0
0
0
0
Financial assets
61
5,911
15,808
19
0
21,799
5,719
258
14
5,991
Trade and other payables3
0
0
0
0
-6,462
-6,462
0
0
0
0
Lease liabilities
0
0
0
0
-3,540
-3,540
0
0
0
0
Forward foreign exchange contracts
-185
0
0
0
0
-185
0
-185
0
-185
Fair value of currency options
0
-18
0
0
-18
-18
-18
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-186
-18
0
0
-10,002
-10,206
0
-204
0
-204
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.
See note 13 for more information about trade and other receivables
See note 14 for more information about financial investments
See note 20 for more information about trade and other payables
See note 21 for more information about financial risk management
See note 23 for more information about derivatives
See note 26 for more information about other investments
Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 62 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15 . The group holds the majority of the shares in all
subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Company
Location
Country
Percent
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table above
and has control over relevant activities through shareholders agreements. The subsidiaries are fully
consolidated. Non-controlling interest represent equity interest in subsidiaries held by other owners than
Aker Solutions. Non-controlling interest share of profit and equity is presented separately in the income
statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or delayed
closing. The subsea business in these entities are not consolidated as Aker Solutions does not have
control of operations or rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
Investments in Companies
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates
are those entities where the company has significant influence, but not control or joint control (usually
between twenty and fifty percent of the voting power). Interests in joint ventures and associates are
accounted for using the equity method. The investments are initially recognized at cost (including
transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss.
The profit or loss for the equity-accounted investees is presented as part of total revenue when the
operations are closely linked to the current operations of Aker Solutions, otherwise they are presented as
financial income.
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments
are designated as equity securities at fair value through other comprehensive income (FVOCI) as they
represent long-term strategic investments. When the investments are sold, the accumulated gain or loss
in equity is not reclassified to the income statement. The loss recognized in OCI in 2024 was NOK 2
million (loss of NOK 6 million in 2023). Unlisted shares are usually measured at cost less impairment, as
this is assumed to be the best estimate of fair value.
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2024
2023
Joint Ventures and Associates
7,870
6,555
Other investments
16
19
Total investment in companies
7,886
6,574
Joint Ventures and Associates (Equity Accounted Investees)
The company had 15 equity-accounted investments as of December 31, 2024. Ownership percentage
equals the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane N\u00e6ringspark AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
AKSO DDW HVDC JV Limited
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Kv\u00e6rnhuset Industri-inkubator AS
Egersund, Norway
33.0%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
Team Aker D\u00e6hli AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 26 continues on next page
Note 26 Investment in Companies cont.
The following table provides a summary of changes in carrying value for Aker Solutions joint ventures and
associates.
2024
2023
Amounts in NOK million
OneSubsea
Other
Total
OneSubsea
Other
Total
Equity accounted investees per January 1
6,468
88
6,555
0
103
103
Acquisition
0
35
35
6,549
0
6,549
Share of net income included in other
income
789
1
790
172
34
205
Other comprehensive income
-170
0
-170
53
0
53
Reclassification from other investments
0
-14
-14
0
-10
-10
Sale
0
0
0
0
-6
-6
Dividends received
-77
-2
-78
0
-34
-34
Currency translation differences1
751
1
752
-306
1
-305
Equity accounted investees per
December 31
7,761
109
7,870
6,468
88
6,555
1)NOK 751 million (NOK -306 million in 2023) consist of NOK 666 million (NOK -284 million in 2023) in translation
differences of the equity accounted investees, while the remaining NOK 84 million (NOK -22 million in 2023) relates to
translation of Aker Solutions Inc which hold the investment in OneSubsea US and is reported as translation differences
related to other foreign operations in OCI.
Significant associates
Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the subsea
business and consists of three separate legal entities; OneSubsea LLC, OneSubsea Processing AS and
OneSubsea Investments UK Ltd. The legal entities are established in the US, Norway and the UK. These
entities are considered material for Aker Solutions. Aker Solutions Inc owns the partnership interests in
OneSubsea LLC which is a transparent entity for income tax purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The figures
are at the same basis as used in the group financial statements and represents an IFRS conversion of
OneSubsea\u2019s consolidated income statement and balance sheet prepared in accordance with US GAAP.
The financial information includes allocation of excess values recognized from assets contributed by SLB
and Aker Solutions. All amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2024
2023
Current assets
33,140
28,677
Non-current assets
38,206
33,386
Current liabilities
27,147
26,250
Non-current liabilities
5,385
3,474
Net assets
38,814
32,339
Aker Solutions' share of equity (20%)
7,761
6,468
2024
4Q 2023
Revenue
41,878
10,744
Net income
3,952
852
Other comprehensive income
-849
263
Total comprehensive income
3,103
1,115
See note 3 for more information about other income
See note 7 for more information about financial income and expense
See note 27 for more information about the subsea transaction
The Subsea Transaction and Discontinued Operations
On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation agreement and
agreed to establish a new entity where Aker Solutions and SLB contributed their subsea businesses.
The subsea business was classified as held for sale when final approval came from regulatory authorities,
August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions and SLB
contributed their subsea businesses into the entity with respectively 40 and 60 percent of the values. Aker
Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their shares to Subsea7 as
part of the agreement. Following these transactions, the entity is owned by SLB (70 percent), Aker
Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up period of three years for the shares
in the entity before any of the parties can sell their shares.
Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent
ownership in the entity.
Financial reporting of the transaction
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the equity
method as a non-current asset in the balance sheet. The share of the investee\u2019s net profit or loss is
presented as a separate line and included in the group revenue and other income in the Income
Statement.
The historical results for the subsea business are reported separately under the caption discontinued
operations in 2023. The gain on sale of the subsea business is also reported in this line item in 2023.
Income and expenses from discontinued operations are excluded from specifications presented in other
notes unless otherwise stated.
Some of the transactions were not legally completed by year end 2023 but accounted for as transferred
assets in the group accounts. Transactions related to Malaysia and US was settled in 2024, two
transactions still remain to be legally completed. Cash for settled transactions and settlement of the
closing accounts for the group was received in 2024.
The financial data for discontinued operations are as follows:
Profit (loss)
Amounts in NOK million
2023
Revenue
14,807
Depreciation, amortization and impairment
-336
Other expenses
-12,035
Operating income
2,435
Financial income (expense), net
-65
Income before tax
2,370
Income tax expense
-553
Income from discontinued operations
1,817
Gain on disposal (net of tax)
9,723
Net income from discontinued operations
11,540
Cash flow
Amounts in NOK million
2023
Net cash provided by operating activities
2,410
Net cash provided by investing activities
-86
Net cash used in financing activities
-195
Foreign currency effects on cash
27
Net cash provided by discontinued operations1
2,155
1)Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.
Net proceeds
Amounts in NOK million
2023
Consideration received
1,640
Cash in divested subsidiaries
-623
Loans given to OneSubsea
-396
Net proceeds from sale of subsidiaries
621
Gain on disposal
The fair value of the Aker Solutions\u2019 subsea business was in the transaction agreement valued at NOK
13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea business.
The accounting treatment was a sale of 100 percent of the subsea business following a purchase of 20
percent of OneSubsea at fair value. Aker Solutions recognized a gain in connection with the sale of the
subsea business of NOK 9.7 billion. The gain was calculated as the difference between the fair value of
the consideration received, the net book value of the disposed business and the reclassification of
foreign currency translation reserve.
Amounts in NOK million
2023
Fair value of subsea business1
14,370
Carrying amount of net assets sold and assumed liabilities
-6,039
Reclassification of foreign currency translation reserve
1,392
Gain on disposal
9,723
1)NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in
value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also
included NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all
transactions are completed and revaluation of shares in SLB before closing of the transaction. Transferred cash to
OneSubsea was settled in 2024.
See note 26 for more information about other investments
Related Parties and Key Management
Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The
management and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS, which is wholly-owned by Aker ASA. Aker
Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities which Kjell Inge
R\u00f8kke and his close family controls through The Resource Group TRG AS are considered related parties
to Aker Solutions. These entities include companies like Aker Horizons, Aize and Cognite and are
referred to as Aker entities in this note. Companies that are associates of Aker ASA or The Resource
Group TRG AS are not considered related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker
Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-controlling
interests with significant influence are also considered as related parties of Aker Solutions.
Related parties are in a position to enter into transactions with the company that would potentially not be
undertaken between unrelated parties. Transactions with related parties are based on negotiations
between the parties, and management believes that the agreed prices is a fair approximation to arms
length prices.
Note 28 continues on next page
Note 28 Related Parties cont.
Transactions and Balances with Related Parties1
2024
2023
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
77
3,221
3,299
302
1,108
1,410
Operating costs
-486
-567
-1,053
-1,007
-623
-1,631
Depreciation and impairment of ROU assets
-36
-14
-50
-38
-18
-56
Net financial items
89
0
89
35
0
35
Balance sheet
Right-of-use (ROU) assets
298
53
351
389
63
452
Trade receivables
5
337
342
51
556
608
Non-current interest-bearing receivables
191
0
191
195
0
195
Current interest-bearing receivables
0
19
19
10
1,410
1,420
Other current receivables
0
0
0
0
405
405
Non-current leasing liabilities
0
-490
-490
0
-463
-463
Other non-current liabilities
0
0
0
0
-81
-81
Trade payables
-1
-24
-25
-16
-49
-65
Current leasing liabilities
0
-68
-68
0
-45
-45
1)Subsea not classified as discontinued operations in 2023.
Note 28 continues on next page
Note 28 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business. In
2024, Aker Solutions purchased Alma Clean Power AS from Clara Venture AS, a company owned by Aker
Capital AS of NOK 28.6 million. In 2023, Aker Solutions purchased software applications from Aize of
NOK 265 million. Aker Solutions also leases industrial properties owned by Kjell Inge R\u00f8kke through TRG
AS which amounted to NOK 71 million in 2024 (NOK 68 million in 2023). In addition, Aker Solutions
supported the group's union representative function with NOK 820,000 in 2024 (NOK 780,000 in 2023).
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
58
64
Social security contributions
9
10
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
1
Total compensation to key management personnel
71
79
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President and
Chief Executive Officer per December 31, 2024.
Name
Role
Shareholding as of
December 31, 20241
Shareholding as of
December 31, 20231
Kjetel Digre
President and Chief
Executive Officer
166,527
133,657
Leif-Arne Lang\u00f8y
Chairman
159,426
159,426
\u00d8yvind Eriksen2
Deputy Chairman
0
0
Kjell Inge R\u00f8kke3
Director
0
0
Birgit Aagaard-Svendsen
Director
90,000
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
0
Elisabeth T\u00f8rstad
Director
2,000
2,000
Jan Arve Haugan
Director
136,527
136,527
Hilde Karlsen
Director, employee elected
29,849
32,774
Line Sm\u00e5ge Breidablikk
Director, employee elected
1,755
1,755
Stian Pettersen Sagvold4
Director, employee elected
515
246
Arne Christian R\u00f8dby5
Director, employee elected
2,090
1,822
Total
588,689
558,207
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.
2)\u00d8yvind Eriksen owned 219,072 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA,
through a subsidiary owns 39 percent of Aker Solutions.(not adjusted for shares owned by Aker Solutions)
4)Replaced Sigurd S\u00e6vareid in April 2023.
3)Kjell Inge R\u00f8kke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a
subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
4)Replaced Sigurd S\u00e6vareid in April 2023.
5)Replaced Tommy Angeltveit in October 2023.
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
Audit Fees
PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor. 2023 include expenses related to the disposed subsea business.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2024
2023
2024
2023
2024
2023
Audit
3.8
3.7
9.7
14.5
13.5
18.2
Other assurance services
1.6
1.4
1.3
1.8
2.9
3.1
Tax services
0.0
0.0
0.4
0.1
0.4
0.1
Other non-audit services
1.2
0.0
6.5
2.0
7.7
2.0
Total
6.6
5.1
17.9
18.4
24.5
23.4
Climate Risk
Aker Solutions delivers integrated solutions, products, and servic es to the global energy industry. We
enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs.
The oil and gas industry has been identified as high risk by the Task Force on Climate-Related Financial
Disclosures (TCFD), and Aker Solutions has conducted a climate-related scenario analysis in order to
improve company strategy resilience.
Scenario Analysis
Together with an external consulting partner, Aker Solutions has developed three customized climate
scenarios tailored to consider our full value chain in oil and gas and renewable energy markets such as offshore
wind, hydrogen and carbon capture and storage (CCS). These scenarios were based on publicly available
scenarios published by the International Energy Agency and the intergovernmental Panel on Climate Change
and titled Net Zero 2050 (1.5\u00b0C), Announced Pledges (1.7-2\u00b0C), and Stated Policies (2.4-3\u00b0C). The scenarios
are described in detailed in the \u201cClimate Change\u201d chapter under the Sustainability Statement.
Environmental Objectives
Aker Solutions has an emissions reduction target of 50 percent of own emissions by 2030, compared to
2023. The goal is to be net zero by 2050. \u00a0
Effects on Aker Solutions\u2019 Financial Statements
In the net zero 2050 scenario, demand for oil and gas falls to levels that do not necessitate new oil and
gas field developments beyond those already approved. However, investment in existing fields remains.
In all three scenarios, the demand for North Sea oil and gas supply decreases.
Following the climate-related scenario analysis and workshop, both risks and opportunities related to the
energy transition are identified. The different scenarios and risks that are assessed are not considered to
entail significant changes in the market or regulatory environment in which Aker Solutions operates in the
short or medium term. There are no significant changes in plans for assets as there is currently not
identified any risk factors related to climate change that will lead to material reductions in recoverable
amounts of assets.
There has not been identified any material impacts on judgments and estimates in the 2024 financial
report. Aker Solutions has considered the impact of climate change on going concern and capital
expenditure commitments. While there are no identified immediate or short-term impacts from climate
change, Aker Solutions is aware of the ever-changing risks and opportunities related to climate change.
We will regularly assess these risks against judgments and estimates made in preparation of the group\u2019s
financial statements.
Renewable Energy Certificates
Aker Solutions purchases energy attribute certificates (EACs) to reduce scope 2 emissions. The purchase
is based on estimated energy consumption. In 2024, a total of 118,087 megawatt hours was purchased
for our Norwegian locations (125,300 MWh in 2023). The cost is included in the yard rate at our locations
and reflected as operating expenses in the income statement.
See note 2 for more information about accounting judgments and estimates
See note 12 for more information about impairment
", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-368": { "value": "Aker Solutions delivers integrated solutions, products and services to the global energy industry. We enable low-carbon oil and gas production and develop renewable solutions to meet future energy needs. By combining innovative digital solutions and predictable project execution we accelerate the transition to sustainable energy production. The company had about 11,800 own employees and was present in 15 countries at the end of 2024. The main office is in Fornebu, Norway and the parent company Aker Solutions ASA is listed on the Oslo Stock Exchange under the ticker AKSO. The consolidated financial statements in this report include the financial performance and position of the company and its subsidiaries collectively referred to as \u201cthe group\u201d or \u201cthe company\u201d and separately as group companies.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-367": { "value": "Aker Solutions", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-369": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-370": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-371": { "value": "Aker Solutions ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-372": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-373": { "value": "Basis of Preparation
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their
interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2024.
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 31, 2025. The
consolidated financial statements will be
authorized at the Annual General Meeting on
April 28, 2025. Until this date the Board of
Directors has the authority to amend the
financial statements.
Basis of Measurement
The consolidated balance sheet has been
prepared on the historical cost basis except for
certain financial assets and liabilities as
presented in note 24 measured at fair value on
each reporting date. The consolidated financial
statements are presented in Norwegian Kroner
(NOK) and have been rounded to the nearest
million (NOK million), therefore the subtotals and
totals in some tables may not equal the sum of
the amounts shown.
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and
losses or income and expenses arising from
intra-group transactions, are eliminated in the
consolidated financial statements.
Aker Solutions contributed in all material aspects
the entire Subsea segment into a new entity
formed with SLB on October 2, 2023. Aker
Solutions holds a non-controlling interest of 20
percent in the new entity OneSubsea. For
historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 26 Investments in Companies and note
27 The Subsea Transaction and Discontinued
Operations.
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to
NOK using the exchange rate on the balance
sheet date. Income and expenses are translated
using the average exchange rate for the year,
calculated on the basis of 12 monthly rates.
Foreign exchange differences arising from these
translations are recognized in other
comprehensive income, and presented as a
separate component in equity (translation
reserve). The translation differences are
reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned
nor likely in the foreseeable future, forms part of
the net investment in that entity and are also
recognized in other comprehensive income.
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect
the income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates
used in valuations and measurement of certain
accounting items. This is further described in
note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 30 Climate Risk
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2024.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 \u201cPresentation and Disclosure in Financial
Statements\u201d was issued in 2024, effective for
annual reporting period beginning on or after
January 1, 2027. The impact of changes
resulting from implementation of IFRS 18 has not
yet been assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-374": { "value": "
Statement of Compliance
The consolidated financial statements have been
prepared in accordance with IFRS\u00ae Accounting
Standards as adopted by the EU, their
interpretations adopted by the International
Accounting Standards Board (IASB) and the
additional requirements of the Norwegian
Accounting Act as of December 31, 2024.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-375": { "value": "2024-12-31", "dimensions": { "concept": "ifrs-full:DateOfEndOfReportingPeriod2013", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-376": { "value": "
The consolidated financial statements were
approved by the Board of Directors and the chief
executive officer (CEO) on March 31, 2025. The
consolidated financial statements will be
authorized at the Annual General Meeting on
April 28, 2025. Until this date the Board of
Directors has the authority to amend the
financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-377": { "value": "
Consolidation
The consolidated financial statements comprise
the parent company Aker Solutions ASA and its
subsidiaries. Intra-group balances and
transactions, and any unrealized gains and
losses or income and expenses arising from
intra-group transactions, are eliminated in the
consolidated financial statements.
Aker Solutions contributed in all material aspects
the entire Subsea segment into a new entity
formed with SLB on October 2, 2023. Aker
Solutions holds a non-controlling interest of 20
percent in the new entity OneSubsea. For
historical figures, Aker Solutions\u2019 subsea
business has been restated as discontinued
operations. For more information about the
transaction and the investment in OneSubsea,
see note 26 Investments in Companies and note
27 The Subsea Transaction and Discontinued
Operations.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-379": { "value": "
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to
NOK using the exchange rate on the balance
sheet date. Income and expenses are translated
using the average exchange rate for the year,
calculated on the basis of 12 monthly rates.
Foreign exchange differences arising from these
translations are recognized in other
comprehensive income, and presented as a
separate component in equity (translation
reserve). The translation differences are
reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned
nor likely in the foreseeable future, forms part of
the net investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-378": { "value": "
Translation of Foreign Currency
Assets and liabilities of subsidiaries that have a
different functional currency are translated to
NOK using the exchange rate on the balance
sheet date. Income and expenses are translated
using the average exchange rate for the year,
calculated on the basis of 12 monthly rates.
Foreign exchange differences arising from these
translations are recognized in other
comprehensive income, and presented as a
separate component in equity (translation
reserve). The translation differences are
reclassified to the income statement upon
disposal or liquidation of the related operations.
Exchange differences arising from non-current
monetary receivable or payable by a foreign
operation where settlement is neither planned
nor likely in the foreseeable future, forms part of
the net investment in that entity and are also
recognized in other comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-380": { "value": "
Judgments and Estimates
The preparation of consolidated financial
statements in conformity with IFRS requires
management to make judgments, estimates and
assumptions each reporting period that affect
the income statement and balance sheet. The
accounting estimates will by definition seldom
precisely match actual results. The main areas
where judgments and estimates have been made
are described in each of the following notes:
\u25fc Note 9 Income Tax
\u25fc Note 10 Property, Plant and Equipment
\u25fc Note 11 Intangible Assets and Goodwill
\u25fc Note 12 Impairment of Assets
\u25fc Note 13 Trade and Other Receivables
\u25fc Note 17 Leases and Investment Property
\u25fc Note 18 Pension Obligations
\u25fc Note 19 Provisions and Contingent Liabilities
The main area where significant judgment has
been made is described in:
\u25fc Note 3 Revenue
Aker Solutions acknowledge that climate change
represents an element in the application of
methodologies and models used in estimates
used in valuations and measurement of certain
accounting items. This is further described in
note:
\u25fc Note 12 Impairment of Assets
\u25fc Note 30 Climate Risk
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes
an analysis of the customer contract to
determine if the goods or services are distinct
deliveries or input to an overall promise to deliver
a combined system of products and services. As
most of the contracts represent a single,
combined output for the customers, contracts
will normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain
reimbursable contracts. They can also be
present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially both
increase and decrease revenue. Most incentives
are estimated using the most likely amount.
Revenue from variable consideration is included
only when it is highly probable that the revenue
will not be reversed. There is a risk that the
actual payment of incentives may differ from the
estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present
in service contracts. If a project does not meet
the defined milestone in a contract, a provision
reducing the transaction price is made unless it
is highly probable that LD will not be imposed.
The estimated LD provision is highly judgmental.
The assessment of the LD provision is based on
experience from similar LD situations in addition
to client relationship, contractual position and
status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Note 3 continues on next page
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of
taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions
may change and lead to a different conclusion regarding recoverability, and such changes may affect
future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and
in many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1,
2024 and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules. This assessment shows that several jurisdictions with
limited activity will meet the \"de minimis test\u201d. However, the jurisdictions that do not meet the \"de minimis
test\u201d all have a reported effective tax rate exceeding 15 percent for the year 2024. No top-up tax has
been included in the tax expense for 2024.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall
not recognize or disclose information about deferred tax assets and deferred tax liabilities related to the
Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may
change over time.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it. These
factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects, other
intangible assets, and for cash generating units including goodwill. Impairment testing is performed when
impairment indicators have been identified. In addition, goodwill and capitalized development programs
that have not been completed are subject to an annual impairment test. The impairment testing involves
judgmental assumptions about future market development, cash flows, determination of weighted
average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies.
Carbon taxation impacts the investment levels of carbon capture and offshore wind investments. These
external factors in turn impact the markets in which Aker Solutions operates.
Climate Related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019
business activities over this period. Aker Solutions will be engaged in traditional oil and gas projects and
will also be engaged in projects relating to decarbonization solutions and services for existing platforms.
Therefore, Aker Solutions does not expect any changes to the useful lives of our property, plant, and
equipment. Assessment of effect on useful lives is not considered to be a significant accounting
judgment or estimate. Aker Solutions note that assessment of useful lives of future capital expenditure
may be different, and local climate changes in the future may affect useful lives of certain assets.
Under all three climate scenarios (described in note 30 Climate Risk) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on useful
economic life of property, plant and equipment per 2024.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender
for are based on the pipeline of future projects needed to fulfill the energy need in the market. This
market has changed during the last decade, and Aker Solutions renewables and transitional solutions
represented 18 percent of the revenue in 2024, and we continue to see material projects within this
market also in the future. As the cash flows used in the impairment testing are based on current backlog
together with identified prospects, the climate changes have an impact on our impairment testing through
the projects included in the cashflows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract
assets. The impairment is based on individual assessments of each customer and default risk in the
industry and the country in which the customer operates in line with the expected credit loss method
(ECL). The customers of Aker Solutions are mainly large, international energy companies with low credit
risk.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed
for separable parts of leased buildings that have been or will be vacated in the near future. The
impairment is sensitive to changes in estimated future expected sublease income and sublease period.
Further, judgment is involved when determining whether sublease contracts are financial or operational,
as well as when determining lease term for contracts that have extension or termination options.
Determination of the discount rate also involves judgment.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality,
employee turnover, disability and early retirement. Assumptions about all these factors are based on the
situation at the time the assessment is made. However, it is reasonably certain that such factors will
change over long periods for which pension calculations are made. Any changes in these assumptions
will affect the calculated pension obligations with immediate recognition in other comprehensive income.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-381": { "value": "
New or Changed Financial
Reporting Principles
Some amendments to standards and
interpretations have become effective in 2024.
These changes did not have a material impact on
the consolidated financial statements.
IFRS 18 \u201cPresentation and Disclosure in Financial
Statements\u201d was issued in 2024, effective for
annual reporting period beginning on or after
January 1, 2027. The impact of changes
resulting from implementation of IFRS 18 has not
yet been assessed.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-382": { "value": "Revenue
The revenue in Aker Solutions consists of large
engineering, procurement and construction
(EPC) contracts within the renewables and oil
and gas energy sector. The company also has
engineering contracts and frame agreements for
maintenance of various energy installations. The
compensation format is both reimbursable and
lump sum, and the contracts often include
various incentive mechanisms. Project execution
is a key component of all deliveries.
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business
practice. The deliveries in the contracts are
reviewed to identify distinct performance
obligations. For the vast majority of the identified
performance obligations, control has been
assessed to be transferred to the customer over
time as the performance obligation is satisfied.
Revenue is recognized over time using a cost
based progress method, or as time and materials
are delivered to the customer. The cost progress
method is commonly used on reimbursable - and
lump sum contracts when scope of work is firm.
The time and materials method is more
commonly used for reimbursable contracts with
less firm scope. These methods are used to best
reflect the pattern of transfer of control of goods
and services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money.
Profit is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor
and material cost) and an allocation of overhead
that relate directly to the contract or activities
required to fulfil the contract. Customer financed
assets required to execute the projects are
presented gross in the financial statements.
Judgments and Estimates
It can be challenging to estimate the expected
revenue and cost in the company's customer
contracts, in particular if there are operational
challenges. The most significant judgments and
estimates in the customer contracts are
described below.
Performance Obligations
Significant management judgment is sometimes
required in order to identify distinct performance
obligations in customer contracts. This includes
an analysis of the customer contract to
determine if the goods or services are distinct
deliveries or input to an overall promise to deliver
a combined system of products and services. As
most of the contracts represent a single,
combined output for the customers, contracts
will normally contain one performance obligation.
Variable Consideration
Incentive payments are integral and significant
parts of contract revenue on certain
reimbursable contracts. They can also be
present in lump sum contracts. Incentive
payments include key performance indicators,
bonuses, target sum mechanisms and
productivity measures and can potentially both
increase and decrease revenue. Most incentives
are estimated using the most likely amount.
Revenue from variable consideration is included
only when it is highly probable that the revenue
will not be reversed. There is a risk that the
actual payment of incentives may differ from the
estimated amount.
Liquidated Damages (LDs)
LDs are penalties for not achieving defined
milestones on time. LDs are common in
construction contracts, but can also be present
in service contracts. If a project does not meet
the defined milestone in a contract, a provision
reducing the transaction price is made unless it
is highly probable that LD will not be imposed.
The estimated LD provision is highly judgmental.
The assessment of the LD provision is based on
experience from similar LD situations in addition
to client relationship, contractual position and
status on negotiations.
Total Contract Cost
The estimates of total contract cost can be
judgmental and sensitive to changes. The cost
estimates can significantly impact revenue
recognition for contracts using cost progress,
particularly in lump sum construction contracts. The
forecasting of total project cost depends on the
ability to properly execute the engineering and
design phase, availability of skilled resources,
manufacturing capacity, productivity and quality
factors, performance of subcontractors and
sometimes also weather conditions. Experience,
systematic use of the project execution model and
focus on core competencies reduce, but do not
eliminate, the risk that cost estimates may change
significantly.
Note 3 continues on next page
Note 3 Revenue cont.
Different Types of Customer Contracts
The revenue in Aker Solutions arise from various contracts for the engineering, procurement,
construction, modification and maintenance within the oil and gas and renewables energy sector.
Renewables and Field Development
Deliveries include facilities for carbon capture, offshore wind and traditional oil and gas installations,
topside modules, substructures, floating production units (FPSOs), decommissioning, hook-up services
and marine operations. Most contracts last between three to five years. The contracts include a
combination of FEED, engineering, procurement, construction and installation (EPCI) of equipment. Each
contract is usually assessed as one performance obligation as the deliveries are combined in one output.
The contracts may be reimbursable, lump sum, target cost or a combination. The contracts regularly
include incentives for achievement of key performance indicators (KPIs) or penalties for late delivery.
Payment terms are normally 30-45 days according to predefined milestones or monthly billing.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Hugin A Platform
Aker BP
2022
2026
Valhall PWP Platform
Aker BP
2022
2026
Norfolk Vanguard East HVDC1
RWE
2025
2028
Norfolk Vanguard West HVDC1
RWE
2025
2027
Hugin B Platform
Aker BP
2022
2026
East Anglia 3 HVDC
ScottishPower
2022
2025
Fenris UI
Aker BP
2022
2026
Sunrise Wind HVDC
\u00d8rsted & Eversource
2021
2025
Rosebank FPSO
Altera
2023
2025
Jackdaw WHP
Shell
2022
2025
Johan Castberg FPSO
Equinor
2017
2025
1) Awarded in January 2025.
Life Cycle
Deliveries include electrification, maintenance, modification and hook-up contracts for oil and gas
installations. The contracts are mainly reimbursable, but can also include lump sum elements. The
majority of the contracts have incentive mechanisms including bonuses, target sum mechanisms, key
performance indicators and productivity measures. Each contract or purchase order under a frame
agreement (FA) is usually assessed as a separate performance obligation. The contracts usually last from
one to five years. Payment terms are normally 30 days after time and materials are delivered.
The following table shows a selection of the largest projects in the segment:
Project
Customer
Award year
Estimated
delivery
Mongstad Waste Water Treatment Plant
upgrade
Equinor
2024
2026
Draugen Electrification
OKEA
2023
2027
Equinor H (FA)
Equinor
2016
2026
V\u00e5r Energi M&M
V\u00e5r Energi
2020
2029
Valhall PWP tie-in
Aker BP
2023
2028
ConocoPhillips M&M (FA)
ConocoPhillips
2016
2026
Berling tie-in to \u00c5sgard B
Equinor
2023
2028
Skarv Satellites Project
Aker BP
2023
2027
Shell Modification Contract (FA)
Shell
2017
2028
Angola EPC Services
Azule Energy
2018
2027
Aker BP EMM/Modific. Alliance (FA)
Aker BP
2015
2026
Troll Phase 3 Stage II EPCIC
Equinor
2024
2027
Bestla tie-in to Brage EPCI
OKEA
2024
2027
Troll West, electrification
Equinor
2021
2026
Note 3 continues on next page
Note 3 Revenue cont.
Revenue by segment
The following tables show the revenue from customer contracts by segment. Revenue by country is
shown in note 4 Segments.
Amounts in NOK million
2024
2023
Renewables and Field Development
38,011
21,472
Life Cycle
13,188
13,025
Other
1,002
1,384
Total revenue from customer contracts
52,202
35,882
Timing of Revenue
The satisfaction of performance obligations in customer contracts vary from a few months to as long as
five years. The order backlog as of December\u00a031, 2024 was NOK 60.9 billion, compared to NOK 72.7
billion the year before. The table below shows the expected timing of future revenue for ongoing and not
yet started performance obligations at year-end.
Amounts in NOK billion
2025
2026
2027
2028
and
later
Total
backlog
Backlog phasing of ongoing performance obligations
42.1
13.3
3.3
2.0
60.8
Backlog phasing of performance obligations not yet started
0.0
0.0
0.0
0.0
0.1
Total backlog
42.1
13.4
3.4
2.0
60.9
Revenue recognized in 2024 for performance obligations satisfied in prior years was NOK -5 million,
compared to NOK 0 million the year before.
Contract Balances
The company has recognized the following assets and liabilities related to contracts with customers:
Amounts in NOK million
Note
December
31, 2024
December
31, 2023
Trade receivables
13
6,208
5,268
Customer contract assets
13
4,721
2,113
Customer contract liabilities
-4,428
-4,831
Customer contract assets relate to consideration for work completed, but not yet invoiced at the
reporting date. The contract assets are transferred to trade receivables when the right to payment
become unconditional and invoices are issued to the customers. Customer contract liabilities relate to
advances from customers for work not yet performed.
The change in contract assets and liabilities relates to the natural progression of the project portfolio, as
well as the current project mix. Of the amount of NOK -4,831 million recognized in contract liabilities at
the end of prior year, NOK 4,780 million has been recognized as revenue in 2024.
The bad debt provision included in trade receivables at December\u00a031, 2024 was NOK 161 million,
compared to NOK 116 million the year before. No impairment has been recognized on customer contract
assets.
Note 3 continues on next page
Note 3 Revenue cont.
Net Income Equity Accounted Investees
The company has recognized the share of net income from investments accounted as equity accounted
investees. As the activities of the investees are closely related to Aker Solutions operating activities, the
share of net income is reported as part of revenue and other income.
Amounts in NOK million
Note
2024
2023
Share of net income OneSubsea
789
172
Share of net income other equity accounted investees
1
34
Profit from equity accounted investees
26
790
205
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2024
2023
Revenue from operating leases
172
155
Other
37
20
Total other income
209
175
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-383": { "value": "
Financial Reporting Principles
Customer contracts are assessed using the five-
step model. Only approved customer contracts
with a firm commitment are basis for revenue
recognition. Variation orders are included when
they have been approved, either verbally, in
writing or implied by customary business
practice. The deliveries in the contracts are
reviewed to identify distinct performance
obligations. For the vast majority of the identified
performance obligations, control has been
assessed to be transferred to the customer over
time as the performance obligation is satisfied.
Revenue is recognized over time using a cost
based progress method, or as time and materials
are delivered to the customer. The cost progress
method is commonly used on reimbursable - and
lump sum contracts when scope of work is firm.
The time and materials method is more
commonly used for reimbursable contracts with
less firm scope. These methods are used to best
reflect the pattern of transfer of control of goods
and services to the customer.
Variable considerations, such as incentive
payments, are included in revenue when they are
highly probable. Expected liquidated damages
(LDs) are recognized as a reduction of revenue
unless it is highly probable that LDs will not be
incurred. The transaction price of performance
obligations is adjusted for significant financing
components to reflect the time value of money.
Profit is not recognized until the outcome of the
performance obligations can be measured reliably,
usually at 20 percent progress. The full loss is
recognized immediately when identified on loss-
making contracts. The loss is determined based on
revenue less direct cost (i.e. labor, subcontractor
and material cost) and an allocation of overhead
that relate directly to the contract or activities
required to fulfil the contract. Customer financed
assets required to execute the projects are
presented gross in the financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-384": { "value": "
Other Income
Other income includes revenue that is not derived from regular customer contracts such as leasing
revenue.
Amounts in NOK million
Note
2024
2023
Revenue from operating leases
172
155
Other
37
20
Total other income
209
175
See note 4 for more information about revenue per segment and per country
See note 13 for more information about trade and other receivables
See note 17 for more information about leasing revenue
See note 20 for more information about trade and other payables
See note 26 for more information about equity accounted investees
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-385": { "value": "Segments
Aker Solutions is a global provider of equipment, systems and services to the renewable and oil and gas energy sector. Aker Solutions has two reporting segments.
Renewables and Field Development
The Renewables and Field Development segment designs and delivers integrated solutions for oil and gas
platforms, onshore facilities, offshore wind developments and carbon capture and storage facilities. The
objective of the segment is to add value by improving efficiency and reducing carbon footprint in oil and
gas deliveries. Furthermore accelerating the transition to renewables and become a key supplier to
renewables and carbon capture solutions by building execution and collaboration through a digital value
chain.
The Renewables and Field Development reporting segment includes two operating segments in Aker
Solutions that are organized separately and provide individual management reporting to the CEO. The
following two operating segments are included: (1) New Build and (2) New Energies. The operating
segments have been aggregated in the external reporting as they share resources and production
capacity, and engineering is often an integrated scope of the customer contracts in both operating
segments. The operating segments have similar commercial risks, they operate in the same economic
climate and markets, and have similar customers. They also have similar operational characteristics and
use the same type of KPI's to monitor the business.
Life Cycle
The Life Cycle segment provides optimized field life solutions driven by decarbonization and
environmentally sound offerings both for offshore and onshore facilities. The segment provides a full-
range offering of maintenance and modification services including electrification projects, digitally
enabled asset integrity services, hook-up and installation services as well as late-life and
decommissioning activities. The segment has a global presence across regions with main execution in
Norway, UK, Canada, Brazil, Brunei and Angola.
Other
The Other segment includes unallocated corporate costs, Aker Solutions Hydropower, Benestad businesses
and the group effect of hedges not qualifying for hedge accounting. The Other segment also includes
impairments of right-of-use lease assets for certain leases, as certain lease decisions are taken by the
corporate center. The number of employees in corporate functions and finance support functions are reported
in the Other segment while the related cost is allocated to the segments.
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2024
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
38,011
13,188
51,199
1,002
0
52,202
Net profit equity accounted investees
0
0
0
790
0
790
Other income
21
8
29
180
0
209
External revenue
38,032
13,196
51,228
1,972
0
53,201
Inter-segment revenue
58
52
110
2
-113
0
Total revenue
38,090
13,249
51,339
1,975
-113
53,201
Operating income before depreciation, amortization and impairment
3,097
920
4,016
552
0
4,568
Depreciation and amortization
10, 11, 17
-782
-137
-920
-239
0
-1,158
Impairment
10, 11, 12, 17
-2
0
-2
-20
0
-22
Operating income
2,312
782
3,095
293
0
3,388
Assets and Liabilities
Property, plant and equipment
3,515
46
3,561
492
0
4,053
Intangible assets
1,623
1,304
2,927
560
0
3,487
Right-of-use assets
465
58
523
1,284
0
1,807
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Operating assets
13,396
4,904
18,301
3,654
-36
21,919
Current operating assets
7,794
3,496
11,289
1,318
-36
12,572
Current operating liabilities
13,829
3,054
16,883
3,574
-36
20,421
Net current operating assets
-6,035
442
-5,593
-2,255
0
-7,848
Cash flow
Cash flow from operating activities
3,052
739
3,791
-684
0
3,107
Acquisition of property, plant and equipment
-1,287
-22
-1,309
-87
0
-1,396
Capitalized development
-22
0
-22
-29
0
-51
Other key figures
Order intake
24,011
14,951
38,962
1,288
-165
40,085
Order backlog
37,508
22,454
59,961
988
-65
60,885
Own employees
6,449
4,134
10,583
1,194
0
11,777
Note 4 continues on next page
Note 4 Segments cont.
Segment Performance 2023
Amounts in NOK million
Notes
Renewables and
Field Development
Life Cycle
Total operating
segments
Other
Intra-group
eliminations
Total
Income statement
Revenue from customer contracts
21,866
13,025
34,891
991
0
35,882
Net profit equity accounted investees
29
0
29
176
0
205
Other income
2
7
10
165
0
175
External revenue
21,898
13,032
34,930
1,332
0
36,262
Inter-segment revenue
622
40
662
-131
-531
0
Total revenue
22,520
13,072
35,592
1,201
-531
36,262
Operating income before depreciation, amortization and impairment
973
686
1,659
-492
0
1,166
Depreciation and amortization
10, 11, 17
-376
-120
-496
-188
0
-684
Impairment
10, 11, 12, 17
0
0
0
-60
0
-60
Operating income
597
565
1,162
-740
0
422
Assets and Liabilities
Property, plant and equipment
2,995
52
3,047
440
0
3,487
Intangible assets
1,631
1,309
2,940
623
0
3,563
Right-of-use assets
470
79
548
1,363
0
1,911
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Operating assets
9,227
4,746
13,973
4,137
-230
17,880
Current operating assets
4,132
3,306
7,438
1,710
-230
8,918
Current operating liabilities
10,167
2,769
12,936
4,697
-230
17,403
Net current operating assets
-6,035
537
-5,498
-2,986
0
-8,484
Cash flow
Cash flow from operating activities
3,832
237
4,069
2,147
0
6,216
Acquisition of property, plant and equipment
-1,482
-39
-1,521
-313
0
-1,833
Capitalized development
-30
0
-30
-359
0
-388
Other key figures
Order intake
22,523
11,781
34,304
1,146
-147
35,303
Order backlog
51,405
20,579
71,984
710
-15
72,680
Own employees
6,121
4,220
10,341
1,132
0
11,473
Note 4 continues on next page
Note 4 Segments cont.
Reconciliation of Information on Reporting Segments to IFRS Measures
Amounts in NOK million
2024
2023
Assets
Total operating assets
21,919
17,880
Deferred tax assets
225
491
Lease receivables
445
529
Equity accounted investees
7,870
6,555
Investments in companies
16
19
Derivative financial instruments
105
258
Current interest-bearing receivables
142
3,103
Financial investments
2,197
5,714
Non-current interest-bearing receivables
193
197
Other non-current assets
187
506
Cash and cash equivalents
2,860
6,003
Total assets
36,157
41,253
Liabilities
Total operating liabilities
20,421
17,403
Non-current lease liabilities
2,637
2,921
Pension obligations
945
895
Deferred tax liabilities
304
140
Other non-current liabilities
0
119
Current lease liabilities
708
619
Derivative financial instruments
17
204
Total liabilities
25,031
22,300
Major Customer
The reporting segments delivered to two major customers; one large Norwegian oil company which
represented 44 percent of total revenue in 2024 (2023: 17.8 percent) and one large international oil
company which represented 23 percent of total revenue in 2024 (2023: 42 percent). Aker Solutions has
long-term contracts with these customers.
Geographical Information
External revenue is presented on the basis of geographical location of the selling company. Non-current
assets and capital expenditures are based on the geographical location of the company owning the
assets.
Revenue from
customer contracts
Non-current
operating assets
Capital expenditure
PPE
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Norway
47,830
31,782
8,429
8,079
1,381
1,640
Canada
1,326
973
59
73
5
19
USA
1,088
1,024
11
2
0
5
Brunei
858
874
8
15
2
6
UK
624
472
590
550
0
9
Malaysia
118
286
36
44
0
16
Angola
169
264
1
1
1
2
India
108
80
202
195
5
16
Other countries
82
127
10
4
3
121
Total
52,202
35,882
9,347
8,962
1,396
1,833
See note 3 for more information about revenue
See note 27 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-386": { "value": "
Note 5 Personnel Expenses
Personnel Expenses
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
9,616
8,544
Social security contribution
1,351
1,188
Pension cost
867
795
Other employee benefits
269
229
Personnel expenses
12,103
10,757
Total number of employees as of December 31
11,777
11,473
Average number of employees
11,553
11,289
Employee Share Purchase Program
In 2024 , 1,675 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up
for shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum
20 percent of annual salary. The original agreement was that employees that are still working in the
company three years after completion of the program will receive one bonus share for every two shares
still held by the employee. In December 2024, Aker Solutions paid an extraordinary dividend of NOK 21
per share. The historic employee share purchase programs including 2024 have therefore been amended
and the employees receive one bonus share for every one share still held by the employee. Costs related
to the bonus shares are expensed over the vesting period. Aker Solutions expensed a total of NOK 11
million excluding social security contribution in 2024 related to share purchase programs (NOK 12 million
in 2023, including NOK 4 million related to compensation of the employees in the Subsea segment).
There were no loans to employees as of December 31, 2024, same as in the previous year.
See note 18 for more information about the pension cost and obligations
See note 28 for more information about compensation to key management
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway
closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still
members of the closed defined benefit plan. This is a funded plan and represents the funded pension
liability reported in the tables below. Aker Solutions also has various unfunded early retirement plans and
executive pension plans that are partially closed for new members. The estimated premium cost expected
to be paid during 2025 is NOK 74 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted
annually in accordance with the adjustment of the employees' pensionable income, and accrued interest
according to market interest. If the employee leaves the company voluntarily before the age of 67 years,
the accrued compensation amount will be paid out. The compensation plan is an unfunded plan, and is
included in the unfunded pension liability reported in the tables below. The liability is equal to the
compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main
labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information
required to estimate the pension obligation from this defined benefit plan is not available from the plan
administrator. Aker Solutions therefore currently accounts for the plan as if it was a defined contribution
plan. The annual contributions expensed in 2024 were NOK 126 million, compared to NOK 177 million in
2023. The estimated contribution expected to be paid in 2025 is NOK 125 million.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-388": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
9,616
8,544
Social security contribution
1,351
1,188
Pension cost
867
795
Other employee benefits
269
229
Personnel expenses
12,103
10,757
Total number of employees as of December 31
11,777
11,473
Average number of employees
11,553
11,289
Employee Share Purchase Program
In 2024 , 1,675 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up
for shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum
20 percent of annual salary. The original agreement was that employees that are still working in the
company three years after completion of the program will receive one bonus share for every two shares
still held by the employee. In December 2024, Aker Solutions paid an extraordinary dividend of NOK 21
per share. The historic employee share purchase programs including 2024 have therefore been amended
and the employees receive one bonus share for every one share still held by the employee. Costs related
to the bonus shares are expensed over the vesting period. Aker Solutions expensed a total of NOK 11
million excluding social security contribution in 2024 related to share purchase programs (NOK 12 million
in 2023, including NOK 4 million related to compensation of the employees in the Subsea segment).
There were no loans to employees as of December 31, 2024, same as in the previous year.
See note 18 for more information about the pension cost and obligations
See note 28 for more information about compensation to key management
Note 6 Other Operating Expenses
Amounts in NOK million
2024
2023
Rental of equipment, IT systems and support
1,556
1,369
Operating and maintenance expenses for
property
1,039
808
External consultants including audit fees
549
526
Travel expenses
530
343
Insurance
186
190
Other expenses
210
343
Other operating expenses
4,070
3,578
See note 17 for more information about leasing costs
See note 29 for more information about audit fees
Note 29 Audit Fees
PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor. 2023 include expenses related to the disposed subsea business.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2024
2023
2024
2023
2024
2023
Audit
3.8
3.7
9.7
14.5
13.5
18.2
Other assurance services
1.6
1.4
1.3
1.8
2.9
3.1
Tax services
0.0
0.0
0.4
0.1
0.4
0.1
Other non-audit services
1.2
0.0
6.5
2.0
7.7
2.0
Total
6.6
5.1
17.9
18.4
24.5
23.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-387": { "value": "Personnel Expenses
Personnel Expenses
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
9,616
8,544
Social security contribution
1,351
1,188
Pension cost
867
795
Other employee benefits
269
229
Personnel expenses
12,103
10,757
Total number of employees as of December 31
11,777
11,473
Average number of employees
11,553
11,289
Employee Share Purchase Program
In 2024 , 1,675 employees participated in the share purchase programs in Aker Solutions. Employees
received a 25 percent reduction of cost price limited to a total of NOK 7,500. Employees could sign up
for shares up to a maximum amount of NOK 60,000 and management an additional amount of maximum
20 percent of annual salary. The original agreement was that employees that are still working in the
company three years after completion of the program will receive one bonus share for every two shares
still held by the employee. In December 2024, Aker Solutions paid an extraordinary dividend of NOK 21
per share. The historic employee share purchase programs including 2024 have therefore been amended
and the employees receive one bonus share for every one share still held by the employee. Costs related
to the bonus shares are expensed over the vesting period. Aker Solutions expensed a total of NOK 11
million excluding social security contribution in 2024 related to share purchase programs (NOK 12 million
in 2023, including NOK 4 million related to compensation of the employees in the Subsea segment).
There were no loans to employees as of December 31, 2024, same as in the previous year.
See note 18 for more information about the pension cost and obligations
See note 28 for more information about compensation to key management
Pension Obligations
Aker Solutions operates several pension plans around the world. The most common type of plan is the
defined contribution plan, where Aker Solutions makes contributions to the employee's individual pension
account. Aker Solutions also has a closed defined benefit plan where the impact is gradually reduced.
Pension Plans
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a
regular basis to the employee\u2019s individual pension account. The benefits received by the employee are
based on the employer contributions and gains or losses from investing the capital. Contributions to
defined contribution pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history,
years of service and age. The calculation of defined benefit obligations is performed annually by a
qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount
of future benefit that employees have earned in the current and prior periods and deducting the fair value
of any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other
comprehensive income. Net interest expense and other expenses related to defined benefit plans are
recognized in the income statement. When the benefits of a plan are changed, settled or when a plan is
curtailed, the change relating to past service or the gain or loss on curtailment or settlement is
recognized immediately in the income statement.
Judgments and Estimates
The present value of the pension obligations depends on a number of factors determined on the basis of
actuarial assumptions. These assumptions include financial factors such as the discount rate, expected
salary growth, inflation and return on assets as well as demographic factors concerning mortality,
employee turnover, disability and early retirement. Assumptions about all these factors are based on the
situation at the time the assessment is made. However, it is reasonably certain that such factors will
change over long periods for which pension calculations are made. Any changes in these assumptions
will affect the calculated pension obligations with immediate recognition in other comprehensive income.
Pension Plans in Norway
The main pension arrangement in Norway is a general pension plan organized by the Norwegian state providing
a basic pension entitlement to all taxpayers. The additional pension plans which all Norwegian employers are
obliged to provide according to current legislation, represent limited additional pension entitlements. The
occupational plans in Aker Solutions in Norway are described below.
Defined Contribution Plans
All employees in Norway are offered participation in a defined contribution plan. The annual
contributions, premium and administration cost expensed for the Norwegian plans in 2024 were NOK
454 million, compared to NOK 377 million in 2023. The estimated contribution, premium and
administration cost expected to be paid in 2025 is NOK 537 million.
Defined Benefit Plans
The defined benefit plans at the Norwegian companies in Aker Solutions are split between funded and
unfunded plans. The plans are organized in Aker Pensjonskasse. Aker Solutions companies in Norway
closed the defined benefit plans in 2008. Employees who were 58 years or older in 2008 are still
members of the closed defined benefit plan. This is a funded plan and represents the funded pension
liability reported in the tables below. Aker Solutions also has various unfunded early retirement plans and
executive pension plans that are partially closed for new members. The estimated premium cost expected
to be paid during 2025 is NOK 74 million. The liability is calculated using a projected unit credit method.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Compensation Plans
All employees in 2008 who had a calculated loss of more than NOK 1,000 per year upon transition to the
defined contribution plan were offered compensation. The compensation amount will be adjusted
annually in accordance with the adjustment of the employees' pensionable income, and accrued interest
according to market interest. If the employee leaves the company voluntarily before the age of 67 years,
the accrued compensation amount will be paid out. The compensation plan is an unfunded plan, and is
included in the unfunded pension liability reported in the tables below. The liability is equal to the
compensation balance.
Tariff Based Pension Agreement (AFP)
Employees in Norway have a tariff based lifelong retirement arrangement (AFP) organized by the main
labor unions and the Norwegian state. The pension can be withdrawn from the age of 62. The information
required to estimate the pension obligation from this defined benefit plan is not available from the plan
administrator. Aker Solutions therefore currently accounts for the plan as if it was a defined contribution
plan. The annual contributions expensed in 2024 were NOK 126 million, compared to NOK 177 million in
2023. The estimated contribution expected to be paid in 2025 is NOK 125 million.
Pension Plans Outside Norway
Pension plans outside Norway are mainly defined contribution plans. The annual contributions expensed
for plans outside Norway in 2024 were NOK 120 million, compared to NOK 101 million in 2023. The
estimated contributions expected to be paid in 2025 is NOK 118 million to the plans outside Norway.
Total Pension Cost
Amounts in NOK million
2024
2023
Defined benefit plans
96
78
Defined contribution plans
808
735
Total
904
813
Note 18 continues on next page
Note 18 Pension Obligations cont.
Movement in Net Defined Benefit Liability
The table below shows the movement from the opening balance to the closing balance for the net defined benefit liability. Present value obligations include NOK 80 million in pension obligations related to the disposed
subsea business. In 2023, the pension liability related to the disposed subsea business was reported as other non-current liabilities and the numbers for 2023 have been restated.
Present value of obligation
Fair value of plan assets
Net defined benefit liability
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Balance as of January 1
2,035
2,128
-1,057
-1,096
978
1,031
Current service and administration cost
55
53
4
8
59
60
Interest cost (income)
68
50
-31
-32
37
18
Included in income statement
123
103
-28
-24
96
78
Actuarial loss (gain) arising from financial assumptions
-11
18
0
0
-11
18
Return on plan assets
0
0
65
19
65
19
Actuarial loss (gain) arising from experience adjustments
-27
0
0
0
-27
0
Remeasurements loss (gain) included in OCI
-37
17
65
19
28
36
Contributions paid into the plan
0
0
-77
-86
-77
-86
Benefits paid by the plan
-205
-213
124
131
-81
-81
Other
-205
-213
48
45
-157
-168
Balance as of December 31
1,916
2,035
-971
-1,057
945
978
Note 18 continues on next page
Note 18 Pension Obligations cont.
The net liability disclosed above relates to funded and unfunded plans as follows:
Present value of
obligation
Fair value of plan
assets
Net defined
benefit liability
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Net defined benefit liability funded plan
971
1,057
-971
-1,057
0
0
Net defined benefit liability unfunded plans
945
978
0
0
945
978
Balance as of December 31
1,916
2,035
-971
-1,057
945
978
Assets in the Defined Benefit Plan
Amounts in NOK million
2024
2023
Bonds
299
429
Income and equity funds
672
628
Total plan assets at fair value
971
1,057
The majority of the bond investment is in Norwegian municipalities and is assumed to have a rating equal
to AA, but there are few official ratings for these investments. The remaining bond investment is primarily
in the Norwegian market within bonds assumed to be of \u201cInvestment Grade\u201d quality. The majority of these
investments do not, however, have an official rating. The fund investments consist of fixed income funds
and equity funds with listed securities where the value is based on quoted prices. The equity securities
are invested globally, and the value is based on quoted price at the reporting date without any deduction
for estimated future selling cost.
Actuarial Assumptions
The information below relates only to Norwegian plans as these represent the majority of the plans. The
following were the principal actuarial assumptions at the reporting date:
2024
2023
Discount rate
3.30%
3.10%
Asset return
3.30%
3.10%
Salary progression
3.50%
3.50%
Pension indexation funded plans1
0-4 %
0-4%
Mortality table
K2013
K2013
Remaining life expectancy at age 65 for pensioners, males
22.8
22.7
Remaining life expectancy at age 65 for pensioners, females
26.1
26.0
1) Pension indexation for unfunded plans is agreed individually (0-4 percent).
The discount rate is based on high-quality corporate bonds (OMF) with maturities consistent with the
terms of the obligations. The assumptions used are in line with recommendations from the Norwegian
Accounting Standards Board.
Note 18 continues on next page
Note 18 Pension Obligations cont.
Sensitivity Analysis
Changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have changed the defined benefit obligation as of December 31
by the amounts shown below.
2024
2023
Discount rate increase by 1 percent
-83
-94
Discount rate decrease by 1 percent
103
116
Expected rate of salary increase by 1 percent
0
0
Expected rate of salary decrease by 1 percent
0
0
Expected rate of pension increase by 1 percent
96
106
Expected rate of pension decrease by 1 percent
-78
-90
For Aker Solutions, a one percent increase of discount rate decreases the benefit obligation
by only 7 percent. This is because the benefit obligation in Aker Solutions consists mainly of pensioners
and employees over 60 years of age, hence limiting the discounting effect.
See note 5 for more information about personnel expenses
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-389": { "value": "Other Operating Expenses
Amounts in NOK million
2024
2023
Rental of equipment, IT systems and support
1,556
1,369
Operating and maintenance expenses for
property
1,039
808
External consultants including audit fees
549
526
Travel expenses
530
343
Insurance
186
190
Other expenses
210
343
Other operating expenses
4,070
3,578
See note 17 for more information about leasing costs
See note 29 for more information about audit fees", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-390": { "value": "Financial Income and Expenses
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to
operating activities such as trade receivables and payables are included in operating expenses before
depreciation, amortization and impairment. However, the currency gains and losses are offset by the
effects from hedging derivatives. Translation of operational monetary assets and liabilities in countries
with hyperinflationary or non-convertible currencies are presented as financial items. Translation of
assets and liabilities related to general financing of the entity are included as financial income and
expenses. Foreign exchange gains and losses also include effects from translating monetary assets and
liabilities denominated in foreign currencies at the balance sheet date. The profit or loss on foreign
exchange forward contracts include effects from derivatives that do not qualify for hedge accounting,
embedded derivatives and the ineffective portion of qualifying hedges.
Financial Income and Expenses
Amounts in NOK million
Notes
2024
2023
Interest income from lease receivables
17
26
28
Other interest income
371
325
Interest income
397
353
Interest expense on lease liability
17
-156
-155
Interest expense on financial liabilities measured at amortized cost
-59
-32
Interest expense on financial liabilities measured at fair value
-37
-39
Interest expense
-252
-227
Net foreign exchange gain (loss)
-40
-116
Profit (loss) on foreign currency forward contracts
0
33
Loss on marketable shares1
-487
-453
Other financial income
355
86
Other financial expenses
-12
-3
Net other financial items
-184
-453
Net finance cost
-39
-328
1)Unrealized loss on shares in SLB.
See note 14 for more information about financial investments
See note 17 for more information about lease receivables and liabilities
See note 18 for more information about pension obligations
See note 23 for more information about foreign exchange and hedging
See note 26 for more information about financial assets and liabilities
See note 26 for more information about investments in companies
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-391": { "value": "
Financial Reporting Principles
Interest income and expenses include effects from using the effective interest rate method where fees,
interest paid, transaction costs and other premiums are deferred and amortized over the life of the
instrument.
Foreign exchange gains and losses arise upon settlement of monetary assets and liabilities that are not
hedged. Translation of monetary assets and liabilities denominated in foreign currencies related to
operating activities such as trade receivables and payables are included in operating expenses before
depreciation, amortization and impairment. However, the currency gains and losses are offset by the
effects from hedging derivatives. Translation of operational monetary assets and liabilities in countries
with hyperinflationary or non-convertible currencies are presented as financial items. Translation of
assets and liabilities related to general financing of the entity are included as financial income and
expenses. Foreign exchange gains and losses also include effects from translating monetary assets and
liabilities denominated in foreign currencies at the balance sheet date. The profit or loss on foreign
exchange forward contracts include effects from derivatives that do not qualify for hedge accounting,
embedded derivatives and the ineffective portion of qualifying hedges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-393": { "value": "
Amounts in NOK million
Notes
2024
2023
Interest income from lease receivables
17
26
28
Other interest income
371
325
Interest income
397
353
Interest expense on lease liability
17
-156
-155
Interest expense on financial liabilities measured at amortized cost
-59
-32
Interest expense on financial liabilities measured at fair value
-37
-39
Interest expense
-252
-227
Net foreign exchange gain (loss)
-40
-116
Profit (loss) on foreign currency forward contracts
0
33
Loss on marketable shares1
-487
-453
Other financial income
355
86
Other financial expenses
-12
-3
Net other financial items
-184
-453
Net finance cost
-39
-328
1)Unrealized loss on shares in SLB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-392": { "value": "
Amounts in NOK million
Notes
2024
2023
Interest income from lease receivables
17
26
28
Other interest income
371
325
Interest income
397
353
Interest expense on lease liability
17
-156
-155
Interest expense on financial liabilities measured at amortized cost
-59
-32
Interest expense on financial liabilities measured at fair value
-37
-39
Interest expense
-252
-227
Net foreign exchange gain (loss)
-40
-116
Profit (loss) on foreign currency forward contracts
0
33
Loss on marketable shares1
-487
-453
Other financial income
355
86
Other financial expenses
-12
-3
Net other financial items
-184
-453
Net finance cost
-39
-328
1)Unrealized loss on shares in SLB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-395": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2024
2023
Income from continuing operations attributable to ordinary shares (NOK
million)
2,656
97
Income from discontinued operations (NOK million)
0
11,540
Income from total operations attributable to ordinary shares (NOK million)
2,656
11,637
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
481,905,159
488,829,434
Basic and diluted earnings per share from continuing operations (NOK)
5.51
0.20
Basic and diluted earnings per share from discontinued operations (NOK)
0.00
23.61
Basic and diluted earnings per share from total operations (NOK)
5.51
23.81
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain criteria,
be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in December
2024 employees will receive one bonus share, instead of the original 0.5, for every share purchased in
the programs for 2021 to 2024. The bonus shares do not represent a material dilutive effect and diluted
earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given
the company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share
of NOK 3.30 for 2024. The proposed dividend amounts to NOK 1,582 million based on outstanding
shares as of December 31, 2024. Aker Solutions had a liquidity buffer of NOK 5.9 billion as of December
31, 2024 compared to NOK 9.0 billion as of December 31, 2023.
In 2024, Aker Solutions distributed ordinary dividend to its shareholders of NOK 2 per share with a total
amount of NOK 970 million. In addition, the group paid an extraordinary dividend of NOK 21 per share
with a total amount of NOK 10 billion and bought back own shares for a value of NOK 501 million during
2024.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-394": { "value": "Earnings per Share and Dividends
Earnings per Share (EPS)
2024
2023
Income from continuing operations attributable to ordinary shares (NOK
million)
2,656
97
Income from discontinued operations (NOK million)
0
11,540
Income from total operations attributable to ordinary shares (NOK million)
2,656
11,637
Weighted average number of issued ordinary shares for the year adjusted for
treasury shares
481,905,159
488,829,434
Basic and diluted earnings per share from continuing operations (NOK)
5.51
0.20
Basic and diluted earnings per share from discontinued operations (NOK)
0.00
23.61
Basic and diluted earnings per share from total operations (NOK)
5.51
23.81
Employees participating in Aker Solutions\u2019 employee share purchase program may, given certain criteria,
be awarded bonus shares. Due to the large extraordinary dividend of NOK 10 billion paid in December
2024 employees will receive one bonus share, instead of the original 0.5, for every share purchased in
the programs for 2021 to 2024. The bonus shares do not represent a material dilutive effect and diluted
earnings per share has not been adjusted.
Dividends
Aker Solutions targets to pay annual dividends of 40-60 percent of adjusted net profit over time. Given
the company\u2019s solid financial position and positive outlook, the Board has proposed a dividend per share
of NOK 3.30 for 2024. The proposed dividend amounts to NOK 1,582 million based on outstanding
shares as of December 31, 2024. Aker Solutions had a liquidity buffer of NOK 5.9 billion as of December
31, 2024 compared to NOK 9.0 billion as of December 31, 2023.
In 2024, Aker Solutions distributed ordinary dividend to its shareholders of NOK 2 per share with a total
amount of NOK 970 million. In addition, the group paid an extraordinary dividend of NOK 21 per share
with a total amount of NOK 10 billion and bought back own shares for a value of NOK 501 million during
2024.
See note 5 for more information about the employee share purchase program
See note 16 for more information about share capital and treasury shares
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-396": { "value": "3.30", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK/xbrli:shares" } }, "f-397": { "value": "1582000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-398": { "value": "Income Tax
Judgments and Estimates
The group is subject to income taxes in numerous jurisdictions, and judgment may be involved when
determining the taxable amounts. Tax authorities in different jurisdictions may challenge calculation of
taxes payable from prior periods.
Management judgment is required when assessing valuation of unused losses, tax credits and other
deferred tax assets. The recoverability is assessed by estimating taxable profits in future years taking into
consideration also expected changes in temporary differences. The profits are compared to book value of
the tax assets. The estimate of future taxable profits is sensitive to future market development for the
projects and services of Aker Solutions. Forecasts are based on firm orders in the backlog and identified
prospects in addition to expected service revenue. Changes in the assumptions related to the expected
prospects and services can have a significant impact on the forecasted cash flows. Economic conditions
may change and lead to a different conclusion regarding recoverability, and such changes may affect
future reporting periods.
The Pillar Two legislation, also known as \u201cGlobal minimum tax\u201d or GloBE has been enacted in Norway and
in many of the jurisdictions where Aker Solutions operates. The legislation was effective from January 1,
2024 and Aker Solutions is required to comply.
Aker Solutions has conducted an assessment in accordance with Country-by-Country Reporting
requirements and the transitional safe harbor rules. This assessment shows that several jurisdictions with
limited activity will meet the \"de minimis test\u201d. However, the jurisdictions that do not meet the \"de minimis
test\u201d all have a reported effective tax rate exceeding 15 percent for the year 2024. No top-up tax has
been included in the tax expense for 2024.
IFRS has introduced a requirement in IAS 12 that entities within scope of the Pillar Two legislation shall
not recognize or disclose information about deferred tax assets and deferred tax liabilities related to the
Pillar Two legislation, which Aker Solutions applies.
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable
profits will be available to utilize the tax losses and credits. The forecasted future taxable profits are
based on firm orders in the backlog and identified prospects in addition to expected service revenue. The
forecasted taxable profits reflect organic growth only. Other parameters in the assessment are the
predicted long-term investment level by companies in the renewable and oil and gas energy sector, mix of
projects and services and level of operating expenses.
Income Tax Expense
Amounts in NOK million
2024
2023
Current income tax
Current year
184
89
Prior year adjustment
22
10
Total current income tax
206
99
Deferred income tax
Origination and reversal of temporary differences
468
-34
Non-recognition of tax losses and temporary differences
18
35
Change in tax rates
17
0
Adjustment for prior periods
-24
9
Total deferred income tax
479
11
Total income tax
684
110
Taxes in OCI and Equity
Amounts in NOK million
2024
2023
Cash flow hedges, deferred tax
0
-2
Remeasurement of defined benefit pension plans
-6
-8
Income taxes included in OCI
-6
-10
Effective Tax Rate
The table below reconciles the tax expense as if the Norwegian tax rate of 22 percent was applied.
Amounts in NOK million
2024
2023
Income before tax from continuing operations
3,349
95
Income tax when applying Norwegian tax rate of 22 percent
737
22.0%
21
22.1%
Tax effects of:
Effect of different tax rates in other jurisdictions
22
0.7%
9
9.5%
Non-taxable income
-172
-5.1%
-47
-49.5%
Non-deductible expenses
27
0.8%
29
30.5%
Effect of withholding tax
50
1.5%
44
46.3%
Current tax adjustments related to prior years
22
0.7%
10
10.5%
Deferred tax adjustments related to prior years
-24
-0.7%
9
9.5%
Previously unrecognized tax losses used to reduce payable tax
-11
-0.3%
0
0.0%
Non-recognition of deferred tax assets
18
0.5%
35
36.8%
Impact of change in tax rate
17
0.5%
0
0.0%
Other
-1
0.0%
0
0.0%
Income tax and effective tax rate
684
20.4%
110
115.8%
Note 9 continues on next page
Note 9 Income Tax cont.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Property, plant and equipment
24
10
-62
-46
-39
-36
Pensions
190
190
0
0
190
190
Projects under construction
33
66
-1,167
-1,880
-1,134
-1,814
Tax loss carry-forwards
209
1,591
-1
0
208
1,591
Intangible assets
5
5
-13
-16
-9
-11
Provisions
435
281
0
0
435
281
Derivatives
0
1
-5
-41
-5
-40
Tax credits and other
488
448
-214
-259
273
189
Total before offsetting
1,384
2,592
-1,462
-2,242
-79
351
Offsetting
-1,159
-2,101
1,159
2,101
0
0
Total
225
491
-304
-140
-79
351
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2023
125
Disposal of Subsea
623
Recognized in profit and loss1
-420
Prior year-adjustments booked in equity
-25
Recognized in other comprehensive income (OCI)
10
Prepaid withholding tax
14
Reclassification between categories
0
Currency translation differences
25
Balance as of December 31, 2023
351
Business acquisition
15
Recognized in profit and loss
-479
Prior year-adjustments booked in equity
0
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
1)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
\"Note_9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
254
254
0
254
93
Europe excluding Norway
1
0
454
455
454
1
44
North America
0
28
1,522
1,550
832
718
0
South America
0
0
808
808
808
0
0
Africa
25
0
0
25
25
0
0
Asia Pacific
242
580
0
823
823
0
61
Total\u00a0
268
608
3,039
3,915
2,942
973
198
See note 19 for more information about tax provisions
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-399": { "value": "
Deferred tax assets
The deferred tax assets are recognized only to the extent it is considered probable that future taxable
profits will be available to utilize the tax losses and credits. The forecasted future taxable profits are
based on firm orders in the backlog and identified prospects in addition to expected service revenue. The
forecasted taxable profits reflect organic growth only. Other parameters in the assessment are the
predicted long-term investment level by companies in the renewable and oil and gas energy sector, mix of
projects and services and level of operating expenses.
Deferred Tax Assets and Liabilities
Assets
Liabilities
Net
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Property, plant and equipment
24
10
-62
-46
-39
-36
Pensions
190
190
0
0
190
190
Projects under construction
33
66
-1,167
-1,880
-1,134
-1,814
Tax loss carry-forwards
209
1,591
-1
0
208
1,591
Intangible assets
5
5
-13
-16
-9
-11
Provisions
435
281
0
0
435
281
Derivatives
0
1
-5
-41
-5
-40
Tax credits and other
488
448
-214
-259
273
189
Total before offsetting
1,384
2,592
-1,462
-2,242
-79
351
Offsetting
-1,159
-2,101
1,159
2,101
0
0
Total
225
491
-304
-140
-79
351
Note 9 continues on next page
Note 9 Income Tax cont.
Change in Net Recognized Deferred Tax Assets and Liabilities
Amounts in NOK million
Total
Balance as of January 1, 2023
125
Disposal of Subsea
623
Recognized in profit and loss1
-420
Prior year-adjustments booked in equity
-25
Recognized in other comprehensive income (OCI)
10
Prepaid withholding tax
14
Reclassification between categories
0
Currency translation differences
25
Balance as of December 31, 2023
351
Business acquisition
15
Recognized in profit and loss
-479
Prior year-adjustments booked in equity
0
Recognized in other comprehensive income (OCI)
8
Prepaid withholding tax
17
Reclassification between categories
0
Currency translation differences
10
Balance as of December 31, 2024
-79
1)Includes NOK 410 million in 2023 related to the disposed subsea business.
Note 9 continues on next page
\"Note_9.jpg\"
Note 9 Income Tax cont.
Tax Loss Carry-Forwards and Unrecognized Deferred Tax Assets (gross amount)
Amounts in NOK million
Tax losses carry-forwards
Other tax assets
Expiry within 5
years
Expiry 5-20
years
Indefinite
expiration
Total
Of which is
unrecognized\u00a0
Of which is
recognized\u00a0
Unrecognized
Norway
0
0
254
254
0
254
93
Europe excluding Norway
1
0
454
455
454
1
44
North America
0
28
1,522
1,550
832
718
0
South America
0
0
808
808
808
0
0
Africa
25
0
0
25
25
0
0
Asia Pacific
242
580
0
823
823
0
61
Total\u00a0
268
608
3,039
3,915
2,942
973
198
See note 19 for more information about tax", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-400": { "value": "
Note 10 Property, Plant and Equipment
Property, plant and equipment mainly relates to the yards within the Renewables and Field Development
segment. Historically, the majority of property, plant and equipment related to the disposed subsea
business\u2019 manufacturing plants and service bases in Norway, Brazil, Malaysia, the US and the UK.
Property, plant and equipment also include furniture and fittings in office buildings.
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.
Judgment and Estimates
Judgment is involved when determining the depreciation period and when assessing impairment or
reversal of impairment. Impairment is assessed for individual assets and for cash generating units. The
impairment testing involves judgmental assumptions about future market development, cash flows,
determination of weighted average cost of capital (WACC), growth rate, and other assumptions that may
change over time.
Commitments
Aker Solutions has entered into contractual commitments for the acquisition of property, plant and
equipment amounting to NOK 133 million as of December 31, 2024, all of which is expected to be paid
during 2025. Contractual commitments were NOK 871 million per December 31, 2023.
Note 10 continues on next page
\"Note_10.jpg\"
Note 10 Property, Plant and Equipment cont.
Property, Plant and Equipment
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2022
3,010
8,070
530
11,610
Additions1
17
25
1,979
2,021
Acquisition of subsidiaries
25
3
0
28
Reclassification from assets under
construction
80
238
-318
0
Disposal of subsea operations
-1,140
-5,060
-337
-6,537
Disposal and scrapping
-4
-110
0
-115
Currency translation differences
152
429
26
608
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-1,351
-6,658
-6
-8,015
Depreciation for the year2
-91
-274
0
-365
Impairment3
12
-93
-55
0
-148
Disposal of subsea operations
437
4,260
0
4,697
Disposal and scrapping
1
92
0
93
Currency translation differences
-55
-335
0
-389
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
0
-570
Impairment
12
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Book value as of December 31, 2023
987
626
1,874
3,487
Book value as of December 31, 2024
1,541
2,002
510
4,053
1)Excludes NOK 270 million in paid investments that were capitalized in 2023. NOK 160 million related to discontinued
operations in 2023.
2)Includes NOK 138 million in depreciation in 2023 related to discontinued operations.
3)Includes NOK 148 million in impairment in 2023 related to discontinued operations.
See note 17 for more information about right-of-use lease assets
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-401": { "value": "
Financial Reporting Principles
Assets are normally depreciated on a straight-line basis over their expected economic lives as follows:
\u25fc Machinery and equipment: 3-15 years
\u25fc Buildings: 4-30 years
\u25fc Land: No depreciation
Impairment triggers are assessed quarterly and impairment testing is performed when triggers have been
identified.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-402": { "value": "
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Historical cost
Balance as of December 31, 2022
3,010
8,070
530
11,610
Additions1
17
25
1,979
2,021
Acquisition of subsidiaries
25
3
0
28
Reclassification from assets under
construction
80
238
-318
0
Disposal of subsea operations
-1,140
-5,060
-337
-6,537
Disposal and scrapping
-4
-110
0
-115
Currency translation differences
152
429
26
608
Balance as of December 31, 2023
2,139
3,595
1,879
7,614
Additions1
188
269
668
1,125
Reclassification from assets under
construction
562
1,470
-2,032
0
Disposal and scrapping
-273
-925
0
-1,198
Currency translation differences
52
56
0
109
Balance as of December 31, 2024
2,670
4,471
510
7,651
Amounts in NOK million
Notes
Buildings
and sites
Machinery
and
equipment
Under
construction
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-1,351
-6,658
-6
-8,015
Depreciation for the year2
-91
-274
0
-365
Impairment3
12
-93
-55
0
-148
Disposal of subsea operations
437
4,260
0
4,697
Disposal and scrapping
1
92
0
93
Currency translation differences
-55
-335
0
-389
Balance as of December 31, 2023
-1,152
-2,969
-5
-4,127
Depreciation for the year
-210
-360
0
-570
Impairment
12
-4
-2
0
-5
Disposal and scrapping
275
921
0
1,196
Reclassification between categories
0
-6
6
0
Currency translation differences
-39
-54
0
-93
Balance as of December 31, 2024
-1,129
-2,469
0
-3,598
Book value as of December 31, 2023
987
626
1,874
3,487
Book value as of December 31, 2024
1,541
2,002
510
4,053
1)Excludes NOK 270 million in paid investments that were capitalized in 2023. NOK 160 million related to discontinued
operations in 2023.
2)Includes NOK 138 million in depreciation in 2023 related to discontinued operations.
3)Includes NOK 148 million in impairment in 2023 related to discontinued operations.
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2022
3,599
5,598
384
9,581
Additions from internal development1,2,3
361
0
6
367
Acquisition of subsidiaries
0
13
0
13
Reclassification between categories
7
0
-7
0
Disposal of subsea operations
-2,981
-1,842
-2
-4,825
Disposal of assets
-4
0
-1
-4
Currency translation differences
145
14
16
174
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
1) Development cost funded by third-party totaled NOK 11 million in 2024 (NOK 37 million in 2023, of which nil related to the
disposed subsea business).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
3) Includes NOK 47 million in capital expenditure in 2023 related to discontinued operations.
4) Includes NOK 109 million in amortization in 2023 related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 related to discontinued operations.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-2,778
-560
-293
-3,631
Amortization for the year4
-180
0
-15
-195
Impairment5
12
-19
0
0
-19
Reclassifications between categories
-1
0
1
0
Disposal of subsea operations
2,352
-110
2
2,245
Disposal of assets
3
0
1
3
Currency translation differences
-118
-13
-16
-146
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Book value as of December 31, 2023
386
3,100
77
3,563
Book value as of December 31, 2024
295
3,101
91
3,487
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-403": { "value": "Intangible Assets and Goodwill
Intangible assets mainly relate to capitalized technology development in addition to goodwill. The
technology development programs are closely monitored to secure the desired technological
achievements in time and at acceptable cost levels. Technology development programs that meet certain
criteria are capitalized and amortized over the expected useful lives.
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level
(TRL) consisting of eight phases. Research and development costs are expensed as incurred until a
program has completed the concept phase. Development cost is only capitalized if the product or process
is technically and commercially feasible and the business case shows a positive net present value.
Capitalized development mainly includes internal labor costs in addition to materials for the development
program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized
development is normally amortized over five years on a straight-line basis, but certain programs with a
clear differentiating offering and a longer economic benefit may be amortized up to seven years. For
development projects in progress, a full impairment test is performed annually or when impairment
indicators are identified. Assets are written down to recoverable amount if lower than book value.
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
Judgments and Estimates
The decision to capitalize a development program involves management judgment. There are strict
internal rules defining what qualifies for capitalization, and the documentation of the assessment is
monitored centrally. Management makes assessment of future market opportunities, ability to
successfully achieve the desired technological solution and the time and cost it takes to develop it. These
factors may change over time.
Judgment is involved when determining the amortization period and when assessing impairment or
reversal of impairment. Impairment indicators are assessed for individual development projects, other
intangible assets, and for cash generating units including goodwill. Impairment testing is performed when
impairment indicators have been identified. In addition, goodwill and capitalized development programs
that have not been completed are subject to an annual impairment test. The impairment testing involves
judgmental assumptions about future market development, cash flows, determination of weighted
average cost of capital (WACC), growth rate, and other assumptions that may change over time.
Note 11 continues on next page
Note 11 Intangible Assets and Goodwill cont.
Intangible Assets
Amounts in NOK million
Capitalized
development
Goodwill
Other
Total
Historical cost
Balance as of December 31, 2022
3,599
5,598
384
9,581
Additions from internal development1,2,3
361
0
6
367
Acquisition of subsidiaries
0
13
0
13
Reclassification between categories
7
0
-7
0
Disposal of subsea operations
-2,981
-1,842
-2
-4,825
Disposal of assets
-4
0
-1
-4
Currency translation differences
145
14
16
174
Balance as of December 31, 2023
1,127
3,783
396
5,306
Additions from internal development1,2
46
0
0
46
Acquisition of subsidiaries
0
0
30
30
Reclassification between categories
41
0
-41
0
Disposal of subsidiaries and assets
-426
-81
-202
-708
Currency translation differences
2
-2
6
6
Balance as of December 31, 2024
790
3,700
190
4,680
1) Development cost funded by third-party totaled NOK 11 million in 2024 (NOK 37 million in 2023, of which nil related to the
disposed subsea business).
2) Excludes NOK 5 million in paid investments that were capitalized in 2023.
3) Includes NOK 47 million in capital expenditure in 2023 related to discontinued operations.
4) Includes NOK 109 million in amortization in 2023 related to discontinued operations.
5) Includes NOK 14 million in impairment in 2023 related to discontinued operations.
Amounts in NOK million
Notes
Capitalized
development
Goodwill
Other
Total
Accumulated depreciation and
impairment
Balance as of December 31, 2022
-2,778
-560
-293
-3,631
Amortization for the year4
-180
0
-15
-195
Impairment5
12
-19
0
0
-19
Reclassifications between categories
-1
0
1
0
Disposal of subsea operations
2,352
-110
2
2,245
Disposal of assets
3
0
1
3
Currency translation differences
-118
-13
-16
-146
Balance as of December 31, 2023
-741
-683
-319
-1,744
Amortization for the year
-138
0
-13
-151
Impairment
12
-2
0
0
-2
Reclassifications between categories
-38
0
38
0
Disposal of subsidiaries and assets
426
81
202
708
Currency translation differences
-2
3
-6
-5
Balance as of December 31, 2024
-495
-599
-99
-1,193
Book value as of December 31, 2023
386
3,100
77
3,563
Book value as of December 31, 2024
295
3,101
91
3,487
Research and Development Expenses
The research and development expense was NOK 88 million in 2024 compared to NOK 59 million in
2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-404": { "value": "
Financial Reporting Principles
Capitalized Development
The technology development at Aker Solutions is graded according to a Technology Readiness Level
(TRL) consisting of eight phases. Research and development costs are expensed as incurred until a
program has completed the concept phase. Development cost is only capitalized if the product or process
is technically and commercially feasible and the business case shows a positive net present value.
Capitalized development mainly includes internal labor costs in addition to materials for the development
program. Any third-party funding is presented as a reduction of the capitalized amount. The capitalized
development is normally amortized over five years on a straight-line basis, but certain programs with a
clear differentiating offering and a longer economic benefit may be amortized up to seven years. For
development projects in progress, a full impairment test is performed annually or when impairment
indicators are identified. Assets are written down to recoverable amount if lower than book value.
Other
Other intangible assets include IT systems and technology development acquired through business
combinations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-405": { "value": "
Goodwill
Goodwill represents the consideration paid in excess of identifiable assets and liabilities in business
combinations. Goodwill has an indefinite useful life and is tested for impairment annually, or when
impairment indicators are identified.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-406": { "value": "
Research and Development Expenses
The research and development expense was NOK 88 million in 2024 compared to NOK 59 million in
2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-407": { "value": "Impairment of Assets
The outlook for the energy industry and Aker Solutions continues to be positive despite geopolitical
uncertainty and volatile energy prices. The group\u2019s offerings and services are in high demand. Aker
Solutions has a solid order backlog of projects, with balanced risk-reward profiles, and high tendering-
and FEED activity. The company had net impairments of NOK 22 million in 2024.
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter
to identify assets that are damaged, no longer in use or will be disposed. Capitalized development is
assessed for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value.
Capitalized development programs that have not been completed are subject to annual impairment
testing. The impairment testing of capitalized development includes an update of the future expected
cash flows, assessing status on technical achievements and reviewing cost incurred compared to budget
in order to identify if any of the capitalized cost should be expensed. The assets are written down to
recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets
previously impaired or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of
a cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by
the assets. This is usually the lowest level where a separate external market exists for the output from the
CGU. Impairment indicators are reviewed for all assets with assessment of market conditions,
technological development, change in order backlog, change in discount rate and other elements that
may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach
determined by discounting expected future cash flows. Various sensitivity analysis for change in future
cash flows, growth rate and WACC is performed for CGUs with limited headroom in the impairment
testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than
book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.
Judgments and Estimates
The impairment testing of assets is by nature highly judgmental as it includes estimates such as future
market development, cash flows, determination of CGUs and WACC, growth rate used for calculation of
terminal value and other assumptions that may change over time. In particular, future cash flows are
uncertain as they are impacted by market developments beyond Aker Solutions' control. The oil price
impacts for example the investment levels in CapEx and maintenance projects by the oil companies.
Carbon taxation impacts the investment levels of carbon capture and offshore wind investments. These
external factors in turn impact the markets in which Aker Solutions operates.
Climate Related Matters
The energy transition may curtail the expected useful lives of oil and gas related assets thereby
accelerating depreciation charges. The group\u2019s assets related to oil and gas are likely to be fully
depreciated within the next 10-15 years and projects related to oil and gas will be a part of Aker Solutions\u2019
business activities over this period. Aker Solutions will be engaged in traditional oil and gas projects and
will also be engaged in projects relating to decarbonization solutions and services for existing platforms.
Therefore, Aker Solutions does not expect any changes to the useful lives of our property, plant, and
equipment. Assessment of effect on useful lives is not considered to be a significant accounting
judgment or estimate. Aker Solutions note that assessment of useful lives of future capital expenditure
may be different, and local climate changes in the future may affect useful lives of certain assets.
Under all three climate scenarios (described in note 30 Climate Risk) the group expects an increase in the
frequency and intensity of extreme weather events. This is not expected to lead to any effects on useful
economic life of property, plant and equipment per 2024.
The expected future cash flows used in impairment testing are affected by climate changes as the
projects Aker Solutions will be engaged in will change going forward. The projects Aker Solutions tender
for are based on the pipeline of future projects needed to fulfill the energy need in the market. This
market has changed during the last decade, and Aker Solutions renewables and transitional solutions
represented 18 percent of the revenue in 2024, and we continue to see material projects within this
market also in the future. As the cash flows used in the impairment testing are based on current backlog
together with identified prospects, the climate changes have an impact on our impairment testing through
the projects included in the cashflows used for impairment testing.
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Cash Flow Assumptions
When estimating future cash flows, five years of cash flows for the period 2025 to 2029 have been used
as basis. The forecasted cash flows are based on firm orders in the backlog and identified prospects in
addition to expected service revenue. ROU lease assets are included in the impairment test. Management
has defined the growth rate, post-tax discount rate and estimated future cash flows as the most sensitive
assumptions in the value-in-use calculation. The forecasted cash flows used in the impairment tests
reflect organic growth only. Other parameters in the assessment are the predicted long-term oil price per
barrel, mix of projects and services, level of operating expenses and capital expenditure for maintenance
of the asset portfolio.
Discount and Growth Rate
The WACC used in the impairment testing of goodwill is shown below.
2024
2023
Post-tax
WACC
Pre-tax
WACC
Post-tax
WACC
Pre-tax
WACC
New Build yards
9.7%
13.4%
10.8%
15.3%
New Energies
10.0%
12.0%
10.9%
13.2%
Life Cycle
10.0%
12.5%
11.7%
14.6%
Benestad
9.6%
11.5%
10.8%
13.1%
Hydropower1
9.9%
9.9%
11.1%
13.1%
1)Hydropower had significant tax losses carry forward in the impairment testing and no tax payments were assumed.
Estimated future cash flows are discounted to their present value using the weighted average cost of
capital (WACC), which is a post-tax discount rate. The WACC is based on a risk-free interest rate, a risk
premium and average beta values of peers within each market. A separate WACC has been calculated for
each of the CGUs taken into consideration country specific risk premiums and long-term risk free interest
rates. A growth rate has been applied to calculate terminal value after the five-year period.
Impairment Testing of Individual Assets and CGUs
The table below summarizes the impairments recognized per group of assets and per segment.
Renewables and
Field
Development
Life Cycle
Other
Continuing
operations
Amounts in NOK million
2024
2023
2024
2023
2024
2023
2024
2023
Impairment of intangible assets
2
0
0
0
0
5
2
5
Impairment of property, plant and equipment
0
0
0
0
5
0
5
0
Impairment of right-of-use assets
0
0
0
0
15
55
15
55
Total impairment
2
0
0
0
20
60
22
60
The company had impairments of NOK 22 million in 2024 (NOK 60 million in 2023). Impairments in the
year mainly related to right-of-use assets with empty areas available for sublease and intangible assets
where the technology or commercial outlook no longer justified the value.\u00a0
Note 12 continues on next page
Note 12 Impairment of Assets cont.
Impairment Testing of Goodwill
The groups of CGUs identified when testing goodwill represent the level where synergies are expected
and goodwill is monitored. ROU lease assets are included in the impairment testing.
The book value of goodwill for the groups of CGUs that include goodwill is shown below.
Amounts in NOK million
2024
2023
New Build yards (Renewables and Field Development)
1,302
1,302
New Energies (Renewables and Field Development)
226
226
Life Cycle (Life Cycle)
1,303
1,302
Benestad (Other)
188
188
Hydropower (Other)
82
82
Total goodwill as of December 31
3,101
3,100
Assumptions
A post-tax value-in-use method was used, with pre-tax rates calculated using an iterative method for
illustration purposes only. The forecasted cash flows are based on firm orders and an expected share of
new contracts. When determining the terminal value, a growth rate of 1.5 percent has been used for the
CGUs. The annual impairment testing of goodwill did not result in any impairment losses.
Sensitivities
The impairment testing is affected by changes in demand for Aker Solutions\u2019 products and services.
External factors such as long-term oil prices and governments\u2019 policies regarding renewable energy
sources and decarbonization impact customers\u2019 investment decisions. The testing is also affected by
changes in WACC, growth rates, product mix, cost levels and the ability of Aker Solutions to secure
projects as forecasted in the cash flow. Multiple sensitivity tests have been run on the key assumptions in
the value-in-use calculation to evaluate possible adverse changes. This includes changing the discount
rate and growth rate in addition to reducing the expected future cash flows.
Aker Solutions acknowledge that our business will be affected by climate risks. The growth rate
embedded in impairment testing is lower than the inflation that is assumed in the WACC calculation,
leading to a negative real growth rate. This is embedded in the numbers to reflect that the oil and gas
activities are not assumed to have infinite lives. When material climate risk effects on operations are
identified, impairment assessments will be reassessed. Climate risks are assessed and reported in note
30 Climate Risk and also described in the Sustainability Statement.
The recoverable amounts exceed book value for all scenarios and for all the CGUs in the goodwill
impairment testing both in 2024 and 2023.
See note 10 for more information about property, plant and equipment
See note 11 for more information about intangible assets
See note 17 for more information about right-of-use lease assets
See note 30 for more information about climate scenarios and climate-related risk
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-408": { "value": "
Impairment Testing Method
Individual Assets
Each property, plant, equipment and right-of-use asset is assessed for impairment triggers every quarter
to identify assets that are damaged, no longer in use or will be disposed. Capitalized development is
assessed for impairment triggers every quarter to identify development programs where the technological
development or commercial outlook for that specific technology no longer justify the book value.
Capitalized development programs that have not been completed are subject to annual impairment
testing. The impairment testing of capitalized development includes an update of the future expected
cash flows, assessing status on technical achievements and reviewing cost incurred compared to budget
in order to identify if any of the capitalized cost should be expensed. The assets are written down to
recoverable amount, if lower than book value. Reversal of impairment is assessed annually for assets
previously impaired or when reversal of impairment triggers have been identified.
Assets in a Cash Generating Unit (CGU)
Impairment indicators are assessed quarterly for all assets (including right-of-use assets) that are part of
a cash generating unit (CGU). A CGU represents the lowest level of independent revenue generated by
the assets. This is usually the lowest level where a separate external market exists for the output from the
CGU. Impairment indicators are reviewed for all assets with assessment of market conditions,
technological development, change in order backlog, change in discount rate and other elements that
may impact the value of the assets in the CGU. Assets are usually tested using the value-in-use approach
determined by discounting expected future cash flows. Various sensitivity analysis for change in future
cash flows, growth rate and WACC is performed for CGUs with limited headroom in the impairment
testing. Impairment losses are recognized for assets in CGUs where the recoverable amount is lower than
book value.
Goodwill
The groups of CGUs that include goodwill are tested for impairment annually or when impairment triggers
have been identified. The company does not have other assets than goodwill with indefinite useful lives.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-409": { "value": "Trade and Other Receivables
Judgments and Estimates
Judgment is involved when determining the impairment losses on receivables and customer contract
assets. The impairment is based on individual assessments of each customer and default risk in the
industry and the country in which the customer operates in line with the expected credit loss method
(ECL). The customers of Aker Solutions are mainly large, international energy companies with low credit
risk.
Trade and Other Receivables
Amounts in NOK million
2024
2023
Trade receivables
6,026
4,775
Trade receivables, related parties
342
608
Less bad debt provision
-161
-116
Trade receivables, net
6,208
5,268
Customer contract assets
4,721
2,113
Other receivables
204
204
Customer contract assets and other receivables
4,925
2,317
Bad Debt Provision
Amounts in NOK million
2024
2023
Balance as of January 1
-116
-69
Provisions made during the year
-67
-61
Provisions reversed during the year
31
4
Provisions used during the year
0
5
Disposal of subsea operations
0
10
Currency translation differences
-9
-4
Balance as of December 31
-161
-116
Aging of Trade Receivables
Amounts in NOK million
2024
2023
Not due
5,394
4,584
Past due 0-30 days
270
589
Past due 31-90 days
223
74
Past due 91 days to one year
360
115
Past due more than one year
122
21
Total
6,368
5,383
The wars in Ukraine and Gaza have generally increased the global credit risk. In Aker Solutions, the credit
risk has not changed significantly, as the majority of customers are large, international energy
companies.
See note 3 for more information about customer contract assets and trade receivables
See note 21 for more information about credit risk and the ECL method
See note 24 for more information about financial assets and liabilities
See note 28 for more information about receivables to related parties
Interest-Bearing Current Receivables
Amounts in NOK million
2024
2023
Vendor note OneSubsea
0
912
Receivable Subsea7
0
1,592
Working capital funding of OneSubsea
0
370
Lease receivable
122
148
Other interest-bearing receivables
20
81
Total current interest-bearing receivables
142
3,103
Vendor note and receivable from Subsea7
The vendor note of USD 87,5 million and receivable from Subsea7 of USD 153 million were hedged with
both call and a put options. Both receivables were settled during 2024 and a loss of NOK 131 million (gain
of NOK 85 million in 2023) was recognized as part of net foreign exchange gain (loss).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-410": { "value": "Financial Investments and Interest-Bearing
Receivables
Financial Investments
Amounts in NOK million
2024
2023
Liquid funds
0
3,030
Shares in SLB
2,197
2,684
Total
2,197
5,714
Liquid funds
Aker Solutions\u2019 Investment Strategy allows investments in liquid money market funds with low risk. The
rationale is to diversify the risk among debtors and enhance the return from surplus cash, compared to
the interest rate in the cash pool.
As of December 31, 2023 Aker Solutions had invested NOK 3,030 million in three different funds. After
the company distributed NOK 10 billion in dividend in December 2024, the company has used all its
investments in liquid funds and have no such placements as of December 31, 2024.
Shares in SLB
As part of the consideration from the sale of the subsea business in 2023, Aker Solutions received USD
306.5 million from SLB in the form of 5,076,706 shares in SLB. The shares was subject to a lock-up-
period of 180 days from closing at October 2, 2023.
The shares are measured at fair value through profit and loss. The investment is exposed to currency risk
and share price risk. Part of the currency exposure has been secured with put options during 2024. At
year end 2024 all options have matured. A loss of NOK 114 million for the put option was recognized in
2024 (loss of NOK 126 million in 2023) as part of net foreign exchange gain (loss).
Interest-Bearing Current Receivables
Amounts in NOK million
2024
2023
Vendor note OneSubsea
0
912
Receivable Subsea7
0
1,592
Working capital funding of OneSubsea
0
370
Lease receivable
122
148
Other interest-bearing receivables
20
81
Total current interest-bearing receivables
142
3,103
Vendor note and receivable from Subsea7
The vendor note of USD 87,5 million and receivable from Subsea7 of USD 153 million were hedged with
both call and a put options. Both receivables were settled during 2024 and a loss of NOK 131 million (gain
of NOK 85 million in 2023) was recognized as part of net foreign exchange gain (loss).
See note 21 for more information about financial risk management and exposures
See note 24 for more information about financial assets and liabilities
See note 27 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-411": { "value": "
Note 15 Cash and Cash Equivalents
Amounts in NOK million
2024
2023
Interest-bearing desposits in cash pool
1,854
3,979
Other interest-bearing deposits
1,005
2,018
Non interest-bearing deposits
0
5
Total
2,860
6,003
Available Liquidity
Additional undrawn committed non-current bank revolving credit facilities amounted to NOK 3.0 billion,
compared to NOK 3.0 billion in the prior period. Together with cash and cash equivalents, this gives a
total liquidity buffer of NOK 5.9 billion, compared to NOK 9.0 billion in prior year.\u00a0
See note 14 for more information about liquid interest funds
See note 21 for more information about cash restrictions and the cash pool arrangement
See note 22 for more information about capital management
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-412": { "value": "Equity
Share Capital
Aker Solutions ASA was founded May 23, 2014, and the share capital was NOK 531,540,456 divided into
492,167,089 shares, each having a nominal value of NOK 1.08 as of December 31, 2024. All issued
shares are fully paid. Aker Solutions ASA has one class of shares, ordinary shares, with equal rights for all
shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per
share at general meetings.
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average
number of ordinary shares. Earnings per share have been calculated based on an average of 481,905,159
shares outstanding December 31, 2024. Consideration for treasury shares sold in 2024 was NOK 69
million and consideration for treasury shares acquired was NOK 500 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2023
2,468,935
Purchase
12,303,831
Sale
-1,929,209
Treasury shares as of December 31, 2024
12,843,557
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in
the income statement. The hedging effects are recognized in the income statement according to the
progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
See note 2 for more information about currency translation of subsidiaries
See note 10 in the parent company financial statement for overview of the largest shareholders
See note 23 for more information about hedging
See note 26 for more information about equity securities in the fair value reserve
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-413": { "value": "
Treasury Shares
The group purchases its own shares to meet obligations under employee share purchase programs and
variable pay programs for management. Treasury shares are not included in the weighted average
number of ordinary shares. Earnings per share have been calculated based on an average of 481,905,159
shares outstanding December 31, 2024. Consideration for treasury shares sold in 2024 was NOK 69
million and consideration for treasury shares acquired was NOK 500 million.
Amounts in NOK million
Number of shares
Treasury shares as of December 31, 2023
2,468,935
Purchase
12,303,831
Sale
-1,929,209
Treasury shares as of December 31, 2024
12,843,557
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-414": { "value": "
Hedging Reserve
The hedge reserve mainly relates to effects of currency cash flow hedges that are not yet recognized in
the income statement. The hedging effects are recognized in the income statement according to the
progress of the underlying customer contract.
Translation Reserve
The currency translation reserve includes foreign exchange differences arising from the translation of the
subsidiaries into the presentation currency of the consolidated financial statements.
Fair Value Reserve
The fair value reserve includes fair value adjustments of equity securities at fair value through other
comprehensive income (FVOCI).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-416": { "value": "
Note 17 Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-
use asset and lease liability unless the lease is short-term or low-value. Vacated leased property made
available for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,
credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to
impairment testing. Several property leases contain extension options or cancellation clauses. The non-
cancellable lease period is basis for the lease commitment. Periods covered by extension or termination
options are included when it is reasonably certain that the lease period will be extended. When
management has decided to extend the lease period is typically an event that would trigger an updated
assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured
using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset
is the basis for measuring the investment property. When testing the investment property for impairment,
the expected future sublease income is discounted to present value and compared to the value of the
investment property. The cost model together with impairment assessments is also an estimate of fair
value of the right-of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed
for separable parts of leased buildings that have been or will be vacated in the near future. The
impairment is sensitive to changes in estimated future expected sublease income and sublease period.
Further, judgment is involved when determining whether sublease contracts are financial or operational,
as well as when determining lease term for contracts that have extension or termination options.
Determination of the discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2023
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposal of lease contracts
-37
-86
0
-124
Disposal of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2023
-2,368
-670
-31
-3,069
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Book value as of December 31, 2023
1,497
379
35
1,911
Book value as of December 31, 2024
1,459
312
36
1,807
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023.
2)Impairments include discontinued operations with NOK 135 million for 2023.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2024
2023
2024
2023
Movement of lease liabilities and receivables
Balance as of January 1
3,540
4,413
677
697
Additions and remeasurement
321
566
11
61
De-recognition
-5
-50
-45
0
Disposal of subsea operations
0
-791
0
-14
Interest expense/sublease interest income
156
181
26
28
Lease payments/sublease payments
-827
-956
-149
-146
Currency translation differences
161
176
47
50
Balance as of December 31
3,345
3,540
567
677
Of which current
708
619
122
148
Of which non-current
2,637
2,921
445
529
Balance as of December 31
3,345
3,540
567
677
The weighted-average discount rate applied to calculate lease liability was 4.6 percent in 2024 (4.7
percent in 2023).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Maturity within 1 year
837
765
140
173
45
33
Maturity 1-5 years
1,846
2,101
307
397
56
71
Maturity 5-10 years
1,150
1,069
184
165
11
26
Maturity later than 10 years
14
200
1
34
0
0
Total
3,846
4,135
632
769
113
130
Discounting effect
-501
-595
-65
-92
n/a
n/a
Lease liabilities and lease receivable
3,345
3,540
567
677
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2024
2023
Income from operational subleases presented as other income
172
155
Expenses relating to short-term leases presented as operating costs
-512
-552
Expenses relating to low-value leases presented as operating costs
-6
-6
Depreciation of ROU assets
-438
-371
Net impairments of ROU assets
-15
-55
Interest on lease receivables presented as financial income
26
28
Interest on lease liabilities presented as financial expense
-156
-155
Gain/(loss) on termination of lease agreements
-12
-2
Expense relating to variable lease payments not included in lease liabilities
-11
-4
Total effect on profit/(loss) before tax
-952
-963
Short-term leases include storage and accommodation for expats and workers in addition to rental of
tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 28 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-415": { "value": "
Note 17 Leases and Investment Property
The company leases a number of office buildings, manufacturing and service sites in addition to some
machines and vehicles. Contracts that contain a lease are recognized on the balance sheet as a right-of-
use asset and lease liability unless the lease is short-term or low-value. Vacated leased property made
available for sublease and property with operational subleases are classified as investment property.
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,
credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to
impairment testing. Several property leases contain extension options or cancellation clauses. The non-
cancellable lease period is basis for the lease commitment. Periods covered by extension or termination
options are included when it is reasonably certain that the lease period will be extended. When
management has decided to extend the lease period is typically an event that would trigger an updated
assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured
using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset
is the basis for measuring the investment property. When testing the investment property for impairment,
the expected future sublease income is discounted to present value and compared to the value of the
investment property. The cost model together with impairment assessments is also an estimate of fair
value of the right-of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.
Judgments and Estimates
Judgment is involved when determining impairment of the investment property. Impairment is assessed
for separable parts of leased buildings that have been or will be vacated in the near future. The
impairment is sensitive to changes in estimated future expected sublease income and sublease period.
Further, judgment is involved when determining whether sublease contracts are financial or operational,
as well as when determining lease term for contracts that have extension or termination options.
Determination of the discount rate also involves judgment.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Right-of-Use (ROU) Assets
The movement in the right-of-use assets is summarized below.
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Historical cost
Balance at January 1, 2023
4,481
1,252
59
5,792
Additions and remeasurement
571
0
18
589
De-recognition through financial sublease
-63
0
0
-63
Disposal of lease contracts
-37
-86
0
-124
Disposal of subsea operations
-1,301
0
-22
-1,322
Transfer between categories
91
-91
0
0
Currency translation differences
95
84
1
181
Balance as of December 31, 2023
3,836
1,159
57
5,052
Additions and remeasurement
263
27
10
299
De-recognition through financial sublease
-2
0
0
-2
Disposal of lease contracts
-726
0
-8
-734
Transfer between categories
55
-55
0
0
Currency translation differences
101
84
0
186
Balance as of December 31, 2024
3,528
1,214
59
4,801
Amounts in NOK million
Land and
buildings
Investment
property
Machinery,
vehicles
and other
Total
Accumulated depreciation and impairment
Balance at January 1, 2023
-2,368
-670
-31
-3,069
Depreciation expense1
-379
-60
-9
-447
Impairments2
-167
-36
0
-203
Reversal of impairments this period3
16
0
0
16
Depreciation and impairment on disposal of ROU, acc.
18
34
0
51
Depreciation and impairment on disposal of subsea
operations
603
0
19
622
Currency translation difference
-63
-47
-1
-111
Balance as of December 31, 2023
-2,339
-779
-22
-3,141
Depreciation expense
-398
-30
-9
-438
Impairments
-7
-37
0
-44
Reversal of impairments this period
29
0
0
29
Depreciation and impairment on disposal of ROU, acc.
720
0
8
729
Currency translation difference
-74
-56
0
-129
Balance as of December 31, 2024
-2,069
-902
-23
-2,994
Book value as of December 31, 2023
1,497
379
35
1,911
Book value as of December 31, 2024
1,459
312
36
1,807
1)Depreciation expense includes discontinued operations with NOK 75 million for 2023.
2)Impairments include discontinued operations with NOK 135 million for 2023.
3)Reversal of impairments include discontinued operations with NOK 3 million for 2023.
Note 17 continues on next page
Note 17 Leases and Investment Property cont.
Lease liabilities and Lease Receivables
The movement in lease liabilities and lease receivables related to subleases are shown in the table below.
Lease liabilities
Lease receivable
(sublease)
Amounts in NOK million
2024
2023
2024
2023
Movement of lease liabilities and receivables
Balance as of January 1
3,540
4,413
677
697
Additions and remeasurement
321
566
11
61
De-recognition
-5
-50
-45
0
Disposal of subsea operations
0
-791
0
-14
Interest expense/sublease interest income
156
181
26
28
Lease payments/sublease payments
-827
-956
-149
-146
Currency translation differences
161
176
47
50
Balance as of December 31
3,345
3,540
567
677
Of which current
708
619
122
148
Of which non-current
2,637
2,921
445
529
Balance as of December 31
3,345
3,540
567
677
The weighted-average discount rate applied to calculate lease liability was 4.6 percent in 2024 (4.7
percent in 2023).
The maturity of lease payments and sublease income per December 31 are presented below:
Lease Payments
Financial sublease
income
Operational
sublease income
Amounts in NOK million
2024
2023
2024
2023
2024
2023
Maturity within 1 year
837
765
140
173
45
33
Maturity 1-5 years
1,846
2,101
307
397
56
71
Maturity 5-10 years
1,150
1,069
184
165
11
26
Maturity later than 10 years
14
200
1
34
0
0
Total
3,846
4,135
632
769
113
130
Discounting effect
-501
-595
-65
-92
n/a
n/a
Lease liabilities and lease receivable
3,345
3,540
567
677
n/a
n/a
Amounts Recognized in the Income Statement
The following amounts are recognized in the income statement related to leasing:
Amounts in NOK million
2024
2023
Income from operational subleases presented as other income
172
155
Expenses relating to short-term leases presented as operating costs
-512
-552
Expenses relating to low-value leases presented as operating costs
-6
-6
Depreciation of ROU assets
-438
-371
Net impairments of ROU assets
-15
-55
Interest on lease receivables presented as financial income
26
28
Interest on lease liabilities presented as financial expense
-156
-155
Gain/(loss) on termination of lease agreements
-12
-2
Expense relating to variable lease payments not included in lease liabilities
-11
-4
Total effect on profit/(loss) before tax
-952
-963
Short-term leases include storage and accommodation for expats and workers in addition to rental of
tools, machinery, cranes, containers and other equipment used in production.
See note 6 for more information about operating expenses for land and buildings
See note 12 for more information about impairment testing of right-of-use assets
See note 28 for more information about leasing contracts with related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-418": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,
credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to
impairment testing. Several property leases contain extension options or cancellation clauses. The non-
cancellable lease period is basis for the lease commitment. Periods covered by extension or termination
options are included when it is reasonably certain that the lease period will be extended. When
management has decided to extend the lease period is typically an event that would trigger an updated
assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured
using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset
is the basis for measuring the investment property. When testing the investment property for impairment,
the expected future sublease income is discounted to present value and compared to the value of the
investment property. The cost model together with impairment assessments is also an estimate of fair
value of the right-of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-417": { "value": "
Financial Reporting Principles
The lease liability represents the net present value of the lease payments to be made over the remaining
lease period. The discount rate is calculated for each lease based on a model that includes swap-rates,
credit risk and country risk. The right-of-use asset is depreciated over the lease term and is subject to
impairment testing. Several property leases contain extension options or cancellation clauses. The non-
cancellable lease period is basis for the lease commitment. Periods covered by extension or termination
options are included when it is reasonably certain that the lease period will be extended. When
management has decided to extend the lease period is typically an event that would trigger an updated
assessment of the reasonably certain criteria.
When a separable part of a leased property has been vacated by Aker Solutions, the right-of-use asset is
reclassified as investment property and assessed for impairment. The investment property is measured
using the cost model, meaning that the book value and depreciation of the lease term from the ROU asset
is the basis for measuring the investment property. When testing the investment property for impairment,
the expected future sublease income is discounted to present value and compared to the value of the
investment property. The cost model together with impairment assessments is also an estimate of fair
value of the right-of-use asset classified as investment property.
The company has a number of subleases. Income from operational subleases on investment property is
recognized as other income. Subleases covering the major part of the lease term in the head-lease are
classified as financial subleases. The portion of the right-of-use asset or investment property subject to
financial sublease is derecognized and a sublease receivable is recognized in the balance sheet when the
sublease commences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-419": { "value": "
Defined Contribution Plans
A defined contribution plan is a type of retirement plan where the employer makes contributions on a
regular basis to the employee\u2019s individual pension account. The benefits received by the employee are
based on the employer contributions and gains or losses from investing the capital. Contributions to
defined contribution pension plans are recognized as an expense in the income statement as incurred.
Defined Benefit Plans
A defined benefit plan is a type of pension plan where the employer promises an annual pension on
retirement based on a percentage of the salary upon retirement and the employee's earnings history,
years of service and age. The calculation of defined benefit obligations is performed annually by a
qualified actuary using the projected unit credit method.
The defined benefit obligation is calculated separately for each plan by discounting the estimated amount
of future benefit that employees have earned in the current and prior periods and deducting the fair value
of any plan assets. The change of the defined benefit obligation as a result of the change of assumptions
(actuarial gains and losses) and the return on plan assets are recognized immediately in other
comprehensive income. Net interest expense and other expenses related to defined benefit plans are
recognized in the income statement. When the benefits of a plan are changed, settled or when a plan is
curtailed, the change relating to past service or the gain or loss on curtailment or settlement is
recognized immediately in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-421": { "value": "
Note 19 Provisions and Contingent Liabilities
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event.
All provisions are presented as short-term as they are part of the operating cycle.
Judgments and Estimates
The provisions are estimated based on a number of assumptions and are highly judgmental in nature. The
various provisions with assumptions and estimation uncertainties are discussed in the table to the right.
Provisions
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Balance as of December 31, 2022
464
841
415
1,719
Provisions made during the year
267
983
1,176
2,426
Provisions used during the year
-64
-460
-67
-591
Provisions reversed during the year
-3
-1
-22
-27
Disposal of subsea operations
0
-132
-37
-169
Reclassifications
-12
-4
21
5
Currency translation differences
15
1
27
42
Balance as of December 31, 2023
666
1,227
1,512
3,405
Provisions made during the year
229
1,013
81
1,323
Provisions used during the year
-58
-657
-190
-905
Provisions reversed during the year
-25
-9
-53
-88
Currency translation differences
13
1
-59
-46
Balance as of December 31, 2024
825
1,574
1,291
3,690
Amounts in NOK million
Warranties
Onerous
contracts
Other
Total
Expected timing of payments
Payment within one year
180
1,068
360
1,609
Payment after one year
486
158
1,152
1,796
Total as of December 31, 2023
666
1,227
1,512
3,405
Payment within one year
182
1,424
169
1,775
Payment after one year
643
150
1,122
1,915
Total as of December 31, 2024
825
1,574
1,291
3,690
Note 19 continues on next page
Note 19 Provisions and Contingent Liabilities cont.
Warranties
The provision for warranties relates to expected re-work for products and services delivered to
customers. The warranty period is normally two to five years. The provision is based on the historical
average warranty expense for each type of equipment and an assessment of the value of delivered
products and services currently in the warranty period. The provision can also be a higher or lower
amount following a specific evaluation of the actual circumstances for each contract. The final warranty
cost may differ from the estimated warranty provision. Warranty provisions in 2023 and 2024 includes
amounts related to the disposed subsea business that was contributed into OneSubsea. Aker Solutions
is responsible for possible warranty claims related to subsea deliveries before the transaction.
Onerous Contracts
The provision includes onerous customer contracts with expected losses upon completion. The
provision is mainly driven by legacy renewables projects contracted on lump sum terms and entered
into in 2021. The cost in the projects have been impacted by increased commodity prices and supply
chain constraints driven by the war in Ukraine, changes in designs and increased carry-over work from
a subcontractor.
Other
Other provisions relate to other liabilities with uncertain timing or amount. This includes provisions for
claims, leasehold dilapidations, tax and National Insurance Contributions (NICs), restructuring provision
and certain employee benefits.
Other provisions also include provisions related to certain indemnities given in relation to the disposal of
the subsea operations in 2023 of NOK 978 million (NOK 1,093 million in 2023) reported as part of the
result from discontinued operations in 2023. The subsea related provision includes the ICMS tax claim
in Brazil and is dependent on the administrative and legal proceedings. The timing of a final decision is
difficult to determine and it could take five to ten years before a final decision is made. The subsea
related provision also includes provision for unavoidable costs during the next ten years on premises
remaining in Aker Solutions after the disposal of subsea operations.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-420": { "value": "
Note 19 Provisions and Contingent Liabilities
Financial Reporting Principles
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made when it
is considered as probable that cash outflow will take place, and the obligation can be measured reliably.
Contingent Liabilities
Disputes with customers are normally settled during the final negotiations with the customer upon
delivery and provided for in the project\u2019s accounts. However, given the scope of the group\u2019s worldwide
operations there is a risk that legal claims may arise in the future for deliveries where revenue has been
recognized in the past. Legal and tax claims are assessed on a regular basis.
Nordsee Ost Arbitration
In March 2021, Aker Solutions received a favorable outcome in the Nordsee Ost arbitration process,
and NOK 698 million (EUR 67 million) was paid to Aker Solutions in 2021. Aker Solutions recognized
NOK 125 million as revenue, NOK 147 million as interest income and remaining NOK 426 million as
settlement of accounts receivable in 2021. In June 2021, the counterparty RWE submitted an
application for annulment of the arbitration award to the German Courts. After decisions by the court of
first instance in Hamburg in February 2023 and the federal appeal court in October 2023 on the
admissibility of RWE\u2019s annulment application, the annulment application remains in process and has
been redirected to the court of first instance for re-assessment. No provision has been made for this
contingent liability as the probability for a cash outflow is considered remote.
See note 27 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-422": { "value": "
Financial Reporting Principles
A provision is a liability with uncertain timing and amount. Provisions are recognized when cash outflow is
considered probable, the amount can be reliably estimated and the obligation is a result of a past event.
All provisions are presented as short-term as they are part of the operating cycle.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-423": { "value": "
A contingent liability is a possible obligation that arises from past events that typically depends on a
future event outside of the company's control, for example a court decision. A provision is made when it
is considered as probable that cash outflow will take place, and the obligation can be measured reliably.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-424": { "value": "Trade and Other Payables
Trade and Other Payables
Amounts in NOK million
2024
2023
Trade creditors
2,744
2,489
Trade creditors, related parties
25
65
Trade payables
2,769
2,554
Accrued operating costs
7,403
4,434
Public duties and taxes
993
873
Other current liabilities
1,015
1,243
Other payables
9,411
6,550
Total
12,180
9,104
Accrued operating costs mainly relate to cost accruals in projects, salary and holiday pay for own
employees and cost for hired in personnel and was impacted by high activity level in 2024. Accrued
operating costs include NOK 1.3 billion related to cost not yet invoiced by joint venture in Dubai at year
end 2024.
Trade creditors include NOK 10 million as of December 31, 2024 (NOK 11 million in 2023)
due after one year.
See note 3 for more information about customer contract liabilities
See note 28 for more information about payables to related parties
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-425": { "value": "
Trade and Other Payables
Amounts in NOK million
2024
2023
Trade creditors
2,744
2,489
Trade creditors, related parties
25
65
Trade payables
2,769
2,554
Accrued operating costs
7,403
4,434
Public duties and taxes
993
873
Other current liabilities
1,015
1,243
Other payables
9,411
6,550
Total
12,180
9,104
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-426": { "value": "Financial Risk Management and Exposures
The objective of financial risk management is to manage and control financial risk exposures to increase the
predictability of earnings and minimize potential adverse effects on the company\u2019s financial performance. The
energy landscape has evolved significantly recent years, as energy markets were strongly impacted by the war
in Ukraine. Aker Solutions uses derivatives to hedge currency risk exposures and aims to apply hedge
accounting whenever possible in order to reduce the volatility resulting from the periodic market-to-market
revaluation of financial instruments in the income statement. The company is also exposed to interest rate risk,
credit risk, liquidity risk and price risk.
Risk Management
Risk management of financial risks is performed in every project and is the responsibility of the project
manager. They cooperate with local finance managers and corporate treasury to identify, evaluate and
hedge financial risks under policies approved by the Board of Directors. The company has well-
established procedures for overall risk management, as well as policies for the use of derivatives and
financial investments.
Geopolitical unrest
The continuous unstable geopolitical situation have affected financial markets over the recent years,
leading to volatile commodity prices, fear of inflation and global supply chain constraints. The unstable
situation generally increase financial risk.
\u25fc Currency risk: Over the recent years we have seen increased volatility in the currency market.
Currency variation clauses, multi-currency contract formats, escalation mechanisms, contingency
buffer included in tender prices, and currency options are used to mitigate contingent currency
exposures in tenders.
\u25fc Credit risk: Operational challenges due to restrictions on mobility, volatile commodity prices and the
ongoing transition towards renewable energy has increased credit risk in the energy sector. Due to a
predominance of large international energy companies with a relatively low credit risk in its customer
base, the exposure for Aker Solutions to this increased credit risk is limited.
\u25fc Liquidity risk: The current market uncertainty has increased the liquidity risk. However, solid order
backlog and strong cash generation from operations have contributed to a strong balance sheet and
visibility.
Currency Risk
Aker Solutions has international operations and is exposed to currency risk on commercial transactions,
assets and liabilities when payments and revenues are denominated in a currency other than the
functional currency of the respective entity. The company's exposure to currency risk is primarily related
to USD, EUR and GBP. The company's primary translation risk is related to USD, EUR and GBP.
Use of Currency Derivatives
The Aker Solutions' policy requires that all entities identify and mitigate currency exposure in all
contracts. Aker Solutions manages the currency risk in the tender period either by including currency
clauses in the tender, entering into derivative instruments or including a contingency in the tender price.
All entities identify and hedge their exposure with the Corporate treasury department. The Corporate
treasury department manages the overall currency exposures based on well established currency risk
strategy and procedures.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Each entity designates all foreign currency hedge contracts with corporate treasury as cash flow hedges
or as hedges of separate embedded derivatives. Corporate treasury enters into external foreign exchange
contracts separately for revenue and cost exposure. The overarching strategy is that 80 percent of the
value of the hedging instruments shall either qualify for hedge accounting or be hedges of separate
embedded derivatives. However, due to significantly lower total currency exposure in projects following
the divestment of the Subsea segment, the qualifying portion of hedges was 67 percent as of December
31, 2024. Corporate treasury monitors hedges not qualifying for hedge accounting and non-qualifying
hedges are reported in the \"other\" segment. Currency exposure from long-term investments in foreign
currencies is only hedged when specifically instructed by management. Treasury hedged parts of the
currency exposure from USD denominated proceeds received in 2024 from the OneSubsea formation
with financial derivatives. A net-investment hedge to mitigate the foreign exchange risk associated with
parts of Aker Solutions\u2019 equity denominated in USD was also established in 2024.
Non-Convertible Currencies
Aker Solutions operates in some jurisdictions where regulations and requirements may limit the
convertibility of local currency and restrict free flow of cash. Mitigating actions are taken to minimize the
currency exposure. However, Aker Solutions has historically experienced currency exposures in such
jurisdictions where no means of hedging has been available.
Exposure to Currency Risk
Corporate treasury is allowed to hold positions within an approved trading mandate. The net exposure as
of December 31 is shown in the following table. A bank deposit in a currency different than the functional
currency of the entity represent an exposure for the group. A negative amount on bank deposits
represent an overdraft for the entities. Estimated forecasted cash flows in the table are calculated based
on the entity's hedge transactions through corporate treasury, as these are considered to be the best
estimate of future revenue and cost in foreign currencies. The net exposure is closely monitored by
corporate treasury.
2024
2023
Amounts in million
USD
EUR
GBP
USD
EUR
GBP
Bank deposits
-150
-128
-165
-1
-49
-173
Intercompany and related parties deposits (+) and loan (-)
-73
0
-1
-51
0
-36
Balance sheet exposure
-223
-128
-166
-51
-48
-209
Forecasted receipts from customers
11
90
22
26
53
29
Forecasted payments to vendors
-31
-64
-14
-49
-84
-19
Cash flow exposure
-20
26
8
-23
-31
10
Forward exchange contracts
240
102
157
75
80
199
Net exposure in currency
-3
0
-1
1
1
1
Net exposure in NOK
-30
-4
-13
6
7
13
The currency exposures in USD, EUR and GBP per December 31, 2024 and 2023, were within the trading
mandate.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Sensitivity Analysis - Fair Value of Financial Instruments
The impact on income and equity from a 15 percent strengthening of EUR, USD and GBP against other
currencies is shown below. A 15 percent weakening would have had the equal, but opposite effect. This
sensitivity analysis shows the impact on financial instruments denominated in a foreign currency per
December 31 and assumes that all other variables, in particular interest rates, remain constant. The
analysis does not include the effect on future transactions (not invoiced as of December 31) or any effect
from translation of subsidiaries. Revaluation of equity accounted investees in USD is included in the
sensitivity analysis on equity, but does not include any effect on the balancesheet of the investee itself.
2024
2023
Amounts in NOK million
Income (loss)
before tax
Equity increase
(decrease)
Income (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
501
1,290
307
317
EUR - 15 percent strengthening
188
194
72
115
GBP - 15 percent strengthening
92
91
-9
-13
The competitiveness of Aker Solutions is influenced by currency exchange rate fluctuations, choices of
locations, suppliers and other strategic decisions. Such effects are not systematically hedged and are not
included in the sensitivity analysis.
Sensitivity Analysis - Currency Translation of Subsidiaries
A change in foreign currency rates will also impact the income statement and balance sheet when
translating the Aker Solutions companies into the presentation currency which is NOK. The effect of
change in the various currencies will impact the consolidated financial statements in the following
manner:
2024
Amounts in NOK million
Revenue increase
(decrease)
EBIT increase
(decrease)
Profit (loss)
before tax
Equity increase
(decrease)
USD - 15 percent strengthening
234
21
36
285
EUR - 15 percent strengthening
3
1
4
43
GBP - 15 percent strengthening
75
-8
6
166
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker Solutions
has no external debt. In 2023 and 2024, Corporate Treasury has invested surplus liquidity in time
deposits and liquid funds to distribute risk among counterparties and enhance the return compared to the
interest rate in the cash pool. Funds were sold during 2024 to free up cash to pay extraordinary dividend.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank and
debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the interest
exposure on any borrowings shall be fixed interest rate for the duration of the debt. The company has
used interest rate swaps to achieve the desired fixed/floating ratio of the external debt.
As the company has no significant interest-bearing operating assets, operating income and operating
cash flow are substantially independent of changes in market interest rates.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and
loss by the amounts shown on the table below. This analysis assumes that all other variables, in
particular foreign currency rates, remain constant.
2024
2023
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and interest-bearing
receivables
121
0
78
0
Interest on borrowings
0
0
-5
0
Effect of interest rate swap
-2
0
-1
0
Cash flow sensitivity (net)
119
0
73
0
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the
amounts, on the basis that all other variables remain constant.
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation).
All approved banks are participants in the Aker Solutions loan syndicate and have investment grade
ratings. Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the
bid phase and throughout the contract period. Such assessments are based on credit ratings, income
statement and balance sheet reviews and using credit assessment tools available (e.g. BvD
Procurement Catalyst). Revenues are mainly related to large and long-term projects closely followed up
in terms of payments in accordance with agreed milestones. Normally, lack of payment is due to
disagreements related to project deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered
to be limited. Risk related to lower rated companies is monitored closely. The maximum exposure to
credit risk at the reporting date equals the book value of each category of financial assets. The
company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to the
company in full. ECLs are estimated probability-weighted net present value of future expected credit losses.
ECLs are discounted at the effective interest rate of the financial asset. Loss allowances for trade
receivables, contract assets and lease receivables are always measured at an amount equal to lifetime ECLs.
Twelve month ECLs are used for interest-bearing receivables and bank balances for which credit risk has not
increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days past
due without agreed postponement, knowledge of significant financial difficulty of the customer or
debtor or other forward-looking information. The gross carrying amount of a financial asset is written off
(either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally
the case when the company determines that the debtor does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to write-off.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury maintains flexibility in
funding by maintaining availability under committed credit lines in addition to cash and liquid investments.
Financial Liabilities and the Period in which they Mature
2024
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
89
89
75
16
-1
-3
0
Trade and other payables
12,180
12,180
12,170
1
0
10
0
Lease liabilities
3,345
3,846
443
393
621
1,225
1,163
Total liabilities
15,614
16,115
12,688
410
620
1,231
1,163
2023
Amounts in NOK million
Book value
Total cash flow1
6 months and less
6-12 months
1-2 years
2-5 years
More than 5 years
Net derivative financial instruments
54
54
-91
139
6
0
0
Trade and other payables
9,104
9,104
9,078
16
1
10
0
Lease liabilities
3,540
4,135
400
365
699
1,402
1,269
Total liabilities
12,698
13,292
9,387
519
706
1,411
1,269
1) Nominal currency value including interest.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Cash Pool Arrangements
The company policy for the purpose of optimizing availability and flexibility of cash within the company
is to operate centrally managed cash pooling arrangements. Such arrangements are either organized
with a bank as a service provider, or as a part of the operation of corporate treasury. An important
condition for the participants (entities) in such cash pooling arrangements is that Aker Solutions as an
owner of such pools is financially viable and is able to prove its capability to service its obligations
concerning repayment of any net deposits made by entities. The company policy is not applied in
countries where local laws prohibit international cash pool arrangements, such as Malaysia and India.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the
operating businesses related to individual contracts. The units are exposed to changes in market prices
for raw materials, equipment and development in wages. This is managed in the bid process by locking
in committed prices from key vendors as basis for offers to customers or through escalation clauses
with customers.
Guarantees
The company has provided the following guarantees on behalf of wholly owned subsidiaries and related
parties as of December 31 (all obligations are per date of issue):
\u25fc Non-financial parent company guarantees related to project performance on behalf of group
companies
\u25fc Financial parent company indemnity guarantees for fulfillment of lease obligations, credits and loans
were NOK 7.6 billion (NOK 10.6 billion in 2023)
\u25fc Financial guarantees including counter guarantees for bank/surety bonds and guarantees for
pension obligations to employees were NOK 6.2 billion (NOK 7.1 billion in 2023)
Guarantee on Behalf of Akastor
Aker Solutions was demerged from Akastor in 2014, and parties in a demerger have joint liability
according to Norwegian law. If an obligation that arose prior to the completion of the demerger is not
met by either party, the other party will have secondary joint liability for such obligation. The remaining
value of the financial guarantees where Aker Solutions has a secondary joint liability was NOK 0.9
billion per December 31, 2024, compared to NOK 1.3 billion per December 31, 2023. There is only one
guarantee remaining which expires end of September 2027. There are no provisions related to the
guarantee as the likelihood of any payments related to the joint liability is considered to be low.
See note 13 for more information about trade and other receivables
See note 15 for more information about cash and available credit facility
See note 17 for more information about lease liabilities
See note 20 for more information about trade and other payables
See note 23 for more information about derivatives
See note 24 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-427": { "value": "
Interest Rate Risk
The company\u2019s interest exposure mainly arises from the group\u2019s cash position. Currently Aker Solutions
has no external debt. In 2023 and 2024, Corporate Treasury has invested surplus liquidity in time
deposits and liquid funds to distribute risk among counterparties and enhance the return compared to the
interest rate in the cash pool. Funds were sold during 2024 to free up cash to pay extraordinary dividend.
In previous years the company\u2019s interest exposure mainly arose from any external funding in bank and
debt capital markets. The company\u2019s risk management strategy is that 30-50 percent of the interest
exposure on any borrowings shall be fixed interest rate for the duration of the debt. The company has
used interest rate swaps to achieve the desired fixed/floating ratio of the external debt.
As the company has no significant interest-bearing operating assets, operating income and operating
cash flow are substantially independent of changes in market interest rates.
Note 21 continues on next page
Note 21 Financial Risk Management and Exposures cont.
Interest Rates Sensitivity
An increase of 100 basis points in interest rates would have increased (decreased) equity and profit and
loss by the amounts shown on the table below. This analysis assumes that all other variables, in
particular foreign currency rates, remain constant.
2024
2023
Amounts in NOK million
Income (loss)
before tax
Equity
increase
(decrease)1
Income (loss)
before tax
Equity
increase
(decrease)1
Interest on cash and interest-bearing
receivables
121
0
78
0
Interest on borrowings
0
0
-5
0
Effect of interest rate swap
-2
0
-1
0
Cash flow sensitivity (net)
119
0
73
0
1) Not including tax effect on hedge reserve or effects to equity that follow directly from the effects to profit and loss.
A decrease of 100 basis points in interest rates would have had the equal but opposite effect on the
amounts, on the basis that all other variables remain constant.
Price Risk
The company is exposed to fluctuations in market prices both in the investment portfolio and in the
operating businesses related to individual contracts. The units are exposed to changes in market prices
for raw materials, equipment and development in wages. This is managed in the bid process by locking
in committed prices from key vendors as basis for offers to customers or through escalation clauses
with customers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-428": { "value": "
Credit Risk
Credit risk is the risk of financial losses if a customer or counterparty to financial receivables and
financial instruments fails to meet contractual obligations.
Investment Instruments and Derivatives
Investment instruments, loans, credit facilities and derivatives are only conducted with approved
counterparties and governed by standard agreements (ISDA, Nordic Trustee and LMA documentation).
All approved banks are participants in the Aker Solutions loan syndicate and have investment grade
ratings. Credit risk related to investment securities and derivatives is therefore considered to be low.
Trade Receivables and Contract Assets
Assessment of credit risk related to customers and subcontractors is an important requirement in the
bid phase and throughout the contract period. Such assessments are based on credit ratings, income
statement and balance sheet reviews and using credit assessment tools available (e.g. BvD
Procurement Catalyst). Revenues are mainly related to large and long-term projects closely followed up
in terms of payments in accordance with agreed milestones. Normally, lack of payment is due to
disagreements related to project deliveries and is solved together with the customer.
Aker Solutions\u2019 major customers are highly rated energy companies where the credit risk is considered
to be limited. Risk related to lower rated companies is monitored closely. The maximum exposure to
credit risk at the reporting date equals the book value of each category of financial assets. The
company does not hold collateral as security.
Measurement of Expected Credit Losses (ECLs)
Impairment is assessed using the expected credit loss (ECL) method for financial assets. The company
considers a financial asset to be in default when the borrower is unlikely to pay its credit obligation to the
company in full. ECLs are estimated probability-weighted net present value of future expected credit losses.
ECLs are discounted at the effective interest rate of the financial asset. Loss allowances for trade
receivables, contract assets and lease receivables are always measured at an amount equal to lifetime ECLs.
Twelve month ECLs are used for interest-bearing receivables and bank balances for which credit risk has not
increased significantly since initial recognition.
At each reporting date, the company assesses whether any financial assets are credit-impaired.
Evidence that a financial asset is credit-impaired includes when invoices are more than 90 days past
due without agreed postponement, knowledge of significant financial difficulty of the customer or
debtor or other forward-looking information. The gross carrying amount of a financial asset is written off
(either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally
the case when the company determines that the debtor does not have assets or sources of income that
could generate sufficient cash flows to repay the amounts subject to write-off.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-429": { "value": "
Liquidity Risk
Liquidity risk is the risk that the company is unable to meet the obligations associated with its financial liabilities. The company's approach to managing liquidity is to ensure, as far as possible, that it will always have
sufficient liquidity reserves to meet its liabilities when due.
Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Management
monitors rolling weekly and monthly forecasts of the company\u2019s liquidity reserve on the basis of expected cash flow. Due to the dynamic nature of the underlying businesses, corporate treasury maintains flexibility in
funding by maintaining availability under committed credit lines in addition to cash and liquid investments.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-430": { "value": "Capital Management
The objective of Aker Solutions' capital management policy is to optimize the capital structure to ensure
sufficient and timely funding over time to finance its activities at the lowest cost, in addition to investing
in projects and businesses which will increase the company's return on capital employed over time.
Investment Policy
Aker Solutions\u2019 capital management is based on a rigorous investment selection process which considers
not only Aker Solutions\u2019 weighted average cost of capital and strategic orientation, but also external
factors such as market expectations and extrinsic risk factors. This selection process is coupled with a
centralized approval process for all capital expenditures to be incurred by the group.
Funding Policy
Liquidity Planning
Aker Solutions has a strong focus on liquidity in order to meet its working capital needs short-term and to
ensure solvency for its financial obligations long-term. The group\u2019s internal guideline is to have a
minimum liquidity reserve of NOK 3 billion, including cash and undrawn committed credit facilities. As per
December 31, 2024 the liquidity reserve amounted to NOK 5.9 billion compared to NOK 9.0 billion in the
prior year. It was composed of an undrawn committed credit facility, cash in bank accounts and bank
deposits. The cash position in Aker Solutions is still robust after the distribution of extraordinary dividend
of NOK 10 billion in December 2024.
Funding of Operations
Aker Solutions\u2019 funding policy states that all operating units will be funded through corporate treasury.
This ensures optimal availability and transfer of cash within the group, improved control of the group's
capital structure and optimized terms and conditions on funding of the group\u2019s operations. The group
policy is not applied in countries where local laws prohibit international cash pool arrangements.
Aker Solutions emphasizes financial flexibility and steers its capital structure to ensure a balance
between liquidity risk and refinancing risk. In this perspective, any loans and other external borrowings
will be renegotiated well in advance of their due date.
Aker Solutions aims to have a diversified mix of funding sources to obtain an optimal cost of capital.
These funding sources may include:
\u25fc The use of banks based on syndicated credit facilities or bilateral agreements
\u25fc The issue of debt instruments in the Norwegian debt capital market
\u25fc The issue of debt instruments in international capital markets
As per December 31, 2024 Aker Solutions did not have any drawn debt.
Debt Covenants
During 2023 Aker Solutions repaid all drawn debt from external lenders, including the NOK 1 billion senior
unsecured floating rate bond loan due June 2024 and bank loans and facilities related to Hydropower
which was acquired in 2022.
The group has an undrawn NOK 3 billion Revolving Credit Facility (RCF), maturing January 30, 2028. The
facility is provided by a syndicate of ten banks which contains financial covenants based on gearing and
interest cover ratios. The terms and conditions include restrictions which are customary for these kind of
facilities, including inter alia negative pledge provisions, financial covenants and restrictions related to
acquisitions, disposals and mergers. There are also certain provisions of change of controls included in
the agreement. There are no restrictions for dividend payments and the facility is unsecured. Interest
terms for the revolving credit facility is 3 month NIBOR plus a fixed margin of 1.5 percent. The margin
applicable to the facility is determined by leverage ratio. Utilization fee applies based on utilized portion
of credit facility. Commitment fee is 35 percent of the margin. The loan agreement has an uncommitted
provision that allows the maximum amount to be increased to NOK 5 billion (accordion). In 2024 the
accordion facility deadline was extended from January 30, 2025 to January 30, 2026.
All debt covenants are based on IFRS excluding the impact of IFRS 16. At year-end 2024, all ratios were
well within the covenants in the RCF.
Aker Solutions has the following debt covenants for the RCF:
\u25fc The company\u2019s gearing ratio shall not exceed 3.5, calculated from net debt to adjusted EBITDA
\u25fc The company\u2019s interest cover ratio shall not be less than 3.5, calculated from adjusted EBITDA to net
finance cost
Note 22 continues on next page
Note 22 Capital Management cont.
Gearing and Interest Cover Ratios at December 31
Amounts in NOK million
2024
2023
Gearing ratios
Non-current interest-bearing borrowings
0
0
Current interest-bearing borrowings
0
0
Gross interest-bearing debt
0
0
Cash and cash equivalents
2,860
6,003
Net debt
-2,860
-6,003
EBITDA excl. IFRS 161
3,973
477
Restructuring and other special items as defined in the loan agreement
41
181
Adjusted EBITDA
4,014
658
Gross interest-bearing debt/adjusted EBITDA
0
0
Net debt/adjusted EBITDA
-0.7
-9.1
Interest cover
Adjusted EBITDA excl. IFRS 161
4,014
658
Net interest expense as defined in the loan agreement
291
240
Adjusted EBITDA/Net finance cost
13.8
2.7
1) Excluding IFRS 16 means that leasing cost is reported as part of operating cost and included in EBITDA.
See note 21 for more information about financial risk management
See note 23 for more information about interest rate derivatives
See note 24 for more information about financial assets and liabilities
See note 27 for more information about proceeds from the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-431": { "value": "Derivative Financial Instruments
Aker Solutions has future cash flows to be settled in foreign currencies, and forward contracts are the
most commonly used derivative to hedge such exposures. The risk management policy states that all
foreign exchange exposure shall be hedged, and the overarching strategy is that 80 percent of the value
of the hedging instruments shall either qualify for hedge accounting or be hedges of separate embedded
derivatives. Aker Solutions\u2019 interest rate exposure mainly arises from its cash position. Aker Solutions has
no external debt or interest rate swaps after settling bonds in 2023 and interest rate swaps matured
during 2024.
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the expected
maturity dates, currencies or amounts of the hedged items corresponding derivatives are routinely
adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently
at fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in
other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and
applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and timing of
the forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated
in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash
flows of the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged transactions
are not accounted for by applying hedge accounting, primarily because internal hedged transactions are
grouped and netted before external hedge transactions are established. Changes in the fair value of
derivatives will be reported as financial income or expenses. Remaining derivatives not applying hedge
accounting include derivatives used by corporate treasury to hedge the residual exposure of the
company as part of its risk mandate. As of December 31, 2024, these hedging instruments include
currency forwards and foreign exchange swaps. In addition, Aker Solutions ASA has hedged the foreign
exchange risk associated with parts of Aker Solutions\u2019 equity denominated in USD.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the
income statement when a hedge no longer qualifies for hedge accounting, for example upon sale,
expiration, termination or when a forecasted transaction is no longer probable. The derivative financial
instruments are classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from
any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2024 has mainly been from the cash position and investments in
liquid funds. During 2024, Treasury has invested surplus liquidity in time deposits and liquid funds to
distribute the risk among debtors and enhance the return compared to the interest rate in the cash pool.
In preparation for the distribution of NOK 10 billion in dividend in December 2024, the company realized
its investments in liquid funds and have no such investments as of December 31, 2024. One interest rate
swap related to the former bond loan matured in June 2024.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Fair Values and Maturity
The following table presents the fair value of the derivatives and a maturity analysis of the derivatives undiscounted cash flows. Given Aker Solutions hedging policy and the assumption that projects are cash neutral,
this table also indicates when the cash flows related to project expenses are expected to impact profit and loss. Project revenues are recognized over time according to the progress of the project. This may result in
differences between cash flow and revenue recognition.
2024
2023
Amounts in NOK million
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Instruments
at fair value1
6 months or
less
6-12 months
1-2 years
Over 2 years
Assets
Cash flow hedging instruments
56
3
52
1
0
43
24
8
11
0
Fair value adjustments to hedged instruments
-38
-2
-36
0
0
-17
-12
-2
-4
0
Fair value of currency options2
0
0
0
0
0
197
45
152
0
0
Embedded derivatives in ordinary commercial contracts
5
5
0
0
0
6
5
1
0
0
Financial instruments not hedge accounted
83
77
6
0
0
23
22
1
0
0
Total forward foreign exchange contracts
106
83
22
1
0
251
85
160
7
0
Cash flow hedges interest rate assets
0
0
0
0
0
7
7
0
0
0
Total financial instrument assets
106
83
22
1
0
258
92
160
7
0
Liabilities
Cash flow hedging instruments
-31
-11
-16
-2
-3
-38
-35
-2
-1
0
Fair value adjustments to hedged instruments
12
3
9
0
0
5
3
1
1
0
Fair value of currency options2
0
0
0
0
0
-18
0
-18
0
0
Embedded derivatives in ordinary commercial contracts
-1
-1
0
0
0
-4
-2
-2
0
0
Financial instruments not hedge accounted
3
1
1
0
0
-149
-149
0
0
0
Total forward foreign exchange contracts
-17
-8
-6
-2
-3
-204
-182
-21
-1
0
Cash flow hedges interest rate liability
0
0
0
0
0
0
0
0
0
0
Total financial instrument liabilities
-17
-8
-6
-2
-3
-204
-182
-21
-1
0
Net financial instruments
89
75
16
-1
-3
54
-91
139
6
0
1) Cash flows from matured derivatives are translated to NOK using the exchange rates on the balance sheet date.
2) The proceeds from the subsea transaction represented a significant currency exposure, and Aker Solutions entered into FX put options contracts to hedge for a part of the exposed proceeds. As of December 31, 2024, all currency options related to settlements
from the OneSubsea formation has been settled.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Unsettled Hedges
The table below shows the impact from the unsettled cash flow hedges on profit and loss and equity (not adjusted for tax).
2024
2023
Amounts in NOK million
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Fair value of all
hedging instruments
Recognized in
profit and loss
Deferred in equity
(the hedge reserve)
Forward exchange contracts (cash flow hedges)
24
22
2
4
11
-7
Interest rate swaps
0
0
0
7
1
6
Total
24
22
2
11
12
-1
The purpose of the hedging instrument is to secure a situation where the hedged item and the hedging instrument together represent a predetermined value independent of fluctuations of exchange rates. Revenue and
expenses on the underlying customer contracts are recognized in the income statement in accordance with progress. Consequently, NOK 22 million (NOK 11 million in 2023) of the value of the forward contracts have
already impacted the income statement. The NOK 2 million (NOK -7 million in 2023) that are currently recorded in the hedge reserve, will be reclassified to the income statement over the next years.
The value of the interest swaps is attributable to changes in the interest swap curve for Norwegian Kroner during the period from inception of the hedge to the balance sheet date, excluding accrued interest rates of the
swaps, tax and deferred settlements related to matured instruments. As of December 31, 2024, Aker Solutions does not have any external liabilities or interest rate swaps. One fixed interest rate swap of NOK 500
million matured June, 2024.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
Hedge Reserve Movement
The table below shows the movement in the hedge reserve from changes in the cash flow hedges.
Amounts in NOK million
Hedge reserve
Balance as of January 1, 2023
10
Forward currency
35
Interest rate swaps
-4
Total changes in fair value
31
Forward currency contracts
-4
Interest rate swaps
-1
Total amount reclassified to profit or loss
-5
Tax on movements on reserves during the year
2
Disposal of subsea operations
-40
Balance as of December 31, 2023
-1
Forward currency contracts
-16
Interest rate swaps
-7
Total changes in fair value
-23
Forward currency contracts
25
Interest rate swaps
1
Total amount reclassified to profit or loss
26
Tax on movements on reserves during the year
0
Balance as of December 31, 2024
2
See note 24 for more information about financial assets and liabilities
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-432": { "value": "
Financial Reporting Principles
Cash Flow Hedges of Foreign Currency
Forward contracts are the most commonly used derivative to hedge foreign currency exposure. In
addition, currency options are sometimes used to hedge exposures. In case of changes in the expected
maturity dates, currencies or amounts of the hedged items corresponding derivatives are routinely
adjusted (pre-matured or rolled over), usually by means of currency swaps.
The hedged transactions in foreign currency subject to cash flow hedge accounting are highly probable
future transactions expected to occur at various dates during the next one to four years, depending on
progress of the projects and firm commitments. The derivatives are recognized initially and subsequently
at fair value in the balance sheet, and the effective portion of changes in the fair value is recognized in
other comprehensive income as a hedge reserve.
Aker Solutions designates the full forward foreign exchange contracts to hedge its currency risk and
applies a hedge ratio of 1:1. The policy covers critical terms such as currency pair, amount and timing of
the forward exchange contracts to align with the hedged item. The existence of an economic relationship
between the hedging instrument and hedged item is determined based on matching critical terms of their
respective cash flows. In addition, an assessment is made to determine whether the derivative designated
in each hedging relationship is expected to be, and has been, effective in offsetting changes in cash
flows of the hedged item by the hypothetical derivative method.
In these hedge relationships, the main sources of ineffectiveness are:
\u25fc any sequential change of timing of the hedged item;
\u25fc change in the total amount of the hedge item; and
\u25fc significant change in the counterparty's and Aker Solutions' credit risk
Aker Solutions does not designate any net positions in a hedging relationship. Some hedged transactions
are not accounted for by applying hedge accounting, primarily because internal hedged transactions are
grouped and netted before external hedge transactions are established. Changes in the fair value of
derivatives will be reported as financial income or expenses. Remaining derivatives not applying hedge
accounting include derivatives used by corporate treasury to hedge the residual exposure of the
company as part of its risk mandate. As of December 31, 2024, these hedging instruments include
currency forwards and foreign exchange swaps. In addition, Aker Solutions ASA has hedged the foreign
exchange risk associated with parts of Aker Solutions\u2019 equity denominated in USD.
Hedge accounting is discontinued with immediate recognition in finance income and expenses in the
income statement when a hedge no longer qualifies for hedge accounting, for example upon sale,
expiration, termination or when a forecasted transaction is no longer probable. The derivative financial
instruments are classified as current assets or liabilities as they are part of the operating cycle.
Foreign Currency as Embedded Derivatives
Embedded derivatives may exist in contracts with a currency other than the currency of the contracting
partners. The embedded derivative will under certain circumstances be separated and recognized at fair
value in the balance sheet and changes recognized in the income statement. These entries will result in
corresponding and opposite effects compared to the hedging instrument.
Aker Solutions applies the following separation criteria for embedded derivatives:
\u25fc The embedded derivative needs to be separated if the agreed payment is in a currency different from
any of the major contract parties' own functional currency, or
\u25fc that the contract currency is not considered to be commonly used for the relevant economic
environment
Cash Flow Hedges of Interest Rates
Aker Solutions' interest exposure in 2024 has mainly been from the cash position and investments in
liquid funds. During 2024, Treasury has invested surplus liquidity in time deposits and liquid funds to
distribute the risk among debtors and enhance the return compared to the interest rate in the cash pool.
In preparation for the distribution of NOK 10 billion in dividend in December 2024, the company realized
its investments in liquid funds and have no such investments as of December 31, 2024. One interest rate
swap related to the former bond loan matured in June 2024.
Note 23 continues on next page
Note 23 Derivative Financial Instruments cont.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-433": { "value": "Financial Assets and Liabilities
The fair value hierarchy defines a framework for categorizing financial assets and liabilities based on fair
value valuation techniques. Fair value of assets and liabilities in level one is based on quoted prices in an
active market, whereas level three fair values are based on assumptions made by the company in the
absence of quoted prices.
The Fair Value Hierarchy
The following table shows the carrying amounts and fair values of financial assets and financial liabilities,
including their levels in the fair value hierarchy. It does not include fair value information for financial
assets and financial liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value.
For financial instruments measured at fair value, the levels in the fair value hierarchy are:
\u25fc Level 1: Fair values are based on prices quoted in an active market for identical assets or liabilities.
\u25fc Level 2: Fair values are based on price input other than quoted prices. Such prices are derived from
observable market transactions in an active market for identical assets or liabilities. Level 2 includes
currency or interest derivatives and interest bonds, typically when the group uses forward prices on
foreign exchange rates or interest rates as inputs to valuation models.
\u25fc Level 3: Fair values are based on unobservable input, mainly based on internal assumptions used in
the absence of quoted prices from an active market or other observable price inputs.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2024
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
16
0
16
3
0
14
16
Non-current receivables
0
0
824
0
0
824
0
0
0
0
Trade and other receivables
0
0
6,412
0
0
6,412
0
0
0
0
Forward foreign exchange contracts
101
0
0
0
0
101
0
101
0
101
Fair value of currency options
0
0
0
0
0
0
0
0
0
0
Fair value embedded derivatives
5
0
0
0
0
5
0
5
0
5
Current interest-bearing receivables
0
0
142
0
0
142
0
0
0
0
Financial investments
0
2,197
0
0
0
2,197
2,197
0
0
2,197
Cash and cash equivalents
0
0
2,860
0
0
2,860
0
0
0
0
Financial assets
105
2,197
10,237
16
0
12,556
2,200
105
14
2,319
Trade and other payables3
0
0
0
0
-6,456
-6,456
0
0
0
0
Lease liabilities
0
0
0
0
-3,345
-3,345
0
0
0
0
Forward foreign exchange contracts
-16
0
0
0
0
-16
0
-16
0
-16
Financial liabilities
-17
0
0
0
-9,801
-9,818
0
-17
0
-17
1) FVTPL is short for fair value through profit and loss. FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 5,724 million in 2024 are not included.
Note 24 continues on next page
Note 24 Financial Assets and Liabilities cont.
Financial Instruments as of December 31, 2023
Carrying value
Fair value
Amounts in NOK million
Hedging
instruments at
FVOCI1
Financial
assets at
FVTPL1
Amortized
cost
Equity
investments
at FVOCI1
Other
financial
liabilities
Total
Level 1
Level 2
Level 3
Total
Other investments2
0
0
0
19
0
19
5
0
14
19
Non-current receivables
0
0
1,231
0
0
1,231
0
0
0
0
Trade and other receivables
0
0
5,472
0
0
5,472
0
0
0
0
Forward foreign exchange contracts
50
0
0
0
0
50
0
50
0
50
Fair value of currency options
0
197
0
0
0
197
0
197
0
197
Fair value embedded derivatives
4
0
0
0
0
4
0
4
0
4
Interest rate instruments
7
0
0
0
0
7
0
7
0
7
Current interest-bearing receivables
0
0
3,103
0
0
3,103
0
0
0
0
Financial investments
0
5,714
0
0
0
5,714
5,714
0
0
5,714
Cash and cash equivalents
0
0
6,003
0
0
6,003
0
0
0
0
Financial assets
61
5,911
15,808
19
0
21,799
5,719
258
14
5,991
Trade and other payables3
0
0
0
0
-6,462
-6,462
0
0
0
0
Lease liabilities
0
0
0
0
-3,540
-3,540
0
0
0
0
Forward foreign exchange contracts
-185
0
0
0
0
-185
0
-185
0
-185
Fair value of currency options
0
-18
0
0
-18
-18
-18
Fair value embedded derivatives
-1
0
0
0
0
-1
0
-1
0
-1
Financial liabilities
-186
-18
0
0
-10,002
-10,206
0
-204
0
-204
1) FVOCI is short for fair value through other comprehensive income.
2) Investments in level 1 consist of listed shares with quoted market prices, and investments in level 3 are shares where fair value cannot be measured reliably as the financial instrument is not traded in an active market. The best estimate of fair value is initial
purchase price.
3) Trade and other payables that are not financial liabilities at negative NOK 2,642 million in 2023 are not included.
See note 13 for more information about trade and other receivables
See note 14 for more information about financial investments
See note 20 for more information about trade and other payables
See note 21 for more information about financial risk management
See note 23 for more information about derivatives
See note 26 for more information about other investments
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-435": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 62 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15 . The group holds the majority of the shares in all
subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Company
Location
Country
Percent
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table above
and has control over relevant activities through shareholders agreements. The subsidiaries are fully
consolidated. Non-controlling interest represent equity interest in subsidiaries held by other owners than
Aker Solutions. Non-controlling interest share of profit and equity is presented separately in the income
statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or delayed
closing. The subsea business in these entities are not consolidated as Aker Solutions does not have
control of operations or rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-434": { "value": "Subsidiaries and NCIs
Subsidiaries: Aker Solutions has 62 subsidiaries in 25 countries at the reporting date. The number of countries where Aker Solutions had employees was 15 . The group holds the majority of the shares in all
subsidiaries except three, see description below. If not stated otherwise, ownership equals the percentage of voting shares.
Company
Location
Country
Percent
Aker Solutions Enterprises, LDA
Luanda
Angola
49
C.S.E. Mec\u00e2nica e Instrumenta\u00e7\u00e2o Ltda
Curitiba
Brazil
100
Aker Solutions Sdn Bhd
Kuala Belait
Brunei
100
PTAS Aker Solutions Sdn Bhd
Kuala Belait
Brunei
75
Aker Solutions Asset Integrity and Management Canada Inc.
Newfoundland
Canada
100
Aker Solutions Canada Inc
Vancouver
Canada
100
Aker Solutions Marine Contractors Limited
St John's
Canada
100
Aker Engineering & Technology (Beijing) Co., Ltd
Beijing
China
100
Aker Solutions Hydropower Hangzhou Co Ltd
Hangzhou
China
100
Aker Solutions Congo SA
Point-Noire
Congo
70
Aker Solutions Finland Oy
Ulvila
Finland
100
Aker Solutions SAS
Paris
France
100
Aker Solutions Ghana Ltd
Accra
Ghana
90
Aker Solutions Ghana Holding Ltd
Accra
Ghana
100
Aker Solutions Deepwater Ghana Ltd
Accra
Ghana
80
Aker Powergas Pvt Ltd
Mumbai
India
100
Aker Engineering International Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Engineering Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions APAC Sdn Bhd
Kuala Lumpur
Malaysia
48
Aker Solutions India Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions Malaysia Sdn Bhd
Kuala Lumpur
Malaysia
100
Aker Solutions BV
Zoetemer
Netherlands
100
Aker Installation FP AS
Fornebu
Norway
100
Aker Insurance Services AS
Fornebu
Norway
100
Aker Security AS
Fornebu
Norway
100
Aker Solutions AS
Fornebu
Norway
100
Aker Solutions Contracting AS
Fornebu
Norway
100
Aker Solutions Financial Holding AS
Fornebu
Norway
100
Aker Solutions Holding AS
Fornebu
Norway
100
Aker Solutions Middle East AS
Fornebu
Norway
100
Alma Clean Power AS
Bergen
Norway
100
Benestad Solutions AS
Lierskogen
Norway
100
Company
Location
Country
Percent
Kv\u00e6rner Resources AS
Fornebu
Norway
100
Norwegian Contractors AS
Lysaker
Norway
100
Aker Solutions Hydropower AS
Tranby
Norway
100
Unitech Power Systems AS
Stavanger
Norway
100
Rainpower Peru S.A.C.
Lima
Peru
100
Aker Solutions Poland Sp. z o.o.
Warsaw
Poland
100
Aker Solutions Gulf Services WLL
Doha
Qatar
49
Aker Solutions Saudi Arabia Co. Ltd.
Al-Khobar
Saudi Arabia
100
Aker Solutions Korea Co. Ltd
Geoje
South Korea
100
Aker Solutions Hydropower AB
Kristinehamn
Sweden
100
K Water AB
\u00d6rnsk\u00f6ldsvik
Sweden
100
Aker Solutions Hydropower Switzerland AG
Vaud
Switzerland
100
Aker Solutions Tanzania Ltd
Dar es Salaam
Tanzania
100
Aker Solutions Hydro Enerji Limited Sirketi
Istanbul
Turkey
100
Aker Engineering and Technology Ltd
London
UK
100
Aker Engineering Malaysia Ltd
Leeds
UK
100
Aker Offshore Partner Ltd
Aberdeen
UK
100
Aker Solutions DC Trustees Ltd
London
UK
100
Aker Solutions EAME Limited
Aberdeen
UK
100
Aker Solutions Enterprises International (UK) Limited
London
UK
100
Aker Solutions Holding Limited
Aberdeen
UK
100
Aker Solutions Ltd
Maidenhead
UK
100
International Design Engineering and Services Ltd
Aberdeen
UK
100
Kvaerner Contracting Ltd
London
UK
100
Kvaerner Resources Ltd
London
UK
100
Aker Solutions Energy Solutions FZE
Dubai Maritime City
UAE
100
Aker Solutions Inc.
Houston
USA
100
Aker Solutions USA Corporation
Houston
USA
100
Kvaerner Americas Holdings Inc
Canonsburg
USA
100
Kvaerner Renewables US LLC
Canonsburg
USA
100
Note 25 Subsidiaries and NCIs cont.
Subsidiaries where Aker Solutions does not have the Majority of Shares
Aker Solutions has less than 50 percent of the shares in three subsidiaries as shown in the table above
and has control over relevant activities through shareholders agreements. The subsidiaries are fully
consolidated. Non-controlling interest represent equity interest in subsidiaries held by other owners than
Aker Solutions. Non-controlling interest share of profit and equity is presented separately in the income
statement and in the balance sheet.\u00a0
The following entities are not legally transferred to OneSubsea due to delayed legal transfer or delayed
closing. The subsea business in these entities are not consolidated as Aker Solutions does not have
control of operations or rights to cash generations.
Company
Location
Country
Aker Solutions Congo SA
Point-Noire
Congo
Aker Solutions Ghana Ltd
Accra
Ghana
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-437": { "value": "
Note 26 Investments in Companies
Financial Reporting Principles
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments
are designated as equity securities at fair value through other comprehensive income (FVOCI) as they
represent long-term strategic investments. When the investments are sold, the accumulated gain or loss
in equity is not reclassified to the income statement. The loss recognized in OCI in 2024 was NOK 2
million (loss of NOK 6 million in 2023). Unlisted shares are usually measured at cost less impairment, as
this is assumed to be the best estimate of fair value.
See note 3 for more information about other income
See note 7 for more information about financial income and expense
See note 27 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-436": { "value": "
Note 26 Investments in Companies
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates
are those entities where the company has significant influence, but not control or joint control (usually
between twenty and fifty percent of the voting power). Interests in joint ventures and associates are
accounted for using the equity method. The investments are initially recognized at cost (including
transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss.
The profit or loss for the equity-accounted investees is presented as part of total revenue when the
operations are closely linked to the current operations of Aker Solutions, otherwise they are presented as
financial income.
Investments in Companies
The company has recognized the following balances for its investment in other companies:
Amounts in NOK million
2024
2023
Joint Ventures and Associates
7,870
6,555
Other investments
16
19
Total investment in companies
7,886
6,574
Joint Ventures and Associates (Equity Accounted Investees)
The company had 15 equity-accounted investments as of December 31, 2024. Ownership percentage
equals the percentage of voting shares.
Name of company
Office
Percent
Type
Kiewit-Kvaerner Contractors (KKC)
Newfoundland, Canada
50.0%
Joint venture
KDS JV AS
Fornebu, Norway
50.0%
Joint venture
EPE Eigedom AS
Stord, Norway
50.0%
Joint venture
Eld\u00f8yane N\u00e6ringspark AS
Stord, Norway
50.0%
Joint venture
Rosebank JV Ltd
Dubai, United Arab Emirates
50.0%
Joint venture
AKSO DDW HVDC JV Limited
Dubai, United Arab Emirates
50.0%
Joint venture
Concrete Structures AS
Fornebu, Norway
50.0%
Associate
Siva Verdal Eiendom AS
Trondheim, Norway
46.0%
Associate
Bemlotek AS
Fornebu, Norway
24.6%
Associate
Kv\u00e6rnhuset Industri-inkubator AS
Egersund, Norway
33.0%
Associate
Windstaller Alliance AS
Fornebu, Norway
33.3%
Associate
Team Aker D\u00e6hli AS
Fornebu, Norway
33.3%
Associate
OneSubsea LLC
Houston, USA
20.0%
Associate
OneSubsea Processing AS
Sandsli, Norway
20.0%
Associate
OneSubsea Investments UK Ltd
London, UK
20.0%
Associate
Note 26 continues on next page
Note 26 Investment in Companies cont.
The following table provides a summary of changes in carrying value for Aker Solutions joint ventures and
associates.
2024
2023
Amounts in NOK million
OneSubsea
Other
Total
OneSubsea
Other
Total
Equity accounted investees per January 1
6,468
88
6,555
0
103
103
Acquisition
0
35
35
6,549
0
6,549
Share of net income included in other
income
789
1
790
172
34
205
Other comprehensive income
-170
0
-170
53
0
53
Reclassification from other investments
0
-14
-14
0
-10
-10
Sale
0
0
0
0
-6
-6
Dividends received
-77
-2
-78
0
-34
-34
Currency translation differences1
751
1
752
-306
1
-305
Equity accounted investees per
December 31
7,761
109
7,870
6,468
88
6,555
1)NOK 751 million (NOK -306 million in 2023) consist of NOK 666 million (NOK -284 million in 2023) in translation
differences of the equity accounted investees, while the remaining NOK 84 million (NOK -22 million in 2023) relates to
translation of Aker Solutions Inc which hold the investment in OneSubsea US and is reported as translation differences
related to other foreign operations in OCI.
Significant associates
Aker Solutions established a new entity with SLB October 2, 2023. The entity is operating in the subsea
business and consists of three separate legal entities; OneSubsea LLC, OneSubsea Processing AS and
OneSubsea Investments UK Ltd. The legal entities are established in the US, Norway and the UK. These
entities are considered material for Aker Solutions. Aker Solutions Inc owns the partnership interests in
OneSubsea LLC which is a transparent entity for income tax purposes in the US.
The following table summarizes financial information for the entities at a consolidated level. The figures
are at the same basis as used in the group financial statements and represents an IFRS conversion of
OneSubsea\u2019s consolidated income statement and balance sheet prepared in accordance with US GAAP.
The financial information includes allocation of excess values recognized from assets contributed by SLB
and Aker Solutions. All amounts are for the consolidated entities at a 100 percent basis.
Amounts in NOK million
2024
2023
Current assets
33,140
28,677
Non-current assets
38,206
33,386
Current liabilities
27,147
26,250
Non-current liabilities
5,385
3,474
Net assets
38,814
32,339
Aker Solutions' share of equity (20%)
7,761
6,468
2024
4Q 2023
Revenue
41,878
10,744
Net income
3,952
852
Other comprehensive income
-849
263
Total comprehensive income
3,103
1,115
See note 3 for more information about other income
See note 7 for more information about financial income and expense
See note 27 for more information about the subsea transaction
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-438": { "value": "
Financial Reporting Principles
Joint ventures are those entities where the company has joint control and rights to net assets. Associates
are those entities where the company has significant influence, but not control or joint control (usually
between twenty and fifty percent of the voting power). Interests in joint ventures and associates are
accounted for using the equity method. The investments are initially recognized at cost (including
transaction costs) and subsequently increased or decreased to recognize the share of the profit or loss.
The profit or loss for the equity-accounted investees is presented as part of total revenue when the
operations are closely linked to the current operations of Aker Solutions, otherwise they are presented as
financial income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-439": { "value": "
Other investments are those entities in which the company does not have significant influence. These are
usually entities where the company holds less than twenty percent of the voting power. Such investments
are designated as equity securities at fair value through other comprehensive income (FVOCI) as they
represent long-term strategic investments. When the investments are sold, the accumulated gain or loss
in equity is not reclassified to the income statement. The loss recognized in OCI in 2024 was NOK 2
million (loss of NOK 6 million in 2023). Unlisted shares are usually measured at cost less impairment, as
this is assumed to be the best estimate of fair value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-440": { "value": "
Note 27 The Subsea Transaction and Discontinued Operations
On August 30, 2022 Aker Solutions, SLB and Subsea7 entered into a master formation agreement and
agreed to establish a new entity where Aker Solutions and SLB contributed their subsea businesses.
The subsea business was classified as held for sale when final approval came from regulatory authorities,
August 4, 2023, leading to the closing of the transaction on October 2, 2023. Aker Solutions and SLB
contributed their subsea businesses into the entity with respectively 40 and 60 percent of the values. Aker
Solutions thereafter sold 10 percent of their shares to SLB and 10 percent of their shares to Subsea7 as
part of the agreement. Following these transactions, the entity is owned by SLB (70 percent), Aker
Solutions (20 percent) and Subsea7 (10 percent). There is a lock-up period of three years for the shares
in the entity before any of the parties can sell their shares.
Aker Solutions consideration was NOK 7.5 billion (USD 700 million) for the sale of the 20 percent
ownership in the entity.
Financial reporting of the transaction
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the equity
method as a non-current asset in the balance sheet. The share of the investee\u2019s net profit or loss is
presented as a separate line and included in the group revenue and other income in the Income
Statement.
The historical results for the subsea business are reported separately under the caption discontinued
operations in 2023. The gain on sale of the subsea business is also reported in this line item in 2023.
Income and expenses from discontinued operations are excluded from specifications presented in other
notes unless otherwise stated.
Some of the transactions were not legally completed by year end 2023 but accounted for as transferred
assets in the group accounts. Transactions related to Malaysia and US was settled in 2024, two
transactions still remain to be legally completed. Cash for settled transactions and settlement of the
closing accounts for the group was received in 2024.
The financial data for discontinued operations are as follows:
Profit (loss)
Amounts in NOK million
2023
Revenue
14,807
Depreciation, amortization and impairment
-336
Other expenses
-12,035
Operating income
2,435
Financial income (expense), net
-65
Income before tax
2,370
Income tax expense
-553
Income from discontinued operations
1,817
Gain on disposal (net of tax)
9,723
Net income from discontinued operations
11,540
Cash flow
Amounts in NOK million
2023
Net cash provided by operating activities
2,410
Net cash provided by investing activities
-86
Net cash used in financing activities
-195
Foreign currency effects on cash
27
Net cash provided by discontinued operations1
2,155
1)Cash flow from discontinued operations does not include net proceeds from the transaction of NOK 621 million.
Net proceeds
Amounts in NOK million
2023
Consideration received
1,640
Cash in divested subsidiaries
-623
Loans given to OneSubsea
-396
Net proceeds from sale of subsidiaries
621
Gain on disposal
The fair value of the Aker Solutions\u2019 subsea business was in the transaction agreement valued at NOK
13.9 billion (USD 1.3 billion). After the transaction, Aker Solutions deconsolidated the subsea business.
The accounting treatment was a sale of 100 percent of the subsea business following a purchase of 20
percent of OneSubsea at fair value. Aker Solutions recognized a gain in connection with the sale of the
subsea business of NOK 9.7 billion. The gain was calculated as the difference between the fair value of
the consideration received, the net book value of the disposed business and the reclassification of
foreign currency translation reserve.
Amounts in NOK million
2023
Fair value of subsea business1
14,370
Carrying amount of net assets sold and assumed liabilities
-6,039
Reclassification of foreign currency translation reserve
1,392
Gain on disposal
9,723
1)NOK 6,560 million (USD 613 million) in consideration for sale of 20 percent to SLB and Subsea7, NOK 6,560 million in
value of remaining investment in OneSubsea and vendor note of NOK 936 million (USD 87.5 million). Fair value also
included NOK 314 million for cash transferred to OneSubsea at closing that will be repaid to Aker Solutions when all
transactions are completed and revaluation of shares in SLB before closing of the transaction. Transferred cash to
OneSubsea was settled in 2024.
See note 26 for more information about other investments
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-441": { "value": "
Financial reporting of the transaction
The 20 percent ownership in OneSubsea is presented as an Investment in associates using the equity
method as a non-current asset in the balance sheet. The share of the investee\u2019s net profit or loss is
presented as a separate line and included in the group revenue and other income in the Income
Statement.
The historical results for the subsea business are reported separately under the caption discontinued
operations in 2023. The gain on sale of the subsea business is also reported in this line item in 2023.
Income and expenses from discontinued operations are excluded from specifications presented in other
notes unless otherwise stated.
Some of the transactions were not legally completed by year end 2023 but accounted for as transferred
assets in the group accounts. Transactions related to Malaysia and US was settled in 2024, two
transactions still remain to be legally completed. Cash for settled transactions and settlement of the
closing accounts for the group was received in 2024.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-442": { "value": "9723000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:GainLossRecognisedOnMeasurementToFairValueLessCostsToSellOrOnDisposalOfAssetsOrDisposalGroupsConstitutingDiscontinuedOperation", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:NOK" } }, "f-443": { "value": "
Note 28 Related Parties and Key Management
Compensation
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
58
64
Social security contributions
9
10
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
1
Total compensation to key management personnel
71
79
The below table shows the shareholding of Aker Solutions\u2019 Board of Directors and the President and
Chief Executive Officer per December 31, 2024.
Name
Role
Shareholding as of
December 31, 20241
Shareholding as of
December 31, 20231
Kjetel Digre
President and Chief
Executive Officer
166,527
133,657
Leif-Arne Lang\u00f8y
Chairman
159,426
159,426
\u00d8yvind Eriksen2
Deputy Chairman
0
0
Kjell Inge R\u00f8kke3
Director
0
0
Birgit Aagaard-Svendsen
Director
90,000
90,000
Lone F\u00f8nss Schr\u00f8der
Director
0
0
Elisabeth T\u00f8rstad
Director
2,000
2,000
Jan Arve Haugan
Director
136,527
136,527
Hilde Karlsen
Director, employee elected
29,849
32,774
Line Sm\u00e5ge Breidablikk
Director, employee elected
1,755
1,755
Stian Pettersen Sagvold4
Director, employee elected
515
246
Arne Christian R\u00f8dby5
Director, employee elected
2,090
1,822
Total
588,689
558,207
1)The number of shares owned covers direct ownership of Aker Solutions ASA for individual and related parties.
2)\u00d8yvind Eriksen owned 219,072 shares in Aker ASA and 100,000 B-shares (0.2 percent) in TRG Holding AS. Aker ASA,
through a subsidiary owns 39 percent of Aker Solutions.(not adjusted for shares owned by Aker Solutions)
4)Replaced Sigurd S\u00e6vareid in April 2023.
3)Kjell Inge R\u00f8kke owns and controls The Resource Group AS, which controls 68 percent of Aker ASA, which through a
subsidiary owns 39 percent of Aker Solutions (not adjusted for shares owned by Aker Solutions).
4)Replaced Sigurd S\u00e6vareid in April 2023.
5)Replaced Tommy Angeltveit in October 2023.
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-444": { "value": "Related Parties and Key Management
Compensation
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The
management and the Board of Aker Solutions are also related parties.
Related Parties of Aker Solutions
The largest shareholder of Aker Solutions is Aker Holdings AS, which is wholly-owned by Aker ASA. Aker
Solutions is an associate of Aker ASA, and entities controlled by Aker ASA and entities which Kjell Inge
R\u00f8kke and his close family controls through The Resource Group TRG AS are considered related parties
to Aker Solutions. These entities include companies like Aker Horizons, Aize and Cognite and are
referred to as Aker entities in this note. Companies that are associates of Aker ASA or The Resource
Group TRG AS are not considered related parties of Aker Solutions, such as Akastor and Aker BP.
Related party relationships also include entities under joint control or significant influence by Aker
Solutions. OneSubsea is an associate of Aker Solutions and defined as a related party. Non-controlling
interests with significant influence are also considered as related parties of Aker Solutions.
Related parties are in a position to enter into transactions with the company that would potentially not be
undertaken between unrelated parties. Transactions with related parties are based on negotiations
between the parties, and management believes that the agreed prices is a fair approximation to arms
length prices.
Note 28 continues on next page
Note 28 Related Parties cont.
Transactions and Balances with Related Parties1
2024
2023
Amounts in NOK million
Aker and TRG
companies
Joint ventures
and associates
Total
Aker and TRG
companies
Joint ventures
and associates
Total
Income statement
Operating revenues
77
3,221
3,299
302
1,108
1,410
Operating costs
-486
-567
-1,053
-1,007
-623
-1,631
Depreciation and impairment of ROU assets
-36
-14
-50
-38
-18
-56
Net financial items
89
0
89
35
0
35
Balance sheet
Right-of-use (ROU) assets
298
53
351
389
63
452
Trade receivables
5
337
342
51
556
608
Non-current interest-bearing receivables
191
0
191
195
0
195
Current interest-bearing receivables
0
19
19
10
1,410
1,420
Other current receivables
0
0
0
0
405
405
Non-current leasing liabilities
0
-490
-490
0
-463
-463
Other non-current liabilities
0
0
0
0
-81
-81
Trade payables
-1
-24
-25
-16
-49
-65
Current leasing liabilities
0
-68
-68
0
-45
-45
1)Subsea not classified as discontinued operations in 2023.
Note 28 continues on next page
Note 28 Related Parties cont.
Significant Related Parties Transactions
Aker Solutions has transactions with related parties on a recurring basis as part of normal business. In
2024, Aker Solutions purchased Alma Clean Power AS from Clara Venture AS, a company owned by Aker
Capital AS of NOK 28.6 million. In 2023, Aker Solutions purchased software applications from Aize of
NOK 265 million. Aker Solutions also leases industrial properties owned by Kjell Inge R\u00f8kke through TRG
AS which amounted to NOK 71 million in 2024 (NOK 68 million in 2023). In addition, Aker Solutions
supported the group's union representative function with NOK 820,000 in 2024 (NOK 780,000 in 2023).
See note 13 for more information about customer contract assets and receivables
See note 17 for more information about leasing contracts
See note 20 for more information about trade and other payables
See note 25 for more information about subsidiaries
See note 26 for more information about joint arrangements and associates
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-445": { "value": "
Financial Reporting Principles
Related party relationships are defined to be entities under joint control or significant influence by Aker
Solutions, and companies outside the Aker Solutions group that are under control (either directly or
indirectly) or joint control by the owners having significant influence over Aker Solutions. The
management and the Board of Aker Solutions are also related parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-446": { "value": "Aker ASA.", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-447": { "value": "
Compensation to Key Management
The key management personnel of Aker Solutions include the Board of Directors and the executive
management team. Refer to further description about management compensation in the Management
Remuneration Report available at www.akersolutions.com/corporate-governance.
Amounts in NOK million
2024
2023
Salaries and wages including holiday allowance
58
64
Social security contributions
9
10
Pension cost
2
2
Termination benefits
0
0
Share-based payments
3
3
Other employee benefits
0
1
Total compensation to key management personnel
71
79
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-448": { "value": "Audit Fees
PwC is the auditor of the group. The table below presents expenses for audit and other services to the
auditor. 2023 include expenses related to the disposed subsea business.
Aker Solutions
ASA
Subsidiaries
Total
Amounts in NOK million (excl. VAT)
2024
2023
2024
2023
2024
2023
Audit
3.8
3.7
9.7
14.5
13.5
18.2
Other assurance services
1.6
1.4
1.3
1.8
2.9
3.1
Tax services
0.0
0.0
0.4
0.1
0.4
0.1
Other non-audit services
1.2
0.0
6.5
2.0
7.7
2.0
Total
6.6
5.1
17.9
18.4
24.5
23.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-449": { "value": "Oksen\u00f8yveien 8 1366 LysakerNorway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "f-450": { "value": "Oksen\u00f8yveien 8 1366 LysakerNorway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXG42836", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }