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"iso4217:NOK" } }, "f16634": { "value": "2459027000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00", "unit": "iso4217:NOK" } }, "s5_notes__8__8": { "value": "The Group, Solstad Offshore ASA (\u201cSOFF\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway, and its main activities are the operation of offshore service and construction vessels. The Group is listed on Oslo Stock Exchange. The financial statements were approved by the Board of Directors on 30 March 2023 and will be presented for approval in the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__7": { "value": "The Group, Solstad Offshore ASA (\u201cSOFF\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway, and its main activities are the operation of offshore service and construction vessels. The Group is listed on Oslo Stock Exchange. The financial statements were approved by the Board of Directors on 30 March 2023 and will be presented for approval in the Annual General Meeting.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__11": { "value": "Solstad Offshore ASA", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__10": { "value": "Solstad Offshore ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__9": { "value": "Solstad Offshore ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__13": { "value": "ASA", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__15": { "value": "Nesavegen 39, 4280 Skudeneshavn, Norway", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__16": { "value": "Norway", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__14": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__12": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__17": { "value": "main activities are the operation of offshore service and construction vessels.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__18": { "value": "Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and interpretations by the International Accounting Standards Board (IASB) which have been approved by the European Union (EU).The consolidated financial statements have been prepared on a historical expences basis, except for debt related to non core vessels and shares that have been measured at fair value and are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Going ConcernThe annual accounts are prepared on the assumption of a going concern. The going concern assumption until end of March 2024 is based on the level of cash and cash equivalents and equity at year end 2022, terms and conditions of the banking and borrowing facilities, the forecasted cash flow prognosis for the Group and the solid backlog position as of 31 December 2022. Estimates shows that there is sufficient liquidity in the Company until final maturity of the fleet loan and Maximus residual claim due end-March 2024. The fleet-loan agreement includes a mechanism for deferring 2023-installments. The Company does not expect to settle first instalment of the fleet-loan 31 March 2023.The Group has seen continued strengthening of the marked during the year despite of a challenging macroeconomic environment. With an expected continued strong energy market, and the high focus on energy transition, we also expect an active offshore marked in the coming period. Due to the macroeconomic environment, we see increase in expenses due to inflation and increased interest expenses for the Group.The group has started the process with refinancing and this process will continue in the coming period until maturity of the main portion of the external debt. The strategic move of divesting PSV business line strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position. A failure to refinance by the end of March 2024 will have a material adverse effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process, this may lead to a need for adjustments of the capital structure.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__19": { "value": "The annual accounts are prepared on the assumption of a going concern. The going concern assumption until end of March 2024 is based on the level of cash and cash equivalents and equity at year end 2022, terms and conditions of the banking and borrowing facilities, the forecasted cash flow prognosis for the Group and the solid backlog position as of 31 December 2022. Estimates shows that there is sufficient liquidity in the Company until final maturity of the fleet loan and Maximus residual claim due end-March 2024. The fleet-loan agreement includes a mechanism for deferring 2023-installments. The Company does not expect to settle first instalment of the fleet-loan 31 March 2023.The Group has seen continued strengthening of the marked during the year despite of a challenging macroeconomic environment. With an expected continued strong energy market, and the high focus on energy transition, we also expect an active offshore marked in the coming period. Due to the macroeconomic environment, we see increase in expenses due to inflation and increased interest expenses for the Group.The group has started the process with refinancing and this process will continue in the coming period until maturity of the main portion of the external debt. The strategic move of divesting PSV business line strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position. A failure to refinance by the end of March 2024 will have a material adverse effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process, this may lead to a need for adjustments of the capital structure.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__21": { "value": "Changes in Accounting PrinciplesThe Group has not implemented or early adopded any new accounting standards or otherwise made any significantchanges to account principles during 2022.Approved IFRS and IFRIC Interpretations not yetImplementedAmendments to IAS 1 and IFRS Practice Statement 2 - Accounting policy disclosureIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.Amendments to IAS 1 - Classification of Liabilities as Current or Non-currentIn January 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. The amendments clarified how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances. The amendments to IAS 1 are effective for reporting periods beginning on or after 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__20": { "value": "Changes in Accounting PrinciplesThe Group has not implemented or early adopded any new accounting standards or otherwise made any significantchanges to account principles during 2022.Approved IFRS and IFRIC Interpretations not yetImplementedAmendments to IAS 1 and IFRS Practice Statement 2 - Accounting policy disclosureIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.Amendments to IAS 1 - Classification of Liabilities as Current or Non-currentIn January 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. The amendments clarified how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances. The amendments to IAS 1 are effective for reporting periods beginning on or after 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__24": { "value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of December 31st each year. Any deviating accounting principles are adjusted for in this consolidation.The Group accounts present the total profit & loss and financial position of Solstad Offshore ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Offshore ASA has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that ownership of more than 50 percent of the voting shares results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee including: contractual arrangements with other vote holders of the investee, rights arising from other contractual arrangements, and the Group\u2019s voting rights and potential voting rights.Subsidiaries are consolidated 100 percent line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The purchase price is allocated to identifiable assets and liabilities from the subsidiary and is recognized at fair value in the consolidated accounts at the acquisition date. Any excess expences of acquisition over the fair value of the net identifiable assets of the subsidiary acquired calculated at the date of handover, will be recognized as goodwill. If the expences of the acquisition is less than the fair value of the net assets of the subsidiary acquired calculated at the date of handover, a day-one-gain will be recognized as income.All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. In the consolidation, the profit and loss accounts of foreign subsidiaries, not using NOK as functional currency, are translated using the exchange rate on the day of transaction. The balance sheet is translated using the balance sheet date exchange rate. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (OCI).The non-controlling interest in equity is reported separately in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__23": { "value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of December 31st each year. Any deviating accounting principles are adjusted for in this consolidation.The Group accounts present the total profit & loss and financial position of Solstad Offshore ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Offshore ASA has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that ownership of more than 50 percent of the voting shares results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee including: contractual arrangements with other vote holders of the investee, rights arising from other contractual arrangements, and the Group\u2019s voting rights and potential voting rights.Subsidiaries are consolidated 100 percent line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The purchase price is allocated to identifiable assets and liabilities from the subsidiary and is recognized at fair value in the consolidated accounts at the acquisition date. Any excess expences of acquisition over the fair value of the net identifiable assets of the subsidiary acquired calculated at the date of handover, will be recognized as goodwill. If the expences of the acquisition is less than the fair value of the net assets of the subsidiary acquired calculated at the date of handover, a day-one-gain will be recognized as income.All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. In the consolidation, the profit and loss accounts of foreign subsidiaries, not using NOK as functional currency, are translated using the exchange rate on the day of transaction. The balance sheet is translated using the balance sheet date exchange rate. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (OCI).The non-controlling interest in equity is reported separately in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__22": { "value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of December 31st each year. Any deviating accounting principles are adjusted for in this consolidation.The Group accounts present the total profit & loss and financial position of Solstad Offshore ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Offshore ASA has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that ownership of more than 50 percent of the voting shares results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee including: contractual arrangements with other vote holders of the investee, rights arising from other contractual arrangements, and the Group\u2019s voting rights and potential voting rights.Subsidiaries are consolidated 100 percent line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The purchase price is allocated to identifiable assets and liabilities from the subsidiary and is recognized at fair value in the consolidated accounts at the acquisition date. Any excess expences of acquisition over the fair value of the net identifiable assets of the subsidiary acquired calculated at the date of handover, will be recognized as goodwill. If the expences of the acquisition is less than the fair value of the net assets of the subsidiary acquired calculated at the date of handover, a day-one-gain will be recognized as income.All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. In the consolidation, the profit and loss accounts of foreign subsidiaries, not using NOK as functional currency, are translated using the exchange rate on the day of transaction. The balance sheet is translated using the balance sheet date exchange rate. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (OCI).The non-controlling interest in equity is reported separately in the consolidated financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__6": { "value": "Note 1 - Accounting PrinciplesThe Group, Solstad Offshore ASA (\u201cSOFF\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway, and its main activities are the operation of offshore service and construction vessels. The Group is listed on Oslo Stock Exchange. The financial statements were approved by the Board of Directors on 30 March 2023 and will be presented for approval in the Annual General Meeting. Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and interpretations by the International Accounting Standards Board (IASB) which have been approved by the European Union (EU).The consolidated financial statements have been prepared on a historical expences basis, except for debt related to non core vessels and shares that have been measured at fair value and are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Going ConcernThe annual accounts are prepared on the assumption of a going concern. The going concern assumption until end of March 2024 is based on the level of cash and cash equivalents and equity at year end 2022, terms and conditions of the banking and borrowing facilities, the forecasted cash flow prognosis for the Group and the solid backlog position as of 31 December 2022. Estimates shows that there is sufficient liquidity in the Company until final maturity of the fleet loan and Maximus residual claim due end-March 2024. The fleet-loan agreement includes a mechanism for deferring 2023-installments. The Company does not expect to settle first instalment of the fleet-loan 31 March 2023.The Group has seen continued strengthening of the marked during the year despite of a challenging macroeconomic environment. With an expected continued strong energy market, and the high focus on energy transition, we also expect an active offshore marked in the coming period. Due to the macroeconomic environment, we see increase in expenses due to inflation and increased interest expenses for the Group.The group has started the process with refinancing and this process will continue in the coming period until maturity of the main portion of the external debt. The strategic move of divesting PSV business line strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position. A failure to refinance by the end of March 2024 will have a material adverse effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process, this may lead to a need for adjustments of the capital structure.Changes in Accounting PrinciplesThe Group has not implemented or early adopded any new accounting standards or otherwise made any significantchanges to account principles during 2022.Approved IFRS and IFRIC Interpretations not yetImplementedAmendments to IAS 1 and IFRS Practice Statement 2 - Accounting policy disclosureIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.Amendments to IAS 1 - Classification of Liabilities as Current or Non-currentIn January 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. The amendments clarified how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances. The amendments to IAS 1 are effective for reporting periods beginning on or after 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of December 31st each year. Any deviating accounting principles are adjusted for in this consolidation.The Group accounts present the total profit & loss and financial position of Solstad Offshore ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Offshore ASA has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that ownership of more than 50 percent of the voting shares results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee including: contractual arrangements with other vote holders of the investee, rights arising from other contractual arrangements, and the Group\u2019s voting rights and potential voting rights.Subsidiaries are consolidated 100 percent line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The purchase price is allocated to identifiable assets and liabilities from the subsidiary and is recognized at fair value in the consolidated accounts at the acquisition date. Any excess expences of acquisition over the fair value of the net identifiable assets of the subsidiary acquired calculated at the date of handover, will be recognized as goodwill. If the expences of the acquisition is less than the fair value of the net assets of the subsidiary acquired calculated at the date of handover, a day-one-gain will be recognized as income.All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. In the consolidation, the profit and loss accounts of foreign subsidiaries, not using NOK as functional currency, are translated using the exchange rate on the day of transaction. The balance sheet is translated using the balance sheet date exchange rate. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (OCI).The non-controlling interest in equity is reported separately in the consolidated financial statements.Investments in Associates and Joint VenturesThe Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. An associate is an entity in which the Group has significant influence, but which is not a subsidiary. A joint venture is an entity in which the Group has joint control through entering into an agreement of joint control, requiring unanimous consent in strategic decisions (decisions relating to relevant activities).The reporting dates of the associates, joint venture and the Group are the same and the same accounting principles are applied.Investments in an associate and joint ventures are recorded in the balance sheet at expence plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any impairment in value. The profit and loss for the Group reflects the associates\u2019 share under finance, and joint ventures\u2019 share of profits under operating expences. Changes recorded directly in the associates\u2019 or joint ventures\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI. Financial InstrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial LiabilitiesFinancial liabilities are initially recognized at fair value and subsequently measured at amortized expences except for financial liabilities at fair value through profit of loss (FVTPL). Such liabilities, including debt related to non core vessels shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortized expences using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.Classification of Items in the Balance SheetCurrent assets and short-term debt are items which mature within one year of the balance sheet date as well as any items relating to the normal operating cycle. The short-term portion of the long-term debt and other liabilities for which there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period are classified as current liabilities. Investments in shares hold for trading, not considered as strategic, or are expected to be disposed are classified as current assets. Cash and cash equivalents are classified as current assets, unless restricted from being used during the following 12 months. All other assets and liabilities are classified as long-term assets and liabilities.Foreign Currency TranslationThe functional and presentation currency of Solstad Offshore ASA is Norwegian Kroner (NOK). Transactions in foreign currencies are recorded at the currency rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet date. Differenves araising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items such as vessels that are measured in terms of historical expences in a foreign currency are translated using the exchange rate at the date of initial transaction. Group CompaniesOn consolidation, assets and liabilities of Companies with a functional currency other than NOK is translated at the rate of exchange at the balance sheet date. The profit and loss statement is translated at exchange rates at the date of the inital transaction. Any translation adjustments are included in comprehensive income.The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.21 11.888 8.819 9.989 1.583 6.397Per 31.12.22 11.854 9.857 10.514 1.865 6.700Segment InformationThe Group reports internally on operating- and geographical segments. The operating segments are divided into the following four segments:\u2022 AHTS: anchor handling vessels\u2022 PSV: platform supply vessels\u2022 Subsea\u2022 RenewableThe Group has extended reporting segments as a response to the Group\u2019s strategy. The Group owns and operates AHTS, PSV and CSV vessels. The different types of vessels operate in different markets, and management review operating results within these markets. The Group focuses on the renewable market, and as a consequence vessel operating renewable contracts has been highlighted as a separate segment. The segments coincide with the operational structure of the Company, being four departments responsible for each segment. Comparative figures have been restated.Any other activities, including vessels under construction, are included in a separate segment. Overhead expences are apportioned between the segments based on the share of operating expenses. All accounting policies applied in the segment reporting are the same as used in the Group reporting.The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.New Build ContractsInstalments on new build contracts are recorded in the balance sheet as fixed assets. Expences related to the on-site supervision and other pre-delivery construction expences including construction loan interest are capitalized per vessel. The depreciation starts from when a new build is delivered from the yard.LeasesRight-of-use-assetsRight-of-use-assets are recognized at expences, lessdepreciation and impairment losses at the commencement of the lease. The expences of the assets includes the recognized lease liabilities, initial direct expences, and lease payments made prior to commencement. Straight-line depreciations over the lease term are used, unless the Company is reasonably certain to obtain ownership of the assets at the end of the leasing period, in which case straight-line depreciations over the estimated economic life of the assets are used. The assets are subject to impairment assessments under the same principles as other assets.The Group primarily leases vessels, but also has lease contracts related to various offices used in its operations. Lease liabilitiesLease liabilities are recognized at the commencement of the lease measured at the present value of lease payments over the lease period. The lease payments include both fixed and variable lease payments. If a purchase option is likely to be exercised, the option price is included. Variable lease payments that do not depend on an index are recognized as expense in the period when the payment trigger occurs.When calculating present value of the lease the incremental borrowing rate at the beginning of the lease is used, if the implicit rate is unavailable. Subsequently, the amount of the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. The liability is remeasured if modifications or changes to the lease terms occur.Contracts with renewal optionsThe Company determines the lease term as the non-cancellable part of the lease. In addition, any periods covered by an option for extended lease that is reasonably certain to be exercised are included.Cash and cash equivalentsCash and cash equivalents comprise of cash in hand, short-term deposits and other short-term highly liquid investments with maturity dates of less than three months. Bank overdrafts are included within borrowings in current liabilities on the balance sheet.Restricted bank deposits are funds on separate bank accounts for tax deductions.Assets Held for SaleNon-current assets held for sale consist of vessels that have been decided to be disposed of, by sale or otherwise, and the sale is considered highly probable. Non-current assets classified as held for sale are measured at the lower of their previous carrying amount and their fair value less expences of disposal. Any excess of the carrying amount over the fair value less expences of disposal is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale.Treasury SharesThe nominal value of treasury shares held is deducted from registered share capital. Any differences between the nominal value and the acquisition price of treasury shares, together with any gains or losses on transactions therein, are recorded directly to reserves. ProvisionsProvisions are made in the financial statements if the Group considers it more likely than not, based on the legal provisions or business liabilities of past events, that an outflow of resources will be required to cover its liabilities and if the amount can be accurately estimated. All provisions are reviewed at balance sheet date and adjusted, if necessary, to reflect best estimate. In instances where the timeframe may be of significance, a provision is made for the current value of future payments to cover liabilities.Excess Values ContractsIdentified excess values in charter contracts acquired through business combinations are classified as intangible fixed assets and are amortized over the remaining duration of each charter contract.TaxTax consists of tax payable and changes in deferred tax. Tax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.Operations on foreign continental shelves are, in a number of cases, taxable to the state of operation. In such cases the tax is computed according to the tax legislation of the current state, combined with any double taxation avoidance agreement between the state where the ship owner is registered and the state where the operation is performed. Income tax based on a net result is classified as income tax. Other taxes are classified as contract related expenses.Deferred tax is calculated using the liability method at tax rate expected to be applied of all temporary differences between the taxable value of assets and liabilities and their booked amounts at the end of the accounting year. Any temporary differences that may increase or decrease tax are offset and recorded as a net figure.Deferred tax is calculated for assets and liabilities for which future realization will lead to tax payable.The recognized amount of deferred tax assets is reviewed at each balance sheet date. If it is no longer likely that adequate taxable profit will be generated, then the deferred tax asset will be reduced. Anticipated utilization of tax losses are not discounted when calculating the deferred tax asset.Pension Obligations The Group has a defined benefit plan for seafarers and administrative personnel, and a contribution plan foradministrative personnel hired after 1 January 2007, which is recognized in profit and loss when incurred. The liability of the defined benefit pension plan is the present value of the defined benefit liability at the balance sheet date minus the fair value of plan assets. The defined benefit liability is calculated by independent actuaries using the projected unit credit method and is measured as the present value of the estimated future cash outflows using interest rates of government securities that have terms maturing at the same time as the liability. The expence of providing pensions is charged to profit and loss to spread the regular expence over the working lives of the employees. Actuarial gains and losses are recognized in comprehensive income in the period they occur.Income from Contracts with Customers - Charter Rental IncomeIncome and expenses relating to charter contracts are apportioned according to the number of days for each contract occurring before and after the end of the accounting period. The contract begins when the vessel is \u201cdelivered\u201d to the charterer and ends when the vessel is \u201credelivered\u201d. Freight income is recorded net after deduction for direct, contract-related charter expence. Any loss on contracts is accrued when a loss is probable. Income from bareboat agreements is regulated by IFRS 16. The time charter contracts contains both a lease component that is regulated by IFRS 16 and a service component that is regulated by IFRS 15. Both the lease component and the service component are recognized together as income in operating income (ref. note 4 for split). Leases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Lease income for the leasing of vessels is recognized as operating leases and recognized in the income statement on a straight-line basis over the lease period. The lease period commences from the time the ship is made available to the tenant and terminates upon agreed return. Mobilization and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel. No performance obligation is fulfilled at that time, and the fees are classified as prepayments and amortized over the contract period. Related mobilization cost and expected demobilization costs, and other costs incurred to be able to fulfil a contract, are also amortized over the contract period.DividendsDividends are recognized when the shareholder\u2019s right toreceive the payment is established (by resolution at the general meeting).Other IncomeOther income, such as commissions and management fees, are recognized in the period in which the performance obligations are being satisfied.Government GrantsGrants related to the net tax agreement and crew subsidiaries are recorded as a reduction in expences. Insurance ClaimsFor damage and averages on the Group\u2019s vessels and equipment, resulting in payments from insurance companies, compensation is presented net with the corresponding expense. Reimbursable and expenses are recognized and classified in accordance with the type of expences, while compensation is presented separately as a reduction in expences.Related Party TransactionsAll transactions and agreements with related parties are on an \u201carm\u2019s length\u201d basis in the same way as transactions with third parties.InventoriesInventories consists mainly of bunkers onboard the vessels. Inventories are valued at the lower of cost price and net realizable value. First-in-first-out method is used.Earnings Per ShareThe calculation of basic earnings per share is based on the majority\u2019s share of the result using number of shares outstanding at the end of the year after deduction of the average number of treasury shares held over the period. Cash FlowThe Group applies the indirect method. Investment in shares and other liquid assets with maturity over three months are not included under cash equivalents.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__5": { "value": "Note 1 - Accounting PrinciplesThe Group, Solstad Offshore ASA (\u201cSOFF\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway, and its main activities are the operation of offshore service and construction vessels. The Group is listed on Oslo Stock Exchange. The financial statements were approved by the Board of Directors on 30 March 2023 and will be presented for approval in the Annual General Meeting. Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) and interpretations by the International Accounting Standards Board (IASB) which have been approved by the European Union (EU).The consolidated financial statements have been prepared on a historical expences basis, except for debt related to non core vessels and shares that have been measured at fair value and are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Going ConcernThe annual accounts are prepared on the assumption of a going concern. The going concern assumption until end of March 2024 is based on the level of cash and cash equivalents and equity at year end 2022, terms and conditions of the banking and borrowing facilities, the forecasted cash flow prognosis for the Group and the solid backlog position as of 31 December 2022. Estimates shows that there is sufficient liquidity in the Company until final maturity of the fleet loan and Maximus residual claim due end-March 2024. The fleet-loan agreement includes a mechanism for deferring 2023-installments. The Company does not expect to settle first instalment of the fleet-loan 31 March 2023.The Group has seen continued strengthening of the marked during the year despite of a challenging macroeconomic environment. With an expected continued strong energy market, and the high focus on energy transition, we also expect an active offshore marked in the coming period. Due to the macroeconomic environment, we see increase in expenses due to inflation and increased interest expenses for the Group.The group has started the process with refinancing and this process will continue in the coming period until maturity of the main portion of the external debt. The strategic move of divesting PSV business line strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position. A failure to refinance by the end of March 2024 will have a material adverse effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process, this may lead to a need for adjustments of the capital structure.Changes in Accounting PrinciplesThe Group has not implemented or early adopded any new accounting standards or otherwise made any significantchanges to account principles during 2022.Approved IFRS and IFRIC Interpretations not yetImplementedAmendments to IAS 1 and IFRS Practice Statement 2 - Accounting policy disclosureIn February 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2 Making Materiality Judgements, in which it provides guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their \u2018significant\u2019 accounting policies with a requirement to disclose their \u2018material\u2019 accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures. The amendments to IAS 1 are applicable for annual periods beginning on or after 1 January 2023 with earlier application permitted. Since the amendments to the Practice Statement 2 provide non-mandatory guidance on the application of the definition of material to accounting policy information, an effective date for these amendments is not necessary. The Group is currently revisiting their accounting policy information disclosures to ensure consistency with the amended requirements.Amendments to IAS 1 - Classification of Liabilities as Current or Non-currentIn January 2020, the IASB issued amendments to IAS 1 to clarify the requirements for classifying liabilities as current or non-current. The amendments clarified how an entity classifies debt and other financial liabilities as current or non-current in particular circumstances. The amendments to IAS 1 are effective for reporting periods beginning on or after 1 January 2024. The amendments are applied retrospectively in accordance with IAS 8 and earlier application is permitted.ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of December 31st each year. Any deviating accounting principles are adjusted for in this consolidation.The Group accounts present the total profit & loss and financial position of Solstad Offshore ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Offshore ASA has control. Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Generally, there is a presumption that ownership of more than 50 percent of the voting shares results in control. To support this presumption and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee including: contractual arrangements with other vote holders of the investee, rights arising from other contractual arrangements, and the Group\u2019s voting rights and potential voting rights.Subsidiaries are consolidated 100 percent line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of subsidiaries are accounted for using the acquisition method of accounting. The purchase price is allocated to identifiable assets and liabilities from the subsidiary and is recognized at fair value in the consolidated accounts at the acquisition date. Any excess expences of acquisition over the fair value of the net identifiable assets of the subsidiary acquired calculated at the date of handover, will be recognized as goodwill. If the expences of the acquisition is less than the fair value of the net assets of the subsidiary acquired calculated at the date of handover, a day-one-gain will be recognized as income.All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. In the consolidation, the profit and loss accounts of foreign subsidiaries, not using NOK as functional currency, are translated using the exchange rate on the day of transaction. The balance sheet is translated using the balance sheet date exchange rate. The exchange differences arising on translation for consolidation are recognized in other comprehensive income (OCI).The non-controlling interest in equity is reported separately in the consolidated financial statements.Investments in Associates and Joint VenturesThe Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. An associate is an entity in which the Group has significant influence, but which is not a subsidiary. A joint venture is an entity in which the Group has joint control through entering into an agreement of joint control, requiring unanimous consent in strategic decisions (decisions relating to relevant activities).The reporting dates of the associates, joint venture and the Group are the same and the same accounting principles are applied.Investments in an associate and joint ventures are recorded in the balance sheet at expence plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any impairment in value. The profit and loss for the Group reflects the associates\u2019 share under finance, and joint ventures\u2019 share of profits under operating expences. Changes recorded directly in the associates\u2019 or joint ventures\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI. Financial InstrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial LiabilitiesFinancial liabilities are initially recognized at fair value and subsequently measured at amortized expences except for financial liabilities at fair value through profit of loss (FVTPL). Such liabilities, including debt related to non core vessels shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortized expences using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.Classification of Items in the Balance SheetCurrent assets and short-term debt are items which mature within one year of the balance sheet date as well as any items relating to the normal operating cycle. The short-term portion of the long-term debt and other liabilities for which there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period are classified as current liabilities. Investments in shares hold for trading, not considered as strategic, or are expected to be disposed are classified as current assets. Cash and cash equivalents are classified as current assets, unless restricted from being used during the following 12 months. All other assets and liabilities are classified as long-term assets and liabilities.Foreign Currency TranslationThe functional and presentation currency of Solstad Offshore ASA is Norwegian Kroner (NOK). Transactions in foreign currencies are recorded at the currency rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet date. Differenves araising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items such as vessels that are measured in terms of historical expences in a foreign currency are translated using the exchange rate at the date of initial transaction. Group CompaniesOn consolidation, assets and liabilities of Companies with a functional currency other than NOK is translated at the rate of exchange at the balance sheet date. The profit and loss statement is translated at exchange rates at the date of the inital transaction. Any translation adjustments are included in comprehensive income.The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.21 11.888 8.819 9.989 1.583 6.397Per 31.12.22 11.854 9.857 10.514 1.865 6.700Segment InformationThe Group reports internally on operating- and geographical segments. The operating segments are divided into the following four segments:\u2022 AHTS: anchor handling vessels\u2022 PSV: platform supply vessels\u2022 Subsea\u2022 RenewableThe Group has extended reporting segments as a response to the Group\u2019s strategy. The Group owns and operates AHTS, PSV and CSV vessels. The different types of vessels operate in different markets, and management review operating results within these markets. The Group focuses on the renewable market, and as a consequence vessel operating renewable contracts has been highlighted as a separate segment. The segments coincide with the operational structure of the Company, being four departments responsible for each segment. Comparative figures have been restated.Any other activities, including vessels under construction, are included in a separate segment. Overhead expences are apportioned between the segments based on the share of operating expenses. All accounting policies applied in the segment reporting are the same as used in the Group reporting.The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.New Build ContractsInstalments on new build contracts are recorded in the balance sheet as fixed assets. Expences related to the on-site supervision and other pre-delivery construction expences including construction loan interest are capitalized per vessel. The depreciation starts from when a new build is delivered from the yard.LeasesRight-of-use-assetsRight-of-use-assets are recognized at expences, lessdepreciation and impairment losses at the commencement of the lease. The expences of the assets includes the recognized lease liabilities, initial direct expences, and lease payments made prior to commencement. Straight-line depreciations over the lease term are used, unless the Company is reasonably certain to obtain ownership of the assets at the end of the leasing period, in which case straight-line depreciations over the estimated economic life of the assets are used. The assets are subject to impairment assessments under the same principles as other assets.The Group primarily leases vessels, but also has lease contracts related to various offices used in its operations. Lease liabilitiesLease liabilities are recognized at the commencement of the lease measured at the present value of lease payments over the lease period. The lease payments include both fixed and variable lease payments. If a purchase option is likely to be exercised, the option price is included. Variable lease payments that do not depend on an index are recognized as expense in the period when the payment trigger occurs.When calculating present value of the lease the incremental borrowing rate at the beginning of the lease is used, if the implicit rate is unavailable. Subsequently, the amount of the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. The liability is remeasured if modifications or changes to the lease terms occur.Contracts with renewal optionsThe Company determines the lease term as the non-cancellable part of the lease. In addition, any periods covered by an option for extended lease that is reasonably certain to be exercised are included.Cash and cash equivalentsCash and cash equivalents comprise of cash in hand, short-term deposits and other short-term highly liquid investments with maturity dates of less than three months. Bank overdrafts are included within borrowings in current liabilities on the balance sheet.Restricted bank deposits are funds on separate bank accounts for tax deductions.Assets Held for SaleNon-current assets held for sale consist of vessels that have been decided to be disposed of, by sale or otherwise, and the sale is considered highly probable. Non-current assets classified as held for sale are measured at the lower of their previous carrying amount and their fair value less expences of disposal. Any excess of the carrying amount over the fair value less expences of disposal is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale.Treasury SharesThe nominal value of treasury shares held is deducted from registered share capital. Any differences between the nominal value and the acquisition price of treasury shares, together with any gains or losses on transactions therein, are recorded directly to reserves. ProvisionsProvisions are made in the financial statements if the Group considers it more likely than not, based on the legal provisions or business liabilities of past events, that an outflow of resources will be required to cover its liabilities and if the amount can be accurately estimated. All provisions are reviewed at balance sheet date and adjusted, if necessary, to reflect best estimate. In instances where the timeframe may be of significance, a provision is made for the current value of future payments to cover liabilities.Excess Values ContractsIdentified excess values in charter contracts acquired through business combinations are classified as intangible fixed assets and are amortized over the remaining duration of each charter contract.TaxTax consists of tax payable and changes in deferred tax. Tax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.Operations on foreign continental shelves are, in a number of cases, taxable to the state of operation. In such cases the tax is computed according to the tax legislation of the current state, combined with any double taxation avoidance agreement between the state where the ship owner is registered and the state where the operation is performed. Income tax based on a net result is classified as income tax. Other taxes are classified as contract related expenses.Deferred tax is calculated using the liability method at tax rate expected to be applied of all temporary differences between the taxable value of assets and liabilities and their booked amounts at the end of the accounting year. Any temporary differences that may increase or decrease tax are offset and recorded as a net figure.Deferred tax is calculated for assets and liabilities for which future realization will lead to tax payable.The recognized amount of deferred tax assets is reviewed at each balance sheet date. If it is no longer likely that adequate taxable profit will be generated, then the deferred tax asset will be reduced. Anticipated utilization of tax losses are not discounted when calculating the deferred tax asset.Pension Obligations The Group has a defined benefit plan for seafarers and administrative personnel, and a contribution plan foradministrative personnel hired after 1 January 2007, which is recognized in profit and loss when incurred. The liability of the defined benefit pension plan is the present value of the defined benefit liability at the balance sheet date minus the fair value of plan assets. The defined benefit liability is calculated by independent actuaries using the projected unit credit method and is measured as the present value of the estimated future cash outflows using interest rates of government securities that have terms maturing at the same time as the liability. The expence of providing pensions is charged to profit and loss to spread the regular expence over the working lives of the employees. Actuarial gains and losses are recognized in comprehensive income in the period they occur.Income from Contracts with Customers - Charter Rental IncomeIncome and expenses relating to charter contracts are apportioned according to the number of days for each contract occurring before and after the end of the accounting period. The contract begins when the vessel is \u201cdelivered\u201d to the charterer and ends when the vessel is \u201credelivered\u201d. Freight income is recorded net after deduction for direct, contract-related charter expence. Any loss on contracts is accrued when a loss is probable. Income from bareboat agreements is regulated by IFRS 16. The time charter contracts contains both a lease component that is regulated by IFRS 16 and a service component that is regulated by IFRS 15. Both the lease component and the service component are recognized together as income in operating income (ref. note 4 for split). Leases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Lease income for the leasing of vessels is recognized as operating leases and recognized in the income statement on a straight-line basis over the lease period. The lease period commences from the time the ship is made available to the tenant and terminates upon agreed return. Mobilization and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel. No performance obligation is fulfilled at that time, and the fees are classified as prepayments and amortized over the contract period. Related mobilization cost and expected demobilization costs, and other costs incurred to be able to fulfil a contract, are also amortized over the contract period.DividendsDividends are recognized when the shareholder\u2019s right toreceive the payment is established (by resolution at the general meeting).Other IncomeOther income, such as commissions and management fees, are recognized in the period in which the performance obligations are being satisfied.Government GrantsGrants related to the net tax agreement and crew subsidiaries are recorded as a reduction in expences. Insurance ClaimsFor damage and averages on the Group\u2019s vessels and equipment, resulting in payments from insurance companies, compensation is presented net with the corresponding expense. Reimbursable and expenses are recognized and classified in accordance with the type of expences, while compensation is presented separately as a reduction in expences.Related Party TransactionsAll transactions and agreements with related parties are on an \u201carm\u2019s length\u201d basis in the same way as transactions with third parties.InventoriesInventories consists mainly of bunkers onboard the vessels. Inventories are valued at the lower of cost price and net realizable value. First-in-first-out method is used.Earnings Per ShareThe calculation of basic earnings per share is based on the majority\u2019s share of the result using number of shares outstanding at the end of the year after deduction of the average number of treasury shares held over the period. Cash FlowThe Group applies the indirect method. Investment in shares and other liquid assets with maturity over three months are not included under cash equivalents.Note 2 - Significant Judgements, Accounting Estimatesand AssessmentsThe preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses, and financial items during the reporting periods. Accounting estimates are employed in the financial statements to determine reported amounts. These estimates are based on management\u2019s best judgement and conditions considered to be realistic. Situations or changes may occur in the market which may result in changes to the estimates, thereby impacting the Group\u2019s assets, liabilities, equity and result.Assessments, estimates and assumptions which have a significant effect on the accounts are summarized below:Assets Held for SaleManagement\u2019s judgement based on an assessment of assets available for immediate sale, and where the Group is actively marketing for sale. Sale is also considered highly probable. The Group\u2019s strategy will impact the judgement, as well as the current market conditions. Divestment of PSVsThe Company performed an assessment regarding a possible PSV segment calssification as Held for Sale per year end 2022. The PSV vessels have not been marketed in an open market. Negotiations had been ongoing for a longer period of time. If the negotiations between the Company and current buyer would not lead to a transaction, it was not considered probable that the sale could be completed with another party within one year. Management and the Board have through the process and until February 2023 considered two possible outcomes in the decision-making, including and excluding the transaction. The transaction was subject to lender approval, in which was concluded in 2023. There was also uncertainty regarding approval from certain charterers.As of 31.12.22 there were still a lot of uncertainty and the \u201cHighly probable\u201d-requirement is not met, thus the vessels are not classified as held for sale. The Company signed an agreement for the sale of the PSV segment in March 2023. Expected closing of the transaction is in 2Q 2023.ConsolidationIFRS 10 contains a definition of control that is to be used when assessing whether investments are to be consolidated in the consolidated financial statements. Assessment of control involves the use of facts and judgment. Since 2021, this has been relevant in connection with ownership in Maximus Limited. The Group holds 100 percent of the shares in the entity but is not represented in the board and has not control over the relevant activities. The shares are plegded which gives the creditors far-reaching authorizations already from day one. Based on an overall assessment, where all relevant factors have been considered, the conclusion is that the investments do not represent control in accordance with IFRS 10. The company is therefore not consolidated and accounted for as investment in shares.Determining the Lease Term of Contracts with Renewal and Termination OptionsWhen entering into new lease agreements, management assesses the probability that options will be executed. The result will impact the lease period and installments, which in turn impacts the lease liability, right-of-use asset and period lease interests. This judgement is based on the Group strategy, market conditions and a set of alternative scenarios. Lease Classification \u2013 Group as LessorThe Company\u2019s income mainly derive from offering vessels and maritime personnel to customers worldwide. Contracts with customer is based on a day rate for hire of the vessel. Management assesses whether a contract is to be recognized as a financial lease or an operational lease. This judgement is based on terms and conditions, including length of the contract and applicable contractual risks for the Group. The Group has no contracts recognized as financial lease as of 31. December 2022. VesselThe carrying amount of the Group\u2019s vessels represents 80 percent of the total balance. Consequently, judgements and estimates linked to the vessels have a significant impact on the Group\u2019s financial statements. Depreciation is calculated on a straight-line basis over the useful life of the asset. Depreciable amount equals historical cost less residual value.Useful Life of VesselsThe depreciation depends on the estimated useful life of the vessel. The Group\u2019s policy is that useful life is 20 years. This is based on strategy, experience and knowledge of the types of vessels under the Group\u2019s control. For some vessels useful life may be considered higher or lower than 20 years, dependent on the specific plan for the vessel. This is subject for managements judgement. Incentives to prolong the useful life, in respect of possible future changes in environmental requirements, is a continuously process. Residual ValueThe level of depreciation depends on the residual value of the vessel. Assumptions concerning residual value are made based on knowledge of the market for secondhand vessels. The estimate of residual value is based on a market value of a charter free vessel less sales related expenses. Fair values are based on estimates obtained from three independent brokers. Further adjustments are made to account for age of the vessel, with a factor starting from 50 percent and increasing to 100 percent as the vessels age increase to useful life. Changes in environmental requirements may impact the residual value, and economical lifetime, but the Group has implemented several measures to ensure the fleet will be in compliance with changes in such requirements. To maintain the residual value, vessels are modified to be competitive in the market, and maintain secondhand price.Impairment test of VesselsFor the purpose of assessing impairment for vessels, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, CGU). Each vessel together with associated contracts is considered aseparate CGU.Test for impairment is performed for all vessels. For vessels in the category \u201cDivestment\u201d in the forecasts, a simplified impairment test is performed, based on broker values. Brokers value is set as an average of three acknowledge and independent brokers. The brokers estimates are based on their judgement of the market, \u201cwilling buyer and willing seller\u201d. Assets held for sale are measured at the lower of its book value and fair value less costs to sell at the time of reclassification. Value in UseEstimated cash flows are based on next year\u2019s budgets per vessel and forecasted earnings going forward. For eachvessel, a budget and five years plan are prepared. The budget process is detailed and includes approvement up to the board of directors. Estimated future cash flows are based on historical performance per vessel, in combination with current market situation and future expectations. For the period after the five-year plan, internal and external analyses together with historical performance serve as a decision basis for managementsjudgements. Critical assumptions in the assessment are related to WACC and income rates/utilization. For vessels on firm contracts over the period, the assumption is that the contracts run up until expiry. Customer\u2019s execution of options is weighted to include uncertainty in the expected cash flow. For vessels without contract, assumptions derived from comparable vessels and contracts in combination with other market information are considered when estimatingfuture income. Management\u2019s assumption is that markets are normalized to historical rates, with a gradual increase over the remaining period. Discounting RateThe discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the ten-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Western Europe). The debt element of the discounting rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The rate is a pre-tax rate. The discounting rate used for 2022 is 11 percent. Financial LiabilitiesFinancial liabilities are initially recognized at fair value. The methodologies applied for fair value calculations include assessments and estimations based on available market data, such as the level of interest rates, interest rate margins and credit spreads at the date of recognition. These estimates are based on Management\u2019s knowledge combined with advice obtained from professional external specialists. Please also refer to Note 9.ProvisionsProvision for liabilities of uncertain timing or amount is based on collating information on a case by case basis. The probability of a contingent liability occurring which would affect the provision is evaluated. The discounting rate used for liabilities is based on a risk-free interest rate, adjusted to the maturity date.Climate and Regulatory RisksIn preparing the financial statement, the Group, has considered the impact of regulatory changes in particular in the context in climate change risks. The considerations did not impact our judgement and estimates in the current year. When preparing financial statements future cashflow impact of climate risks are also considered. The most important key assumptions and sources of uncertainties identified are: \u2022 Usefull life of vessels\u2022 Residual value of vessels\u2022 Cash flow from operations\u2022 Short term and long term investmentsPlease also refer to Note 7.Maximus LeaseWhen entering into new lease agremments the group assesses whether the new lease should be accounted for as a seperate lease contract or if it is a modification of the existing lease. For this assessment the substance of the agreements should be considered, and the Group has concluded that the combination of the two contracts would lead to a more faithful presentation of the transaction. Solstad maintained operational control of the vessel throughout the process, and related contracts were negotiated in contemplation of each other such that the overall economic effect cannot be understood without reference to the series of transactions. Based on this the new lease has been accounted for as a modification of the existing lease in accordance with the priniciples in IFRS 16. In determining the lease term, management considered all facts and circumstances that created an economic incentive to exercise an purchase option or an extension option. For the new lease for Maximus the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation.The incremental borrowing rate on commencement date was considered to be 11 %.Refer to note 1, section \u201cLeases\u201d for further details on accounting principles. Refer to note 6 and 8 for further details on the transaction and accounting effects. Note 3 - Major Transactions / EventsMajor Transactions / Events in 2022Sale of vesselsDuring the year, the Group has disposed of the remaining 13 vessels classified as non-strategic, in addition three core vessels has been sold.Fleet RenewalThe Company has since 2017 installed battery hybrid solutions to reduce emissions to the environment. During 2022 another two vessels were upgraded so per year end 2022 the company has a total of ten battery hybrid vessels. In addition, another nine vessels have shore power installed. Normand MaximusIn October 2022 a new lease agreement was executed for Normand Maximus, securing the vessel being a part of the Solstad Group. The transaction was accounted for as a modification of a lease according to IFRS 16. Refer to note 2, 6 and 8 for further details on the transaction. Additional ServicesStrengthened the Company\u2019s strategic presence in the offshore services market by establishing JV partnetships with \u00d8stensj\u00f8 and DeepOcean (Remota JV), and Omega (Omega JV).The War in UkraineIn February 2022, Russian armed forces invaded Ukraine. The Group was present in Ukraine with an office managing crewing services within the Group, and employes approx. 400 ukrainian crew. None of the Groups offshore operations was affected of the outbreak of the war. Management has throughout the year handled the development proactively, including sanctions and direct and indirect impacts. The onshore services performed in Ukraine was foreced to be performed outside Ukraine.Major transactions / events in 2021Windstaller AllianceTogheter with our partners in Aker Solutions and DeepOcean, Windstaller Alliance was launched in October 2021. The partnership aims to provide the world\u2019s most cost-efficient and complete product supply, fabrication and marine services offering within offshore wind. The alliance will also pursue other offshore renewable segments, and hence strenghten Solstads presence furter within offshore wind.Sale of VesselsThroughout the year, the Group has disposed of 23 out of 37 vessels classified as non-strategic. As of year end 2021, a total of 25 of 37 vessels classified as non-strategic has been disposed. Two vessels were sold in 2020. Fleet RenewalThe Company has per year end 2021 installed battery hybrid or shore power solutions to reduce emissions to the environment on 11 vessels and plan to increase this substantially with the new investment program being the leading Company in Green OperationsNormand MaximusIn May 2021, full settelement was agreed with Saipem on the termination fee, MUSD 44.3, for \u201cNormand Maximus\u201d charter. The financing of the vessel has entered into standstill pending the ongoing refinancing.CovidCOVID-19 has been a challenge for the majority of 2021 as it has affected both the market and the operational aspect of our industry. Crew changes have in some cases been impacted significantly due to travel restrictions and in some cases, vessels have been infected by the virus which has caused down time and subsequent cost for crew changes and cleaning. The impact has been limited to a minimum as the Company has proactively worked on preventive measures since the early start of the pandemic.Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 7 - Tangible Fixed AssetsVessel Fixture TotalAcquisition cost 01.01.2022 30,427,908 205,135 30,633,043Acc. depreciation/ impairment 01.01.2022 -13,041,408 -178,826 -13,220,234Book value 01.01.2022 17,386,500 26,309 17,412,809Additions 124,912 7,282 132,194Disposals-20,771 - -20,771Transferred- - -Transfer to asset held for sale-471,725 - -471,725Disposal of acc. depreciations/ impairment- - -Translation differences34,383 -288 34,095Cost price 31.12.202230,094,706 212,130 30,306,836Acc. depreciations/ impairment 31.12.2022-13,280,522 -183,747 -13,464,269Carrying value 31.12.202216,814,184 28,383 16,842,567Depreciation current period-835,881 -4,921 -840,803Impairment current period596,768 - 596,768Vessel Fixture TotalAcquisition cost 01.01.2021 32,277,692 205,255 32,482,947Acc. depreciation/ impairment 01.01.2021 -13,561,561 -171,990 -13,733,551Book value 01.01.2021 18,716,131 33,265 18,749,396Additions 71,157 - 71,157Disposals -1,835,095 -90 -1,835,185Transferred - - -Transfer to asset held for sale -172,313 - -172,313Disposal of acc. depreciations/ impairment1,478,706 - 1,478,706Translation differences 86,467 -30 86,437Cost price 31.12.202130,427,908 205,135 30,633,043Acc. depreciations/ impairment 31.12.2021-13,041,408 -178,826 -13,220,234Carrying value 31.12.202117,386,500 26,309 17,412,809Depreciation current period-893,504 -6,836 -900,340Impairment current period-65,049 - -65,049Capitalized periodic maintenance2022 2021Capitalized periodic maintenance at 01.01 677,518 760,223Additions this year 408,131 221,392Disposal this year -13,077 -25,789Transfer to asset held for sale - -4,221Depreciation this year-292,009 -271,098Impairment this year - -Translation differences8,974 -2,989Capitalized periodic maintenance at 31.12789,537 677,518Each part of a fixed asset that is significant to the total expence of the item are separately identified and depreciated over that component\u2019s useful lifetime. Assumed physical lifetime for all categories are 30 years, while estimated useful life is 20 years. Estimation of residual value are based on marked values/ brokers values in the beginning of the year. The brokers values, sales related expenses deducted, are multiplied with a factor dependent on the vessels age. The factor is 50 percent for a new build, increasing to 100 percent for a 20 year old vessel. Periodic maintenance is depreciated over the period until the next planned interimand main docking takes place, respectively. The normal interval is five years for both interims- and main docking. The depreciation rate for other equipment is 15-25 percent. Vessels with a book value of MNOK 17,604 (MNOK 18,064 in 2021) are held as a guarantee for the Group\u2019s loans, see note 6. There is no capitalized interest in 2022 or 2021.Impairment valuation of fixed assetsQuarterly, the Group assess whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist the recoverable amount of the assets are estimated.The current market shows improved commercial terms, especially in the CSV/renewable segment, but at the same time high inflation rates give increased cost levels. These factors indicate need for revaluation of the vessels.The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels. Fair value is calculated using broker values unless there are available estimates for sales values. Broker value is set as an average of 3 acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast. For a majority of the vessels, value in use was the basis for the recoverable amount.Discounting rateThe discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the 10-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Western Europe). The debt element of the discounting rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The discounting rate used for 2022 is 11 %. Income assumptionsFor vessels having firm contracts, revenue is based on the current contracts. For vessels without firm contracts, and for vessels where the firm contract expires during the period, revenue is based on expected utilization and charter day rates over the prognosis period. Dayrates are expected to gradually increase over the prognosis periode. Market rates after year end gives support to estimated rate levels in the early prognosis periode. Market uncertainty is reflected in the assumptions, based on managements assessment and market analysis provided from independant third parties. InflationNo inflation of income in 2023, while operating expense is adjusted for inflation by 2 percent. This is consistent throughout the prognosis period.Residual valuesEstimated residual values used in the value in use calculations are set using the same principle as for the ordinally depreciations. Initially the value is set to 50 percent of cost price, expected cost of sale deducted, and adjusted according to changes in broker valuations. The assumption is that the broker values decline by 2,5 percent per year, until the vessel is 20 years old. It is assumed that the vessels are disposed after 20 years in operation. Average life of the core fleet is 12 years, with respectively 13 years average for the CSV and AHTS vessels and 10 years for the PSV vessels. Impairment testingThe Group recognized a total net reversal of impairment of MNOK 556 in 2022 in Impairment of fixed assets. Impairment of MNOK 33 is related to Normand Maximus, further reference is made to Note 8 \u2013 Right-of-use assets, and impairment of MNOK 8 is related to impairment of inventory.The impairment reversal of MNOK 597 for tangible fixed assets is related to two segments, CSVs and PSVs. The market has shown improved commercial terms and high utilization during 2022. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 679 on 13 CSV has been taken based on value in use-calculations. One CSV is impaired with MNOK 54 due to reduced earnings in the forecasts. Following the sale of the majority of the PSV-fleet, the recoverable amount for the vessels involved in the transaction was calculated at estimated fair market value less cost to sell. This resulted in an impairment of MNOK 566 for 19 of the vessels and a reversal of impairment of MNOK 538 of 11 vessels.Sensitivity and scenario calculationsThe sensitivity of the value-in-use-calculations for the vessels is analyzed by altering the key assumptions; discounting rate, utilization and day rates. A change of discounting rate by +1% point and +2% points indicates potential additional impairment of MNOK 16 and MNOK 219, respectively. A yearly change in dayrates or utilization for the prognosis periode bringing the income down by 3-6%, indicates potential addional impairment by MNOK 19-118. The group has recognized significant impairments on the vessels during the last years, but due to improved market conditions, significant reversals has been taken in 2022 for the CSV fleet. If rates/utilization increases more rapidly than Group\u2019s expectations the vessel values are sensitive to further reversals of previous year\u2019s impairment.Climate-related mattersThe Group constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material effects are identified for the prognosis periode. Short and medium-term change issues are not expected to have any significant effect on Solstad\u2019s OPEX. Higer fuel price due to CO2 levels or the cost of green fuels will for the most part be forwardedto out clients.For short term sustainability goals to be met conversion to battery hybrid and installation of shore power is the most important initiatives. Forecasts for the vessels and segments include green investments, and as such these are included in the assessments of impairment and reversal of impairment. For long term sustainability goals to be met newbuild programs or new technology has to be implemented. There is limited newbuild-programs, and the technology is not available, and it is unlikely that significant additional capacity will be added in the market in short term. Based on this the Group assess that residual values and economic lifetime of existing vessels are not materially reduced in todays market. This could however change in the future. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required. Reference is also made to Note 21.Gain/loss on sale of assetsThe Group has disposed 16 vessels in 2022, where 13 was classified as \u201dnon-strategic\u201d and in line with the restructuring plan for the Company. The net gain of 152.5 booked in Net gain/loss on sale of assets is mainly related to the three core vessels sold. Assets held for sale Assets held for sale comprise of 3 vessels which the Group has sold in 2023 (1 CSV, 1 AHTS, 1PSV). The sales were considered highly probable at year end 2022 as MoA was signed for two of the vessels, and for the third vessel the negotiations was close to finilazitaion. Carrying value at year end is MNOK 412.1, which is the lower of carrying value and fair value less cost to sell. No impairment or reversal of prior year impairment has been recognized for the vessels in 2022. The Group has sold 13 vessels in 2022, that was classified as Held for sale in 2021. A loss of MNOK 9 has been booked in net gain/loss on sale of assets in 2022 related to these transactions. Note 8 - Right-of-Use AssetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions2,076 - 2,076 -Disposals - - - -Translation differences 321,864 3,127 324,991 222,216Depreciation -176,731 -27,406 -204,137 -Impairment -32,710 - -32,710 -Interest expense- - - 233,521Lease payments- - - -438,500Closing balance 31.12.20223,159,924 185,889 3,345,813 3,712,076Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2021 2,212,854 244,468 2,457,322 2,814,242Other adjustments - - - -10,839Additions 107,855 - 107,855 75,558Disposals - - - -332Translation differences 72,953 -4,230 68,722 78,845Depreciation -64,158 -28,554 -92,712 -Impairment 20,000 - 20,000 -Interest expense- - - 176,480Lease payments- - - -389,671Closing balance 31.12.20212,349,503 211,683 2,561,187 2,744,284The following are the amounts recognised in profit or loss:2022 2021Depreciation expense of right-of-use assets 204,137 92,712Interest expense on lease liabilities 233,521 176,480Variable lease payments expensed in the period* 50,238 44,625Operating expenses in the period related to short-term leases 214 60Total lease expenses included in other operating expenses488,110 313,877*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 312 in 2022 (MNOK 434 in 2021).Impairment testing of Right-of-use assetsBased on value-in-use-calculations an impairment of MNOK 33 was recognised in 2022 (reversal of impariment of MNOK 20 in 2021). Further reference is made to Note 7 Tangible Fixed Assets, and Normand Maximus paragraph below.Normand MaximusReference is made to note 6 \u2013 Mortgage Debt and Other Liabilities. The changes to the leasing arrangement for Normand Maximus is accounted for under IFRS 16. It is assessed as a modification of the bareboat charter contract on the effective date of the new contract (18 October 2022) in accordance with the requirements in the standard. This resulted in an increase in the leasing obligation of MNOK 952 (including a reclassification of trade payables to leasing obligation of MNOK 251), and a corresponding increase in right of use asset of MNOK 695. The residual claim is included in the lease obligation. An impairment assesment was performed, and the value-in-use calculation resulted in an impairment of MNOK 138 in October 2022. Based on the value in use calculation as of year end 2022 MNOK 105 of the impairment was reversed due to new contracts, and net impairment in 2022 is MNOK 33. The right of use asset for Maximus is MNOK 3,099 (MNOK 2,274 in 2021) and lease liability MNOK 3,424 (MNOK 2,424 in 2021). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MNOK 1,586, further reference is made to Note 6 - Mortage Debt and Other Liabilities. Variable lease paymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2022 was MNOK 50.2 (MNOK 44.6 in 2021).Group as a lessorAs mentioned in note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element inclu-des the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). For the future minimum rentals receivable under non-cancellable operating leases, see note 4. Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.Note 10 - Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses:2022 2021Technical cost 556,651 492,179Bunker and lube oil 176,519 144,171Insurance 121,765 107,643IT, communications and other costs 991,664 777,993Total other operating expenses 1,846,600 1,521,986Wages and personnel costs:Employees, vessels 2,288,609 2,044,482Employees, administration327,649 283,633Total employee cost2,616,259 2,328,115Wages and employee cost:Wages1,882,105 1,673,436Social security232,760 212,344Pension costs49,867 41,018Other benefits59,532 44,044Traveling costs, courses and other personnel costs391,995 357,273Total employee cost2,616,259 2,328,115Average number of FTEs3,539 3,478Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138Auditors EY2022 2021Statutory audit 11,823 16,160Other assurance services 2,839 1,660Other non-audit services 12,966 16,629Total 27,629 34,449Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.Note 11 - Government Grants2022 2021Net pay scheme at NOR-vessels 180,805 250,542Grants for environmental measures (ENOVA) 16,952 -Government grants 197,757 250,542Note 12 - Share in SubsidariesCondensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2022.Unless stated otherwise owner share is 100%Solstad Offshore ASASolstad Solship Invest Solstad Solship Shipholding AS3 AS\u00c5lesund ASASNM Maximus Shipholding ASLimited100 %*Solstad Shipowning Solstad Operations Solstad Management Solship Invest Solstad Brasil Solstad Subsea Holding ASHolding ASHolding AS4 ASHolding ASHolding ASSolstad Normand Solstad DESS Farstad do Brasil Normand Rederi ASDrift ASManagement ASInvest LtdNavegacao LtdaInstaller SA50 %Solstad Solstad Solstad Solstad Offshore Farstad Shipping Normand Supply ASMexico ASShipping ASCrewing Services Ltda Ships ASUkraine LtdFarstad Normand Solstad Australia Deep Sea Servicos Normand Ships Supply ASChartering ASPty LtdDeep Sea Supply Maritimos LtdaOperations ASLabuan LtdFarstad Shipping Solstad Offshore Solstad Offshore Deep Sea Supply Normand Pte LtdUK LtdAsia Pacific Pte LtdNavegac\u00e3o Maximus LtdMar\u00ectima LtdaSolstad Construction Deep Sea Supply Solstad Offshore Normand Maximus ASCyprus LtdSingapore Pte LtdSolstad Operations LtdBrasil ASSolstad ROHQ Solstad PhilippinesSolstad Subsea ASOffshore LtdaSolstad Offshore Normand Crewing Services Superior ASSolstad Servicos Pte LtdMaritimos LtdaSOFO Solstad Offshore Tonjer ASCrewing Services SOFO 25%Philippines Inc Tonjer IS Normand Maximus ASWindstaller Alliance AS 33 %Omega Subsea Robotics AS50 %* Further details refer to note 13Condensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2021.Unless stated otherwise owner share is 100%Solstad Offshore ASASolstad Solship Invest Farstad Solship Shipholding AS3 ASShipping ASASNM Maximus Shipholding ASLimitedSolstad Shipowning Solstad Operations Solstad Management Solship Invest Solstad Brasil Solstad Subsea Holding ASHolding ASHolding AS4 ASHolding ASHolding ASSolstad Normand Solstad DESS Farstad do Brasil Normand Rederi ASDrift ASManagement ASInvest LtdNavegacao LtdaInstaller SASolstad Solstad Solstad Solstad Offshore Farstad Shipping Normand Supply ASMexico ASShipping ASCrewing Services Ltda Ships ASUkraine LtdFarstad Normand Solstad Australia Deep Sea Servicos Normand Ships Supply ASChartering ASPty LtdDeep Sea Supply Maritimos LtdaOperations ASLabuan LtdFarstad Shipping Solstad Offshore Solstad Offshore Deep Sea Supply Normand Pte LtdUK LtdAsia Pacific Pte LtdNavegac\u00e3o Maximus LtdMar\u00ectima LtdaSolstad Construction Deep Sea Supply Solstad Offshore Normand Maximus ASCyprus LtdSingapore Pte LtdSolstad Operations LtdBrasil ASSolstad ROHQ Solstad PhilippinesSolstad Subsea ASOffshore LtdaSolstad Offshore Normand Crewing Services Superior ASSolstad Servicos Pte LtdMaritimos LtdaSOFO Solstad Offshore Tonjer ASCrewing Services SOFO Philippines Inc Tonjer IS Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469Note 14 - Insurance SettlementsWhen damages occur to vessels or equipment that are reported as insurance cases, the Group pays for the repairs in advance. The following compensation has been received from the insurance companies:2022 2021Received compensation 63,625 66,782Insurance deductible per damage is included in Other operating expenses.Freight revenue includes recognition of Loss of Hire-revenues of MNOK 62 and MNOK 36 for the two last years respectively.Note 15 - Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2022 75,608,658 75,609 -Share capital increase by convertion of debt 1,699,951 1,70031/12/2022 77,308,609 77,309 -01/01/2021 74,872,682 74,873 -Share capital increase by convertion of debt 735,976 73631/12/2021 75,608,658 75,609 -Capital increases by convertion of debt is through exercise of warrants issued by decision of the Company\u2019s general meeting held on 20 October 2020. Warrants will be excersised for any unsettled debt after disposal of vessels held for sale.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.At 31.12.21 the Company\u2019s share capital represents 75,608,658 shares at NOK 1.The number of shareholders at 31.12.22 was 10,919The number of shareholders at 31.12.21 was 7,482.The Chief Executive Officer holds 3,197,779 shares through Jarsteinen AS in addition to a right to subscribe 5,038,187 shares in the Company with a nominal value of NOK 1 per share. The subscription right expires 20.10.2023As at 31.12.2022 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2022 Number of shares OwnershipAker Capital AS 19,206,002 24.84 % DNB Markets Aksjehandel/-analyse 7,379,541 9.55 % Interactive Brokers LLC 4,550,647 5.89 %Skandinaviska Enskilda Banken AB 3,750,000 4.85 %Jarsteinen AS 3,197,779 4.14 %Magne Hystad 1,235,000 1.60 %The Export-Import Bank of China 1,13 9,842 1.47 %Nordnet Livsforsikring AS 1,057,775 1.37 %Sparebanken M\u00f8re 978,598 1.27 %Morten \u00d8stdahl 788,526 1.02 %Minority shareholders 34,024,899 44.01 %77,308,609 100 %Note 16 - Earnings Per ShareEarnings per share are calculated by dividing the Group result by the average number of shares as of 31.12, adjusted for the average stock of treasury shares. There are no instruments limiting the possibility of dilution.2022 2021Majority result from net profit for the year -1,113,016 -1,102,449Result from net profit for the year -1,117,803 -1,136,062Average number of shares 76,935,022 75,106,684Average number of Treasury shares 139 139Average number of shares to calculate earnings per share 76,934,883 75,106,545Earnings per share (NOK) - majority -14.47 -14.68Earnings per share (NOK)-14.53 -15.13Note 17 - Transactions with Related PartiesIn addition to general management services, the Group has the following transactions with related parties:Income Expenses Receivables Payables2022 2021 2022 2021 2022 2021 2022 2021Joint venture companiesNormand Installer SA - - - - 56,141 47,506 - -Other related partiesIvan Eiendom - - 11,684 11,975 - - - -Ocean Yield - - 50,205 44,625 - - - -American Shipping Company - - 77,772 - - - 75,957 -The Group\u2019s Affiliation with Related PartiesNormand Installer SA is a joint venture company in which the Group has a 50% share. Receivable relates to a shareholders loan.The Group leases offices and a warehose at market price from om a company controlled by a related party.The Group has two vessels on bareboat from Ocean Yield (company controlled by one of the larger shareholders). (Aker Capital AS, a wholly owned subsidiary of Aker ASA, sold it\u2019s entire shareholding in Ocean Yield in December 2021).The Group also has one vessel on bareboat from American Shipping Company (\u201cAMSC\u201d)(company owned 19.1 percent by one of the larger shareholders). From time to time the Group has business relationship with Aker BP ASA, a company affiliated with one of the larger shareholders.Board Members and the Company\u2019s Management are considered as related parties. There are no management agreements with related parties outside the Group that charge management fees.Transactions with related parties are completed at normal market prices. Interests are not calculated on outstanding balances with related parties considered to be normal accounts receivable or payable. Current assets are included in the ordinary evaluation of bad debt.Note 18 - Taxes2022 2021Taxes payable 56,896 24,424Under/over accrual of tax payable 37,637 1,241Change in deferred taxes 10,146 -Tax on ordinary result 104,679 25,665Apportionment of tax on ordinary resultNorwegian tax 10,146 -89Foreign 94,533 25,854Total tax 104,679 25,665Temporary differences:Fixed assets (vessels and other non-current assets) 5,205,848 2,903,778Receivables (current assets) -31,144 -29,140Other current assets - -106,444Other accruals -22,790 -22,680Pension -20,381 -25,864Tax position related to sold assets -718,640 -555,297Interest deductions carried forward -1,338,246 -2,109,997Unrecovered loss carried forward -21,100,343 -17,448,411Total temporary differences -18,025,696 -17,394,055Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 1,145, 287 638,831Receivables (current assets) -6,852 - 6,411Other current assets - -23,418Other accruals -5,014 -4,990Pension -4,484 -5,690Tax position related to sold assets -158,101 -122,165Interest deductions carried forward -294,414 - 464,199Unrecovered loss carried forward -4,642,075 -3,838,650Deferred tax asset not recognised 3,961,302 3,812,195Net deferred tax/ deferred tax asset (-) -4,351 -14,497Changes in deferred tax in the balance sheetOpening balance deferred tax -14,497 -5,581Booked to profit and loss 10,146 -Charged to equity (change pension) - -8,932Translation adjustment - 16End balance deferred tax/ deferred tax asset (-) -4,351 -14,497Payable tax in the balance sheet consist ofOther payable corporation tax 228,409 176,767Total payable tax in the balance sheet 228,409 176,767Analysis of effective tax rate22% of pre-tax result -222,887 -244,287Effect of deferred tax asset not recognised 149,107 211,889Correction of previous years 37,637 1,241Differential in tax rates foreign entities -1,094 5,249Permanent differences 141,916 51,574Estimated tax 104,679 25,665Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associated companies with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income.The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities, and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. At the end of the year the Group has included an MNOK 199 accural for expected taxes related to operations in foreign waters. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.Exit from the Norwegian tonnage tax regime was performed in 2020. The exit had effect from January 1st, 2016. An unrecorded loss carry forward of NOK 10 billion was claimed for the period from 2016 to 2018. Note 19 - PensionThe Group has defined benefit pension plans for seafaring personnel in United Kingdom and for some of the administrative personnel in Norway. The pension plans are insurance based. As at December 31, 2022, the pension plans have 7 active and 98 pensioners as members.The Group has a contribution plan for the majority of the seafaring personnel in Norway and administrative staff. The Group\u2019s pension scheme meets the requirements of the Norwegian law of Occupational pension.UKUKNORWAYNORWAY The following assumptions are used:2022 202120222021Discounted interest 4.85% 1.90% 3.00% 1.90%Expected return 3.00% 1.90%Regulation of salaries 3.45% 3.70% 3.50% 2.75%Regulation of base amount 3.25% 2.50%Regulation of pension 2.85% 3.00% 2.00% 2.50%2022 2021Changes in pension obligation:Estimated liability at beginning of the year 252,393 256,580Interest expense 4,567 1,548Annual pension earnings 1,464 3,306Curtailment / settlement - -Payroll tax employer contribution, assets -709 -613Benefits paid -13,823 -13,014Past service cost 877 -Actuarial (gain) / loss on the obligation -31,416 4,586Estimated liability at year end 213,354 252,393Changes in plan assets:Opening value of plan assets 226,529 231,565Expected return 3,779 2,611Curtailment / settlement - -Payroll tax of employer contribution, assets -156 -149Contributions by employer 5,026 4,344Benefits paid -11,629 -11,219Actuarial gain / (loss) -30,576 -623Estimated plan assets at year end 192,973 226,529Net plan assets/liabilities:2022 2021Pension liabilities 213,354 252,393Plan assets 192,973 226,529Net plan assets/ (liabilities) incl social security -20,381 -25,864Social security -2,519 -3,196Pension cost:Present value of pension obligation 1,014 1,132Interest expenses on obligation 4,567 3,306Expected return on plan assets -3,779 -2,611Administration expense 607 565Recognition of past service cost 877 -Settlement/curtailmen of net obligation - -Pension cost 3,286 2,392Payment on contribution plan 46,581 38,627Total pension cost 49,867 41,018Actual return on plan assets 26,797 1,988Acturial gain and loss (-)Total acturial gain / loss 840 -5,209Currency - -Tax effect 107 1,237Acturial gain / loss booked on Other comprehensive income 947 -3,971Pension liability for 2022 and 2021 is based on table K2013 for Norway and S2IA for UK.Individual pension agreementsFrom the merger with Farstad the Group has an individual pension obligation for four former employees and one former Chairman of the Board.A total liability of NOK 2.1 million is included in the net liability above (NOK 4.3 million in 2021).Plan assets are invested in a wide portfolio by an external insurance company. The insurance company is responsible for total administration of the pension plan.For both years the \u201cNorwegian Covered Bonds Market\u201d-interest rate is used as basis for determination of the discounting rate.Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.Note 21 - Environmental ConditionsAll of the company\u2019s vessels comply with current environmental requirements. In 2022, none of the company\u2019s vessels had conditions imposed on them for upgrading or improving technical equipment or any other measures necessary to satisfy current environmental standards.The company\u2019s HSE and ISPS system complies with international regulations (IMO\u2019s International Safety Management Code). All vessels and our administration hold ISM certification from Det Norske Veritas or relevant Flag State. The company\u2019s Quality Assurance system is certified in accordance to NS-EN ISO 9001:2000.Reference is made to note 2.Note 22 - Paid Out and Proposed Dividend2022 2021 2020Approved and paid out during the year:Ordinary dividend - - -Proposed dividend at general meeting:Ordinary dividend - - -Per share (NOK) - - -Note 23 - Other Long-Term Receivables2022 2021Sellers credit (note 5) 29,572 26,458Loan to other companies 536 718Other receivables 27,429 29,284Total other long-term assets 57,536 56,460Other receivables consist of advance travel card deposits and deposits for public taxes.Note 24 - Accounts Receivable and Other Short-Term Receivables 2022 2021Accounts receivable 1,228,901 815,182Receivable from associated and joint venture companies 3,586 1,564Total accounts receivable 1,232,487 816,745Prepaid expenses 143,611 47,348Earned, not invoiced revenues 153,347 89,192VAT/ WHT receivable 19,946 64,450Project cost for amortizing 70,477 -Other short-term receivables 310,759 220,104Receivable from associated and joint venture companies - -Total short-term receivables 698,141 421,094Other short-term receivables are mainly refundable insurance claims, government grants and prepaid docking expenses.Note 25 - InventoryStock consists of provisions, bunkers and lube oil on the Group\u2019s vessels:2022 2021Bunkers 104,426 84,128Lube oil 40,638 33,312Other 83,133 55,600Total inventory 228,197 173,041Other stock is mainly critical spare parts and dry docking work-in-progress.Note 26 - Other Current Liabilities2022 2021Accrued salaries, related taxes and VAT payable 293,720 249,277Other current liabilities 205,333 113,363Total short-term liabilities 499,053 362,640Other current liabilities consist mainly of incurred operational expenses and performed planned periodicmaintenance not yet invoiced at year end.Note 27 - Contingent Liabilities, Assets and ProvisionsTax Claims in Brazil:Chartering of non-Brazilian built tonnage in Brazil require application for tax exemption for temporary importation of vessels and spare parts through Brazilian oil and gas tax regime (REPETRO). There are several cases where Brazilian Tax Authorities claim to have identified procedural error, and where large fines are imposed.The Company\u2019s subsidiaries in Brazil; Farstad Shipping Ltda., Deep Sea Supply Navegac\u00e3o Mar\u00edtima Ltda. and Solstad Offshore Ltda. have all received claims ralated to importation of vessels and spare parts during the period 2008-2018. The claims relates to customs duties, notices of infringement and fines. The claims are annually adjusted according to market interest rate. All claims are handled by the Company\u2019s lawyers in Brazil. The majority of the claims are rejected and chances to succeed are considered high. Although most claims are rejected, they represent liabilities which, in Management\u2019s assessment, can lead to release of financial resources in the future, or may need a legal deposit if the case goes to Judicial level. Management also believes some liabilities can be measured and estimated realiably. The total potential claim amounts to approximately MNOK 290 (MNOK 220). The increase in 2022 is due to currency MNOK 40 and interest and surcharges MNOK 30. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 15.9 (MNOK 13.3 in 2021). Legal fees are expensed as incurred.Reference is made to note 6 regarding information about Normand Maximus.Note 28 - Deferred Income and Excess Value ContractsExcess Values ContractsAs a part of the purchase price allocation from the mergers of Rem Offshore, Farstad Shipping and Deep Sea Supply, long-term charter contracts with excess values, contracted versus current market day rates, were identified. The excess values are classified as intangble fixed assets, and are amortised over the remaining duration of each charter contract.2022 2021Book value as per 01.01. - 7,499Amortised - -7,499Book value as per 31.12. - -Note 29 - Subsequent Events\u2022 The Group has signed an agreement with U.S. based Tidewater Inc., dated 7th March 2023, for the sale of 37 Platform Supply Vessels for a total amount of USD 577 mill. Expected closing of the transaction is in 2Q2023. The divestment reflects an exit from the PSV business line segment, in which is both capital intensive and is operating at the lowest margins (mainly logistics/freight operations within oil & gas sector). The rationale is a strategic repositioning of the Group as one of the main global owner and operator of high-end tonnage of AHTS and Subsea vessels, in which is essential to realize the energy transition. Additionally, the transaction will substantially reduce the Group\u2019s debt and thereby strengthen Solstad\u2019s financial position. The effect is reduction of the Group\u2019s debt by approximately NOK 6 billion, compared to approximately NOK 21 billion of the Group\u2019s consolidated net interest-bearing debt, thus considerably strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position.The divestment also enables Solstad to increase its presence in the renewable energy segment, and expand its service offering, including ROV services, tooling and project support, in cooperation with strategic partners. Furthermore, exiting the PSV segment will significantly reduce Solstad\u2019s capex program. \u2022 The Group has sold the CSV Normand Jarl in February 2023. The sale has resulted in a gain of approximately MNOK 450.\u2022 The Group has since October 2020 chartered the vessels \u201cFar Senator\u201d and \u201cNormand Statesman\u201d on bareboat terms. Ocean Yield ASA has exercised its right under the bareboat charters to have the vessels redelivered. The vessels will thus be redelivered to their owner at the end of their current commitments.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__27": { "value": "Investments in Associates and Joint VenturesThe Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. An associate is an entity in which the Group has significant influence, but which is not a subsidiary. A joint venture is an entity in which the Group has joint control through entering into an agreement of joint control, requiring unanimous consent in strategic decisions (decisions relating to relevant activities).The reporting dates of the associates, joint venture and the Group are the same and the same accounting principles are applied.Investments in an associate and joint ventures are recorded in the balance sheet at expence plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any impairment in value. The profit and loss for the Group reflects the associates\u2019 share under finance, and joint ventures\u2019 share of profits under operating expences. Changes recorded directly in the associates\u2019 or joint ventures\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__26": { "value": "Investments in Associates and Joint VenturesThe Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. An associate is an entity in which the Group has significant influence, but which is not a subsidiary. A joint venture is an entity in which the Group has joint control through entering into an agreement of joint control, requiring unanimous consent in strategic decisions (decisions relating to relevant activities).The reporting dates of the associates, joint venture and the Group are the same and the same accounting principles are applied.Investments in an associate and joint ventures are recorded in the balance sheet at expence plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any impairment in value. The profit and loss for the Group reflects the associates\u2019 share under finance, and joint ventures\u2019 share of profits under operating expences. Changes recorded directly in the associates\u2019 or joint ventures\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__25": { "value": "Investments in Associates and Joint VenturesThe Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. An associate is an entity in which the Group has significant influence, but which is not a subsidiary. A joint venture is an entity in which the Group has joint control through entering into an agreement of joint control, requiring unanimous consent in strategic decisions (decisions relating to relevant activities).The reporting dates of the associates, joint venture and the Group are the same and the same accounting principles are applied.Investments in an associate and joint ventures are recorded in the balance sheet at expence plus post-acquisition changes in the Group\u2019s share of net assets of the associate or joint venture, less any impairment in value. The profit and loss for the Group reflects the associates\u2019 share under finance, and joint ventures\u2019 share of profits under operating expences. Changes recorded directly in the associates\u2019 or joint ventures\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__28": { "value": "Financial InstrumentsA financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial LiabilitiesFinancial liabilities are initially recognized at fair value and subsequently measured at amortized expences except for financial liabilities at fair value through profit of loss (FVTPL). Such liabilities, including debt related to non core vessels shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortized expences using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__37": { "value": "Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.Financial LiabilitiesFinancial liabilities are initially recognized at fair value and subsequently measured at amortized expences except for financial liabilities at fair value through profit of loss (FVTPL). Such liabilities, including debt related to non core vessels shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortized expences using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__34": { "value": "Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__29": { "value": "Financial AssetsThe Group\u2019s financial assets are derivatives, trade and lease receivables and cash and cash equivalents. The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Group\u2019s business model for managing them. Except for trade receivables that do not contain a significant financing component, the Group initially measures a financial asset at its fair value plus, (in the case of a financial asset not at fair value through profit or loss), transaction expences. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15 Revenue from contracts with customers.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized expences\u2022 Financial assets at fair value through profit or loss (FVTPL)Financial assets at amortized expences The Group measures financial assets at amortized expences if both of the following conditions are met:\u2022 The financial asset is held within a business model with the objective to hold financial assets in order to collect contractual cash flows \u2022 The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstandingFinancial assets at amortized expences are subsequently measured using the effective interest (EIR) method and are subject to impairment. Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.The Group\u2019s financial assets at amortized expences includes trade and other receivables, lease receivables and other non-current assets. Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetImpairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__35": { "value": "Financial assets at fair value through profit or loss Derivatives at fair value are carried in the statement of financial position at fair value with net changes in fair value through profit or loss. The category includes foreign exchange contracts and interest rate swaps.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__30-1": { "value": "Derecognition of financial assetsA financial asset (or, where applicable, a part of a financial asset or part of a group of similar financial assets) is primarily derecognized when:\u2022 The rights to receive cash flows from the asset have expired, or\u2022 The Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and eithera. the Group has transferred substantially all the risks and rewards of the asset, orb. the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the assetDerecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__33": { "value": "Impairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__32": { "value": "Impairment of financial assetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime Estimated Credit Losses (ECLs) at each reporting date, based on its historical credit loss experience.The Group considers a financial asset in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when the Group has no reasonable expectations of recovering the contractual cash flows. The Group individually makes an assessment with respect to the timing and amount of write-off based on whether there is a reasonable expectation of recovery. This assessment is based on historical experience of recoveries of similar assets. The Group expects no significant recovery from the amount written off. However, financial assets that are written off could still be subject to enforcement activities in order to comply with the Group\u2019s procedures for recovery of amounts due.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__36": { "value": "Financial LiabilitiesFinancial liabilities are initially recognized at fair value and subsequently measured at amortized expences except for financial liabilities at fair value through profit of loss (FVTPL). Such liabilities, including debt related to non core vessels shall be subsequently measured at fair value. Other financial liabilities are subsequently measured at amortized expences using the effective interest method. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in profit or loss.Derivatives are financial liabilities when the fair value is negative, accounted for similarly as derivatives as assets.Derecognition of financial liabilities The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__38": { "value": "Classification of Items in the Balance SheetCurrent assets and short-term debt are items which mature within one year of the balance sheet date as well as any items relating to the normal operating cycle. The short-term portion of the long-term debt and other liabilities for which there is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period are classified as current liabilities. Investments in shares hold for trading, not considered as strategic, or are expected to be disposed are classified as current assets. Cash and cash equivalents are classified as current assets, unless restricted from being used during the following 12 months. All other assets and liabilities are classified as long-term assets and liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__40": { "value": "Foreign Currency TranslationThe functional and presentation currency of Solstad Offshore ASA is Norwegian Kroner (NOK). Transactions in foreign currencies are recorded at the currency rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet date. Differenves araising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items such as vessels that are measured in terms of historical expences in a foreign currency are translated using the exchange rate at the date of initial transaction. Group CompaniesOn consolidation, assets and liabilities of Companies with a functional currency other than NOK is translated at the rate of exchange at the balance sheet date. The profit and loss statement is translated at exchange rates at the date of the inital transaction. Any translation adjustments are included in comprehensive income.The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.21 11.888 8.819 9.989 1.583 6.397Per 31.12.22 11.854 9.857 10.514 1.865 6.700", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__39": { "value": "Foreign Currency TranslationThe functional and presentation currency of Solstad Offshore ASA is Norwegian Kroner (NOK). Transactions in foreign currencies are recorded at the currency rate on the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange at the balance sheet date. Differenves araising on settlement or translation of monetary items are recognized in profit or loss. Non-monetary items such as vessels that are measured in terms of historical expences in a foreign currency are translated using the exchange rate at the date of initial transaction. Group CompaniesOn consolidation, assets and liabilities of Companies with a functional currency other than NOK is translated at the rate of exchange at the balance sheet date. The profit and loss statement is translated at exchange rates at the date of the inital transaction. Any translation adjustments are included in comprehensive income.The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.21 11.888 8.819 9.989 1.583 6.397Per 31.12.22 11.854 9.857 10.514 1.865 6.700", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__41": { "value": "Segment InformationThe Group reports internally on operating- and geographical segments. The operating segments are divided into the following four segments:\u2022 AHTS: anchor handling vessels\u2022 PSV: platform supply vessels\u2022 Subsea\u2022 RenewableThe Group has extended reporting segments as a response to the Group\u2019s strategy. The Group owns and operates AHTS, PSV and CSV vessels. The different types of vessels operate in different markets, and management review operating results within these markets. The Group focuses on the renewable market, and as a consequence vessel operating renewable contracts has been highlighted as a separate segment. The segments coincide with the operational structure of the Company, being four departments responsible for each segment. Comparative figures have been restated.Any other activities, including vessels under construction, are included in a separate segment. Overhead expences are apportioned between the segments based on the share of operating expenses. All accounting policies applied in the segment reporting are the same as used in the Group reporting.The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__45": { "value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__44": { "value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__43": { "value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__42": { "value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical expences, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated expences of disposal, as if the asset were already of the age and in the condition anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the expences less accumulated depreciation and any impairment.Each part of a fixed asset that is significant to the total expences of the item are separately identified and depreciated over that component\u2019s useful lifetime. Based on the Group\u2019s periodic maintenance program and running replacement the vessels vital parts, the expected lifetime of the assets is set to 20 years for all of the components, except for planned periodic maintenance.The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.Ordinary repairs and maintenance expences are charged to the income statement in the period in which they are incurred. The expences of major conversions and periodic maintenance of vessels is capitalized and depreciated over the useful lifespan of the parts replaced. The useful lifespan of periodic maintenance will normally be the period until the next interim- or main classification of the vessel, which usually is five years.The book values of plant and equipment are reviewed for impairment if events or changes in circumstances indicate that the booked value may not be recoverable. If any such indications exist and where the book value exceeds the estimated recoverable amount, the asset or cash-generating units are depreciated to their recoverable amount. The recoverable amount of plant and equipment is the greater of the net selling price and the value in use. When determining value in use, estimated future cash flows are discounted to their current value using a pre-tax discount rate that reflects current market assessments of the monetary value and the specific risk to the asset. For an asset that does not generate cash inflow, a recoverable amount is calculated for the cash-generating unit to which the asset belongs. Any previously calculated and recognized impairment write-downs are reversed if there are any changes to the estimates of recoverable amount. Reversals of previous impairments are limited to the book value of the asset if its value had not been impaired.The business segments are the Group\u2019s strategic units of control. However, while calculating the recoverable amount, each vessel is treated as one cash-generating unit.Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any profit or loss is included in operating profit.New Build ContractsInstalments on new build contracts are recorded in the balance sheet as fixed assets. Expences related to the on-site supervision and other pre-delivery construction expences including construction loan interest are capitalized per vessel. The depreciation starts from when a new build is delivered from the yard.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__46": { "value": "New Build ContractsInstalments on new build contracts are recorded in the balance sheet as fixed assets. Expences related to the on-site supervision and other pre-delivery construction expences including construction loan interest are capitalized per vessel. The depreciation starts from when a new build is delivered from the yard.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__47": { "value": "LeasesRight-of-use-assetsRight-of-use-assets are recognized at expences, lessdepreciation and impairment losses at the commencement of the lease. The expences of the assets includes the recognized lease liabilities, initial direct expences, and lease payments made prior to commencement. Straight-line depreciations over the lease term are used, unless the Company is reasonably certain to obtain ownership of the assets at the end of the leasing period, in which case straight-line depreciations over the estimated economic life of the assets are used. The assets are subject to impairment assessments under the same principles as other assets.The Group primarily leases vessels, but also has lease contracts related to various offices used in its operations. Lease liabilitiesLease liabilities are recognized at the commencement of the lease measured at the present value of lease payments over the lease period. The lease payments include both fixed and variable lease payments. If a purchase option is likely to be exercised, the option price is included. Variable lease payments that do not depend on an index are recognized as expense in the period when the payment trigger occurs.When calculating present value of the lease the incremental borrowing rate at the beginning of the lease is used, if the implicit rate is unavailable. Subsequently, the amount of the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. The liability is remeasured if modifications or changes to the lease terms occur.Contracts with renewal optionsThe Company determines the lease term as the non-cancellable part of the lease. In addition, any periods covered by an option for extended lease that is reasonably certain to be exercised are included.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__49": { "value": "Cash and cash equivalentsCash and cash equivalents comprise of cash in hand, short-term deposits and other short-term highly liquid investments with maturity dates of less than three months. Bank overdrafts are included within borrowings in current liabilities on the balance sheet.Restricted bank deposits are funds on separate bank accounts for tax deductions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__48": { "value": "Cash and cash equivalentsCash and cash equivalents comprise of cash in hand, short-term deposits and other short-term highly liquid investments with maturity dates of less than three months. Bank overdrafts are included within borrowings in current liabilities on the balance sheet.Restricted bank deposits are funds on separate bank accounts for tax deductions.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__50": { "value": "Assets Held for SaleNon-current assets held for sale consist of vessels that have been decided to be disposed of, by sale or otherwise, and the sale is considered highly probable. Non-current assets classified as held for sale are measured at the lower of their previous carrying amount and their fair value less expences of disposal. Any excess of the carrying amount over the fair value less expences of disposal is recognized as an impairment loss. Depreciation of such assets is discontinued as from their classification as held for sale.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__51": { "value": "Treasury SharesThe nominal value of treasury shares held is deducted from registered share capital. Any differences between the nominal value and the acquisition price of treasury shares, together with any gains or losses on transactions therein, are recorded directly to reserves.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__52": { "value": "ProvisionsProvisions are made in the financial statements if the Group considers it more likely than not, based on the legal provisions or business liabilities of past events, that an outflow of resources will be required to cover its liabilities and if the amount can be accurately estimated. All provisions are reviewed at balance sheet date and adjusted, if necessary, to reflect best estimate. In instances where the timeframe may be of significance, a provision is made for the current value of future payments to cover liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__53": { "value": "Excess Values ContractsIdentified excess values in charter contracts acquired through business combinations are classified as intangible fixed assets and are amortized over the remaining duration of each charter contract.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__55": { "value": "TaxTax consists of tax payable and changes in deferred tax. Tax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.Operations on foreign continental shelves are, in a number of cases, taxable to the state of operation. In such cases the tax is computed according to the tax legislation of the current state, combined with any double taxation avoidance agreement between the state where the ship owner is registered and the state where the operation is performed. Income tax based on a net result is classified as income tax. Other taxes are classified as contract related expenses.Deferred tax is calculated using the liability method at tax rate expected to be applied of all temporary differences between the taxable value of assets and liabilities and their booked amounts at the end of the accounting year. Any temporary differences that may increase or decrease tax are offset and recorded as a net figure.Deferred tax is calculated for assets and liabilities for which future realization will lead to tax payable.The recognized amount of deferred tax assets is reviewed at each balance sheet date. If it is no longer likely that adequate taxable profit will be generated, then the deferred tax asset will be reduced. Anticipated utilization of tax losses are not discounted when calculating the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__54": { "value": "TaxTax consists of tax payable and changes in deferred tax. Tax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.Operations on foreign continental shelves are, in a number of cases, taxable to the state of operation. In such cases the tax is computed according to the tax legislation of the current state, combined with any double taxation avoidance agreement between the state where the ship owner is registered and the state where the operation is performed. Income tax based on a net result is classified as income tax. Other taxes are classified as contract related expenses.Deferred tax is calculated using the liability method at tax rate expected to be applied of all temporary differences between the taxable value of assets and liabilities and their booked amounts at the end of the accounting year. Any temporary differences that may increase or decrease tax are offset and recorded as a net figure.Deferred tax is calculated for assets and liabilities for which future realization will lead to tax payable.The recognized amount of deferred tax assets is reviewed at each balance sheet date. If it is no longer likely that adequate taxable profit will be generated, then the deferred tax asset will be reduced. Anticipated utilization of tax losses are not discounted when calculating the deferred tax asset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__56": { "value": "Pension Obligations The Group has a defined benefit plan for seafarers and administrative personnel, and a contribution plan foradministrative personnel hired after 1 January 2007, which is recognized in profit and loss when incurred. The liability of the defined benefit pension plan is the present value of the defined benefit liability at the balance sheet date minus the fair value of plan assets. The defined benefit liability is calculated by independent actuaries using the projected unit credit method and is measured as the present value of the estimated future cash outflows using interest rates of government securities that have terms maturing at the same time as the liability. The expence of providing pensions is charged to profit and loss to spread the regular expence over the working lives of the employees. Actuarial gains and losses are recognized in comprehensive income in the period they occur.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__57": { "value": "Income from Contracts with Customers - Charter Rental IncomeIncome and expenses relating to charter contracts are apportioned according to the number of days for each contract occurring before and after the end of the accounting period. The contract begins when the vessel is \u201cdelivered\u201d to the charterer and ends when the vessel is \u201credelivered\u201d. Freight income is recorded net after deduction for direct, contract-related charter expence. Any loss on contracts is accrued when a loss is probable. Income from bareboat agreements is regulated by IFRS 16. The time charter contracts contains both a lease component that is regulated by IFRS 16 and a service component that is regulated by IFRS 15. Both the lease component and the service component are recognized together as income in operating income (ref. note 4 for split). Leases, in which a significant portion of the risks and rewards of ownership are retained by the lessor, are classified as operating leases. Lease income for the leasing of vessels is recognized as operating leases and recognized in the income statement on a straight-line basis over the lease period. The lease period commences from the time the ship is made available to the tenant and terminates upon agreed return. Mobilization and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel. No performance obligation is fulfilled at that time, and the fees are classified as prepayments and amortized over the contract period. Related mobilization cost and expected demobilization costs, and other costs incurred to be able to fulfil a contract, are also amortized over the contract period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__58": { "value": "DividendsDividends are recognized when the shareholder\u2019s right toreceive the payment is established (by resolution at the general meeting).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__59": { "value": "Other IncomeOther income, such as commissions and management fees, are recognized in the period in which the performance obligations are being satisfied.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__60": { "value": "Government GrantsGrants related to the net tax agreement and crew subsidiaries are recorded as a reduction in expences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__61": { "value": "Insurance ClaimsFor damage and averages on the Group\u2019s vessels and equipment, resulting in payments from insurance companies, compensation is presented net with the corresponding expense. Reimbursable and expenses are recognized and classified in accordance with the type of expences, while compensation is presented separately as a reduction in expences.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__62": { "value": "Related Party TransactionsAll transactions and agreements with related parties are on an \u201carm\u2019s length\u201d basis in the same way as transactions with third parties.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__63": { "value": "InventoriesInventories consists mainly of bunkers onboard the vessels. Inventories are valued at the lower of cost price and net realizable value. First-in-first-out method is used.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__64": { "value": "Earnings Per ShareThe calculation of basic earnings per share is based on the majority\u2019s share of the result using number of shares outstanding at the end of the year after deduction of the average number of treasury shares held over the period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__65": { "value": "Cash FlowThe Group applies the indirect method. Investment in shares and other liquid assets with maturity over three months are not included under cash equivalents.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__67-1": { "value": "Note 2 - Significant Judgements, Accounting Estimatesand AssessmentsThe preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses, and financial items during the reporting periods. Accounting estimates are employed in the financial statements to determine reported amounts. These estimates are based on management\u2019s best judgement and conditions considered to be realistic. Situations or changes may occur in the market which may result in changes to the estimates, thereby impacting the Group\u2019s assets, liabilities, equity and result.Assessments, estimates and assumptions which have a significant effect on the accounts are summarized below:Assets Held for SaleManagement\u2019s judgement based on an assessment of assets available for immediate sale, and where the Group is actively marketing for sale. Sale is also considered highly probable. The Group\u2019s strategy will impact the judgement, as well as the current market conditions. Divestment of PSVsThe Company performed an assessment regarding a possible PSV segment calssification as Held for Sale per year end 2022. The PSV vessels have not been marketed in an open market. Negotiations had been ongoing for a longer period of time. If the negotiations between the Company and current buyer would not lead to a transaction, it was not considered probable that the sale could be completed with another party within one year. Management and the Board have through the process and until February 2023 considered two possible outcomes in the decision-making, including and excluding the transaction. The transaction was subject to lender approval, in which was concluded in 2023. There was also uncertainty regarding approval from certain charterers.As of 31.12.22 there were still a lot of uncertainty and the \u201cHighly probable\u201d-requirement is not met, thus the vessels are not classified as held for sale. The Company signed an agreement for the sale of the PSV segment in March 2023. Expected closing of the transaction is in 2Q 2023.ConsolidationIFRS 10 contains a definition of control that is to be used when assessing whether investments are to be consolidated in the consolidated financial statements. Assessment of control involves the use of facts and judgment. Since 2021, this has been relevant in connection with ownership in Maximus Limited. The Group holds 100 percent of the shares in the entity but is not represented in the board and has not control over the relevant activities. The shares are plegded which gives the creditors far-reaching authorizations already from day one. Based on an overall assessment, where all relevant factors have been considered, the conclusion is that the investments do not represent control in accordance with IFRS 10. The company is therefore not consolidated and accounted for as investment in shares.Determining the Lease Term of Contracts with Renewal and Termination OptionsWhen entering into new lease agreements, management assesses the probability that options will be executed. The result will impact the lease period and installments, which in turn impacts the lease liability, right-of-use asset and period lease interests. This judgement is based on the Group strategy, market conditions and a set of alternative scenarios. Lease Classification \u2013 Group as LessorThe Company\u2019s income mainly derive from offering vessels and maritime personnel to customers worldwide. Contracts with customer is based on a day rate for hire of the vessel. Management assesses whether a contract is to be recognized as a financial lease or an operational lease. This judgement is based on terms and conditions, including length of the contract and applicable contractual risks for the Group. The Group has no contracts recognized as financial lease as of 31. December 2022. VesselThe carrying amount of the Group\u2019s vessels represents 80 percent of the total balance. Consequently, judgements and estimates linked to the vessels have a significant impact on the Group\u2019s financial statements. Depreciation is calculated on a straight-line basis over the useful life of the asset. Depreciable amount equals historical cost less residual value.Useful Life of VesselsThe depreciation depends on the estimated useful life of the vessel. The Group\u2019s policy is that useful life is 20 years. This is based on strategy, experience and knowledge of the types of vessels under the Group\u2019s control. For some vessels useful life may be considered higher or lower than 20 years, dependent on the specific plan for the vessel. This is subject for managements judgement. Incentives to prolong the useful life, in respect of possible future changes in environmental requirements, is a continuously process. Residual ValueThe level of depreciation depends on the residual value of the vessel. Assumptions concerning residual value are made based on knowledge of the market for secondhand vessels. The estimate of residual value is based on a market value of a charter free vessel less sales related expenses. Fair values are based on estimates obtained from three independent brokers. Further adjustments are made to account for age of the vessel, with a factor starting from 50 percent and increasing to 100 percent as the vessels age increase to useful life. Changes in environmental requirements may impact the residual value, and economical lifetime, but the Group has implemented several measures to ensure the fleet will be in compliance with changes in such requirements. To maintain the residual value, vessels are modified to be competitive in the market, and maintain secondhand price.Impairment test of VesselsFor the purpose of assessing impairment for vessels, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, CGU). Each vessel together with associated contracts is considered aseparate CGU.Test for impairment is performed for all vessels. For vessels in the category \u201cDivestment\u201d in the forecasts, a simplified impairment test is performed, based on broker values. Brokers value is set as an average of three acknowledge and independent brokers. The brokers estimates are based on their judgement of the market, \u201cwilling buyer and willing seller\u201d. Assets held for sale are measured at the lower of its book value and fair value less costs to sell at the time of reclassification. Value in UseEstimated cash flows are based on next year\u2019s budgets per vessel and forecasted earnings going forward. For eachvessel, a budget and five years plan are prepared. The budget process is detailed and includes approvement up to the board of directors. Estimated future cash flows are based on historical performance per vessel, in combination with current market situation and future expectations. For the period after the five-year plan, internal and external analyses together with historical performance serve as a decision basis for managementsjudgements. Critical assumptions in the assessment are related to WACC and income rates/utilization. For vessels on firm contracts over the period, the assumption is that the contracts run up until expiry. Customer\u2019s execution of options is weighted to include uncertainty in the expected cash flow. For vessels without contract, assumptions derived from comparable vessels and contracts in combination with other market information are considered when estimatingfuture income. Management\u2019s assumption is that markets are normalized to historical rates, with a gradual increase over the remaining period. Discounting RateThe discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the ten-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Western Europe). The debt element of the discounting rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The rate is a pre-tax rate. The discounting rate used for 2022 is 11 percent. Financial LiabilitiesFinancial liabilities are initially recognized at fair value. The methodologies applied for fair value calculations include assessments and estimations based on available market data, such as the level of interest rates, interest rate margins and credit spreads at the date of recognition. These estimates are based on Management\u2019s knowledge combined with advice obtained from professional external specialists. Please also refer to Note 9.ProvisionsProvision for liabilities of uncertain timing or amount is based on collating information on a case by case basis. The probability of a contingent liability occurring which would affect the provision is evaluated. The discounting rate used for liabilities is based on a risk-free interest rate, adjusted to the maturity date.Climate and Regulatory RisksIn preparing the financial statement, the Group, has considered the impact of regulatory changes in particular in the context in climate change risks. The considerations did not impact our judgement and estimates in the current year. When preparing financial statements future cashflow impact of climate risks are also considered. The most important key assumptions and sources of uncertainties identified are: \u2022 Usefull life of vessels\u2022 Residual value of vessels\u2022 Cash flow from operations\u2022 Short term and long term investmentsPlease also refer to Note 7.Maximus LeaseWhen entering into new lease agremments the group assesses whether the new lease should be accounted for as a seperate lease contract or if it is a modification of the existing lease. For this assessment the substance of the agreements should be considered, and the Group has concluded that the combination of the two contracts would lead to a more faithful presentation of the transaction. Solstad maintained operational control of the vessel throughout the process, and related contracts were negotiated in contemplation of each other such that the overall economic effect cannot be understood without reference to the series of transactions. Based on this the new lease has been accounted for as a modification of the existing lease in accordance with the priniciples in IFRS 16. In determining the lease term, management considered all facts and circumstances that created an economic incentive to exercise an purchase option or an extension option. For the new lease for Maximus the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation.The incremental borrowing rate on commencement date was considered to be 11 %.Refer to note 1, section \u201cLeases\u201d for further details on accounting principles. Refer to note 6 and 8 for further details on the transaction and accounting effects.Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__69": { "value": "Note 3 - Major Transactions / EventsMajor Transactions / Events in 2022Sale of vesselsDuring the year, the Group has disposed of the remaining 13 vessels classified as non-strategic, in addition three core vessels has been sold.Fleet RenewalThe Company has since 2017 installed battery hybrid solutions to reduce emissions to the environment. During 2022 another two vessels were upgraded so per year end 2022 the company has a total of ten battery hybrid vessels. In addition, another nine vessels have shore power installed. Normand MaximusIn October 2022 a new lease agreement was executed for Normand Maximus, securing the vessel being a part of the Solstad Group. The transaction was accounted for as a modification of a lease according to IFRS 16. Refer to note 2, 6 and 8 for further details on the transaction. Additional ServicesStrengthened the Company\u2019s strategic presence in the offshore services market by establishing JV partnetships with \u00d8stensj\u00f8 and DeepOcean (Remota JV), and Omega (Omega JV).The War in UkraineIn February 2022, Russian armed forces invaded Ukraine. The Group was present in Ukraine with an office managing crewing services within the Group, and employes approx. 400 ukrainian crew. None of the Groups offshore operations was affected of the outbreak of the war. Management has throughout the year handled the development proactively, including sanctions and direct and indirect impacts. The onshore services performed in Ukraine was foreced to be performed outside Ukraine.Major transactions / events in 2021Windstaller AllianceTogheter with our partners in Aker Solutions and DeepOcean, Windstaller Alliance was launched in October 2021. The partnership aims to provide the world\u2019s most cost-efficient and complete product supply, fabrication and marine services offering within offshore wind. The alliance will also pursue other offshore renewable segments, and hence strenghten Solstads presence furter within offshore wind.Sale of VesselsThroughout the year, the Group has disposed of 23 out of 37 vessels classified as non-strategic. As of year end 2021, a total of 25 of 37 vessels classified as non-strategic has been disposed. Two vessels were sold in 2020. Fleet RenewalThe Company has per year end 2021 installed battery hybrid or shore power solutions to reduce emissions to the environment on 11 vessels and plan to increase this substantially with the new investment program being the leading Company in Green OperationsNormand MaximusIn May 2021, full settelement was agreed with Saipem on the termination fee, MUSD 44.3, for \u201cNormand Maximus\u201d charter. The financing of the vessel has entered into standstill pending the ongoing refinancing.CovidCOVID-19 has been a challenge for the majority of 2021 as it has affected both the market and the operational aspect of our industry. Crew changes have in some cases been impacted significantly due to travel restrictions and in some cases, vessels have been infected by the virus which has caused down time and subsequent cost for crew changes and cleaning. The impact has been limited to a minimum as the Company has proactively worked on preventive measures since the early start of the pandemic.", "dimensions": { "concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__76": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__75": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__74-1": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.Note 10 - Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses:2022 2021Technical cost 556,651 492,179Bunker and lube oil 176,519 144,171Insurance 121,765 107,643IT, communications and other costs 991,664 777,993Total other operating expenses 1,846,600 1,521,986Wages and personnel costs:Employees, vessels 2,288,609 2,044,482Employees, administration327,649 283,633Total employee cost2,616,259 2,328,115Wages and employee cost:Wages1,882,105 1,673,436Social security232,760 212,344Pension costs49,867 41,018Other benefits59,532 44,044Traveling costs, courses and other personnel costs391,995 357,273Total employee cost2,616,259 2,328,115Average number of FTEs3,539 3,478Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138Auditors EY2022 2021Statutory audit 11,823 16,160Other assurance services 2,839 1,660Other non-audit services 12,966 16,629Total 27,629 34,449Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__73": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__72": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__71-1": { "value": "Note 4 - Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derives from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate is contracts where income is eared on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). Refer to Note 8 for more information related to the lease element.Some of the contracts also includes victualling and onshore project management. Victualling is meals and bedding provided to the customers personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, incurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income For the year ended 31.12.2022AHTS PSV Subsea Renewable TotalService element from contracts with day rate 564,958 807,128 686,475 331,622 2,390,183Management fees 1,337 2,254 5,383 230 9,204Victualling 7,752 2,559 87,476 65,363 163,151Project management - - - - -Additional crew and other services 8,043 8,540 30,385 567 47,535Income from contracts with customers 582,091 820,482 809,718 397,782 2,610,073Lease element from contracts with day rate (Note 8) 880,533 962,552 1,372,647 674,326 3,890,058Total operating income 1,462,625 1,783,034 2,182,365 1,072,107 6,500,131Operating income For the year ended 31.12.2021AHTS PSV Subsea Renewable TotalService element from contracts with day rate 550,376 718,427 666,587 186,331 2,121,722Management fees 1,571 1,903 5,495 - 8,969Victualling 4,793 1,624 79,349 21,093 106,860Project management - - - - -Additional crew and other services 44,591 1,478 49,697 12,399 108,164Income from contracts with customers 601,331 723,432 801,128 219,824 2,345,715Lease element from contracts with day rate (Note 8) 659,111 702,690 1,300,824 343,827 3,006,452Other operating income* 16,792 20,201 22,307 6,034 65,333Total operating income 1,277,234 1,446,323 2,124,259 569,684 5,417,5002022 2021Trade receivables from charters (Note 5) 1,232,487 816,745Contract liabilities -3,597 -Costs to fulfil a contract 70,477 -*Other operating income includes distribution from Den Norske Krigsforsikring for Skib with MNOK 52,4 in 2021.For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2022 that was included in the contract liability balance at the beginning of the year amounts to MNOK 0 (MNOK 0 in 2021).The Group had no customer with more than 10% of total revenue in 2022 or 2021.Solstad Offshore ASA | Annual Report 202256EBITDA2022 2021Freight income 6,295,321 5,128,173Other operating income 204,810 289,327Total operating income 6,500,131 5,417,500Personnel costs -2,288,609 -2,044,482Administrative expenses -457,474 -449,509Other operating expenses -1,846,600 -1,521,986Total operating costs -4,592,684 -4,015,978Operating result before depreciations and impairment (EBITDA) 1,907,447 1,401,523Leases 50,238 44,625Accrued loss on accounts receivables -55,404 18,589Operational restructuring cost 14,184 61,372Excess and less values freigth contracts - 7,499Result Joint Ventures 20,418 247Result associated companies 722 108Adjusted EBITDA 1,937,605 1,533,961Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: anchorhandling vessels \u2022 PSV: platform supply vessels \u2022 Subsea: construction vessels operating subsea construction contracts \u2022 Renewable: vessels operating renewable contracts Figures are exclusive share result from joint ventures.AHTS PSV2022 2021 2022 2021Income from contracts with customers 582,091 601,331 820,482 723,432Other income - 16,792 - 20,201Lease element from contracts with day rate 881,125 659,111 962,552 702,690Total operating income 1,463,216 1,277,234 1,783,034 1,446,323Crew expenses 581,911 574,382 889,671 771,097Other expenses 465,054 444,492 559,162 497,261Total operating expenses 1,046,964 1,018,874 1,448,833 1,268,358Bunkers 73,422 24,403 33,238 21,810Operating result before depreciations and impairment (1)342,238 233,957 300,963 156,155Assets and liabilitiesFixed assets 3,733,753 4,280,619 5,683,023 6,061,491Total assets 3,733,753 4,280,619 5,683,023 6,061,491Segment liabilities 4,174,484 4,287,163 6,493,692 6,375,384Total liabilities 4,174,484 4,287,163 6,493,692 6,375,384Other segment informationInvestment in tangible fixed assets 17,163 3,380 18,188 26,671Addition of periodic maintenance182,254 34,071 157,833 103,746Depreciations and write-downs (2) 285,277 310,590 371,190 373,731CSV Renewable2022 2021 2022 2021Revenue from contracts with customers 809,718 801,128 397,782 219,824Other income - 22,307 - 6,034Lease element from contracts with day rate 1,372,647 1,300,824 674,326 343,827Total operating income 2,182,365 2,124,259 1,072,107 569,684Crew expenses 583,554 519,844 233,427 181,138Other expenses 769,049 701,634 334,953 201,877Total operating expenses 1,352,603 1,221,478 568,379 383,014Bunkers 51,210 63,813 18,035 14,226Operating result before depreciations and impairment (1)778,552 838,968 485,693 172,444Assets and liabilitiesFixed assets 9,490,058 8,832,516 1,963,627 1,411,744Investments in JV and associated companies 156,235 91,127 - -Total assets 9,646,293 8,923,644 1,963,627 1,411,744Segment liabilities 9,858,694 9,313,623 2,164,030 1,694,265Unallocated liabilitiesTotal liabilities 9,858,694 9,313,623 2,164,030 1,694,265Other segment informationInvestment in tangible fixed assets 53,401 24,691 36,157 17,914Addition of periodic maintenance114,504 84,093 33,420 30,995Depreciations and write-downs (2) 14,114 424,724 2,181 172,720Total2022 2021Revenue from contracts with customers 2,610,073 2,345,715Other income - 65,333Lease element from contracts with day rate 3,890,058 3,006,452Total operating income 6,500,131 5,417,500Crew expenses 2,288,562 2,046,461Other expenses 2,128,217 1,845,263Total operating expenses 4,416,779 3,891,724Bunkers 175,905 124,253Operating result before depreciations and impairment (1)1,907,447 1,401,523Assets and liabilitiesFixed assets 20,763,645 20,413,522Investments in JV and associated companies 158,559 92,407Unallocated assets 5,096,926 4,431,753Total assets 26,019,130 24,937,682Segment liabilities 22,690,900 21,670,435Unallocated liabilities 1,575,104 183,766Total liabilities 24,266,005 21,854,200Other segment informationInvestment in tangible fixed assets 124,910 6,448Addition of periodic maintenance488,011 225,936Depreciation and writedowns (2) 672,763 1,383,233(1) The segment result is presented exclusive gain/ loss sale of assets, interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of profit 2022 2021Operating segment result before depreciations and impairment (1) 1,907,447 1,401,523Depreciation -1,044,940 -993,053Depreciation capitalised periodic maintenance -292,009 -271,098Impairment fixed assets 555,958 -45,049Net gain/ loss on sale of assets 152,490 -99,730Income from investment in joint ventures 20,418 247Income from investment in associated companies 722 108Interest income 47,152 10,295Other financial income 12,113 173,405Interest charges -1,404,972 -1,003,543Other finance costs - 9 67,504 -283,504Result before tax -1,013,124 -1,110,398The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas:2022 2021North Sea 49% 3,205,056 44% 2,379,439North- and Central America 4% 275,796 3% 171,601Mediterranean / remaining part of Europe 4% 230,333 4% 234,640Africa 7% 437,778 12% 649,323South America 21% 1,335,618 6% 340,430Australia 10% 639,050 23% 1,223,186Asia 6% 369,824 8% 435,853Total 100% 6,493,454 100% 5,434,472The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore assets cannot be allocated per segment in accordance with IFRS 8.Note 8 - Right-of-Use AssetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions2,076 - 2,076 -Disposals - - - -Translation differences 321,864 3,127 324,991 222,216Depreciation -176,731 -27,406 -204,137 -Impairment -32,710 - -32,710 -Interest expense- - - 233,521Lease payments- - - -438,500Closing balance 31.12.20223,159,924 185,889 3,345,813 3,712,076Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2021 2,212,854 244,468 2,457,322 2,814,242Other adjustments - - - -10,839Additions 107,855 - 107,855 75,558Disposals - - - -332Translation differences 72,953 -4,230 68,722 78,845Depreciation -64,158 -28,554 -92,712 -Impairment 20,000 - 20,000 -Interest expense- - - 176,480Lease payments- - - -389,671Closing balance 31.12.20212,349,503 211,683 2,561,187 2,744,284The following are the amounts recognised in profit or loss:2022 2021Depreciation expense of right-of-use assets 204,137 92,712Interest expense on lease liabilities 233,521 176,480Variable lease payments expensed in the period* 50,238 44,625Operating expenses in the period related to short-term leases 214 60Total lease expenses included in other operating expenses488,110 313,877*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 312 in 2022 (MNOK 434 in 2021).Impairment testing of Right-of-use assetsBased on value-in-use-calculations an impairment of MNOK 33 was recognised in 2022 (reversal of impariment of MNOK 20 in 2021). Further reference is made to Note 7 Tangible Fixed Assets, and Normand Maximus paragraph below.Normand MaximusReference is made to note 6 \u2013 Mortgage Debt and Other Liabilities. The changes to the leasing arrangement for Normand Maximus is accounted for under IFRS 16. It is assessed as a modification of the bareboat charter contract on the effective date of the new contract (18 October 2022) in accordance with the requirements in the standard. This resulted in an increase in the leasing obligation of MNOK 952 (including a reclassification of trade payables to leasing obligation of MNOK 251), and a corresponding increase in right of use asset of MNOK 695. The residual claim is included in the lease obligation. An impairment assesment was performed, and the value-in-use calculation resulted in an impairment of MNOK 138 in October 2022. Based on the value in use calculation as of year end 2022 MNOK 105 of the impairment was reversed due to new contracts, and net impairment in 2022 is MNOK 33. The right of use asset for Maximus is MNOK 3,099 (MNOK 2,274 in 2021) and lease liability MNOK 3,424 (MNOK 2,424 in 2021). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MNOK 1,586, further reference is made to Note 6 - Mortage Debt and Other Liabilities. Variable lease paymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2022 was MNOK 50.2 (MNOK 44.6 in 2021).Group as a lessorAs mentioned in note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element inclu-des the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). For the future minimum rentals receivable under non-cancellable operating leases, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__77-1": { "value": "Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases. 31.12.2022 31.12.2021Minimum Present value Minimum Present value paymentminimum paymentpaymentminimum paymentNext year 5,252,748 5,124,632 3,515,665 3,429,917Year 2 1,756,227 1,671,602 1,585,905 1,509,488Year 3 1,176,172 1,092,192 392,557 364,529Year 4 815,972 739,230 122,525 111,002Year 5 236,184 208,752 15,508 13,707Over 5 yearsFinance cost 400,893 203,519Total minimum lease payment 9,237,303 9,237,303 5,632,161 5,632,161Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 8 - Right-of-Use AssetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions2,076 - 2,076 -Disposals - - - -Translation differences 321,864 3,127 324,991 222,216Depreciation -176,731 -27,406 -204,137 -Impairment -32,710 - -32,710 -Interest expense- - - 233,521Lease payments- - - -438,500Closing balance 31.12.20223,159,924 185,889 3,345,813 3,712,076Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2021 2,212,854 244,468 2,457,322 2,814,242Other adjustments - - - -10,839Additions 107,855 - 107,855 75,558Disposals - - - -332Translation differences 72,953 -4,230 68,722 78,845Depreciation -64,158 -28,554 -92,712 -Impairment 20,000 - 20,000 -Interest expense- - - 176,480Lease payments- - - -389,671Closing balance 31.12.20212,349,503 211,683 2,561,187 2,744,284The following are the amounts recognised in profit or loss:2022 2021Depreciation expense of right-of-use assets 204,137 92,712Interest expense on lease liabilities 233,521 176,480Variable lease payments expensed in the period* 50,238 44,625Operating expenses in the period related to short-term leases 214 60Total lease expenses included in other operating expenses488,110 313,877*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 312 in 2022 (MNOK 434 in 2021).Impairment testing of Right-of-use assetsBased on value-in-use-calculations an impairment of MNOK 33 was recognised in 2022 (reversal of impariment of MNOK 20 in 2021). Further reference is made to Note 7 Tangible Fixed Assets, and Normand Maximus paragraph below.Normand MaximusReference is made to note 6 \u2013 Mortgage Debt and Other Liabilities. The changes to the leasing arrangement for Normand Maximus is accounted for under IFRS 16. It is assessed as a modification of the bareboat charter contract on the effective date of the new contract (18 October 2022) in accordance with the requirements in the standard. This resulted in an increase in the leasing obligation of MNOK 952 (including a reclassification of trade payables to leasing obligation of MNOK 251), and a corresponding increase in right of use asset of MNOK 695. The residual claim is included in the lease obligation. An impairment assesment was performed, and the value-in-use calculation resulted in an impairment of MNOK 138 in October 2022. Based on the value in use calculation as of year end 2022 MNOK 105 of the impairment was reversed due to new contracts, and net impairment in 2022 is MNOK 33. The right of use asset for Maximus is MNOK 3,099 (MNOK 2,274 in 2021) and lease liability MNOK 3,424 (MNOK 2,424 in 2021). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MNOK 1,586, further reference is made to Note 6 - Mortage Debt and Other Liabilities. Variable lease paymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2022 was MNOK 50.2 (MNOK 44.6 in 2021).Group as a lessorAs mentioned in note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element inclu-des the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). For the future minimum rentals receivable under non-cancellable operating leases, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__86-1": { "value": "Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__84-1": { "value": "Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__83-1": { "value": "Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 23 - Other Long-Term Receivables2022 2021Sellers credit (note 5) 29,572 26,458Loan to other companies 536 718Other receivables 27,429 29,284Total other long-term assets 57,536 56,460Other receivables consist of advance travel card deposits and deposits for public taxes.Note 24 - Accounts Receivable and Other Short-Term Receivables 2022 2021Accounts receivable 1,228,901 815,182Receivable from associated and joint venture companies 3,586 1,564Total accounts receivable 1,232,487 816,745Prepaid expenses 143,611 47,348Earned, not invoiced revenues 153,347 89,192VAT/ WHT receivable 19,946 64,450Project cost for amortizing 70,477 -Other short-term receivables 310,759 220,104Receivable from associated and joint venture companies - -Total short-term receivables 698,141 421,094Other short-term receivables are mainly refundable insurance claims, government grants and prepaid docking expenses.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__82": { "value": "Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__79-1": { "value": "Note 5 - Financial Market Risk, Financial InstrumentsGeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives. Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__80-1": { "value": "GeneralThe Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and charter rates, influence the value of the Group\u2019s financial assets, liabilities and future cash flows. Management monitors the financial market risks. When a risk factor is identified, action is taken to reduce this risk. The main strategy to reduce financial market risk is the use of financial derivatives, both for the specific exposure and for the net exposure of the Group. Where financial derivatives are appropriate, only conventional derivatives are used. Given its current financial position, the Group has limited possibility to enter into new financial derivatives.Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__88-1": { "value": "Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__87": { "value": "Credit RiskCredit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a consentration of counterparties in specific geographical markets. Management continously review and assess mitigating responses to limit the concentration risk.Status for accounts receivables is shown in the table below. Based on the composition of the customers, the Group applies an individual assessment for expected loss on trade receivables.The Group is also exposed through guarantees issued on behalf of subsidiaries, joint ventures and associated companies. As the value of the assets placed as security for the guaranteed mortgages exceeds the loans, the credit risk related to the guarantees is considered to be acceptable. However, a potential forced sale situation could have a significant impact on the value of the mortgaged vessels. For further details refer to note 6.The following table shows the ageing of account receivables:0 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2022dueover duemonthsNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,4870 -1 month over 1 - 3 months Older than 3 Not yet dueTotalper 31.12.2021dueover duemonthsNet carrying amount 588,436 109,138 31,390 87,781 816,745Set out below is the movement in the allowance for expected credit losses of trade receivables:2022 2021As at 1 January 75,223 105,086Provision for expected credit losses -56,565 1,613Write-off -34,458Foreign exchange movement 8,617 2,982As at 31 December 27,275 75,223", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__90": { "value": "Interest Risk Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.The Group\u2019s exposure to changes in interest rates relates primarily to the Group\u2019s long-term loans and leasing obligations with floating interest rates. To mitigate exposure to interest rate fluctuations the Group previously entered into fixed interest rate contracts for parts of the long-term liabilities. As of 31.12.2022 and 31.12.2021 there are no fixed-interest contracts. Following the restructuring of the Group in 2020, the majority of its loan agreements with fixed interest rates through CIRR financing was refinanced through a new senior reinstated multicurrency term loan facility. As per 31.12.2022 and 31.12.2021 3% of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. Per 31.12.2022 and 31.12.2021 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s equity and result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease Effect on equity and result in basis pointsbefore tax+ / - 100 2022 + / - 188,659+ / - 100 2021 + / - 183,333Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__93": { "value": "Foreign Currency Risk Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.The Group\u2019s presentation currency is NOK. Revenues are earned in NOK, USD, BRL, AUD, GBP and EUR. The Group\u2019s future charter revenues are partly hedged using foreign currency loans. This hedging reduces the effect of fluctuation in currency rates on the profit and loss account. The following table shows the sensitivity of the Group\u2019s equity and profit and loss before tax due to changes in USD, GBP, AUD, EUR and BRL versus NOK. All other variables remain unchanged. These variations are mainly due to changes in the Group\u2019s charter income and interest expenses, but does not include unrealized currency effects relateing to long term debt which is shown in separat Change in all currencies Effect on equity and result before tax+ / - 10% 2022 + / - 543,232+ / - 10% 2021 + / - 436,326Change in USD Effect on equity and result before tax+ / - 10% 2022 + / - 289,339+ / - 10% 2021 + / - 235,757Change in GBP Effect on equity and result before tax+ / - 10% 2022 + / - 77,619+ / - 10% 2021 + / - 60,666Change in AUD Effect on equity and result before tax+ / - 10% 2022 + / - 57,914+ / - 10% 2021 + / - 57,206Change in EUR Effect on equity and result before tax+ / - 10% 2022 + / - 43,801+ / - 10% 2021 + / - 34,136Change in BRL Effect on equity and result before tax+ / - 10% 2022 + / - 73,211+ / - 10% 2021 + / - 43,476paragraph below.The Group\u2019s long-term debt has the following allocation as at December 31, 2022; NOK 27% and USD 73%. The corresponding allocation for 2021 was NOK 31% and USD 69%.With a reasonable change in the currency of USD versus NOK of 10 % the effect on equity and result before tax would have been MNOK 1,394 in 2022 (MNOK 1,240 in 2021).", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__89": { "value": "Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. Liquidity risk has been reduced after the financial restructuring of the Company was completed, October 2020. Following the restructuring interest-bearing debt was reduced significantly, among others amortization relief has been given for a period of time and the Company has in place a working capital facility ref paragraph below. The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium and long term cash flow forecast of its operational activities.Pursuant to a senior secured facilities agreement that refinanced the restructured Group, certain banks made an additional super senior term loan facility up to MNOK 1,494 available to Solstad Shipholding AS for general corporate and working capital purposes (\u201cSuper senior term loan\u201d). This has super senior status to all other liabilities under the facility and represents a non-amortizing bullet loan with maturity 31.03.2024. As per 31.12.2022 this facility was undrawn. The funds made available under the \u201cSuper senior term loan\u201d facility is freely available for the restructured part of the Group subject that free cash in this group of companies is minimum MNOK 600. Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20223 monthsmonthsyearsyearsyearsInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (1) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Other long-term liabilities - - - - - -Account payables 694,564 - - - - 694,564Interest payments 368,566 1,067,673 719,156 118,672 41,763 2,315,8291,538,428 3,196,593 18,535,098 2,514,314 508,173 26,292,606Less than 3 to 12 2 to 3 4 to 5 Over 5 Totalper 31.12.20213 monthsmonthsyearsyearsyearsInterest bearing liabilities 311,199 91,753 17,387,122 270,230 949,872 19,010,176Lease obligations (1) 2,451,228 31,943 75,540 80,382 121,741 2,760,834Other long-term liabilities - - - - - -Account payables 552,077 - - - - 552,077Interest payments 180,298 581,858 1,031,279 109,442 71,166 1,974,0433,494,802 705,554 18,493,941 460,054 1,142,779 24,297,130Reclassification of long-term liabilities to current liabilities(1) Lease obligation for Normand Maximus of MNOK 101 is classified as current liability in 2022. Total lease liability, MNOK 2,424, was reclassified to current portion of long term debt in 2021, due to a contractual default with a covenant waiver, given in 2021, that could be revoked at any time by the Finance Parties. Reference is made to note 6 and 8.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__91": { "value": "Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient 31.12.2022 31.12.2021Total equity 1,753,125 3,083,481Total assets 26,019,130 24,937,682Equity ratio 7% 12%", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__94-1": { "value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__92-1": { "value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2022:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 704,225 10/11/2026 10/03/2031 3.63% 6.10% 4.87%Loan, floating interest 18,865,911 30/06/2023 07/03/2029 3.80% 13.04% 4.24%The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2021: Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 676,833 10/11/2026 10/03/2031 3.61% 6.07% 5.39%Loan, floating interest 18,333,343 30/06/2023 07/03/2029 2.36% 10.85% 3.34%The main portion of Solstad\u2019s external debt will mature March 2024 and therefore it is an inherent refinancing risk. A re-financing is dependent on how the OSV market- and the oil and gas prices develops and other factors such as fi-nancing capacity for the OSV segment. The Company has engaged a consulting firm to facilitate an independent analysis of Solstad\u2019s debt service ability. A failure to refinance by the end of March 2024 will have a material adver-se effect on the financial situation of the Group and Company. Dependent on the outcome of the refinancing process and the Company\u2019s debt service ability, this may lead to a need for adjustments of the capital structure.to support its business, future liabilities and maximize shareholder value at all times. The 2-3 years prior to the restructuring of the Company the equity ratio was at a very critical level. After the successful restructuring the equity ratio improved due to conversion of debt to equity. Equity ratio declined in 2022, mainly due to increasing interest and weakened NOK vs USD.Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__85": { "value": "Fair ValueEstimated market values on financial instruments nominated in other currencies than NOK are determined using the currency rate at the balance sheet date. Fair value of any interest- and interest-/currency swaps are determined using the currency - and interest rate at the balance sheet date. Nominal value of cash is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.Set out below is a comparison, by class, of the carrying amounts and fair values of the Group\u2019s financial instruments, other than those with carrying amounts that are reasonable approximations of fair values (e.g. accounts receivable and accounts payable): Financial assets2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsCash to bank 20 2,170,072 2,170,072 2,459,027 2,459,027Investments in shares (long-term) 13 5,315 5,315 4,271 4,271Other long-term receivables 57,536 57,536 56,460 56,460Total financial assets 2,232,923 2,232,923 2,519,758 2,519,758Financial liabilities2022 2021Carrying Carrying NoteFair valueFair valueamountsamountsMortgage loan with floating interests 6 22,105,902 22,105,902 20,040,786 20,040,786Mortgage loan with fixed interests 6 704,225 704,225 676,833 676,833Total financial liabilities 22,810,127 22,810,127 20,717,619 20,717,619Hereof short-term part of long-term debt 2,460,689 2,460,689 446,592 446,592Fair Value Hierarchy:The Group use the following hierarchy for valuation and presentation of financial instruments:Level 1: quoted prices in active markets for identical assets or liabilitiesLevel 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectlyLevel 3: techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market dataThe Group\u2019s level 1 includes shares in listed companies, refer to note 11 for further details.Level 2 includes fixed interest contracts, interest and currency swap contracts, currency contracts and mortgage debt, refer above for further details.Level 3 includes non-registered shares, refer to note 11 for further details.The following methods and assumptions were used to estimate the fair values: Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares are based on market value.The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value. Ending 2021 a certain part of the Group\u2019s financial liability was linked to vessels deemed to be \u201cnon core\u201d. Debt not covered by sales proceed from these vessel have been settled by warrants during 2022. The debt related to these non core vessels was measured to fair value at each accounting period. Fair value was set based on expected sales price of the vessels and share price of Solstad Offshore ASA at the end of the accounting period. Expected sales prices end of 2021 were based on actual sale prices for those vessels sold in 1Q22. Ending 2022 all vessels, except for one, which has been reclassified to core vessel, are sold.The following table show book value of financial instruments according to the hierarchy above:2022 2021Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares 21,000 - - 15,200 - -Total per level 21,000 - - 15,200 - -Total all levels 21,000 15,2002022 2021Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - 2,991 - - 2,991Total per level - - 2,991 - - 2,991Total all levels 2,991 2,9912022 2021Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 147,416 - - 326,312Total per level - - 147,416 - - 326,312Total all levels 147,416 326,312Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, is valued at level 2 (Cash to bank and Mortgage loans) and level 3 (Investments in shares and Other long receivables).Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2022instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 29,572 29,572Loans to joint ventures - - - 55,829 55,829Accounts receivable - - - 1,232,487 1,232,487Cash and cash equivalents - - - 2,170,072 2,170,072Total Financial assets - 23,991 - 3,487,960 3,511,951LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 147,416 - 18,950,635 19,098,051Other long-term liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Derivatives not designated Financial assets Financial as hedging and liabilities Financial instruments 31.12.2021instruments at fair value instruments at Totalat fair value - fair value through profit amortized costthrough OCIthrough profit or lossor lossAssetsEquity instrumentsMarket based shares - 15,200 - - 15,200Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther long-term receivables - - - 26,458 26,458Loans to joint ventures - - - 47,506 47,50 6Accounts receivable - - - 816,745 816,745Cash and cash equivalents - - - 2,459,027 2,459,027Total Financial assets - 18,191 - 3,349,736 3,367,928LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - 326,312 - 17,644,225 17,970,538Other long-term liabilities - - - 1,917 1,917Other financial liabilitiesTrade and other payables - - - 552,077 552,077Total financial liabilities - 326,312 - 18,198,219 18,524,532", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__104": { "value": "Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__96-1": { "value": "Note 6 - Mortgage Debt and Other Liabilities2022 2021Interest bearing liabilities 16,637,362 17,523,945Other long-term liabilities 1,046 1,917Leasing liabilities 3,564,963 280,761Total long-term debt 20,203,371 17,806,623Current portion of long-term debt 2,607,802 2,912,913For maturity profile reference is made to Note 5.The reinstated debt to credit institutions is recognized at its fair value. The interest rate for the refinanced debt has at initial recognition been compared to current market terms according to IFRS 9. For the reinstated debt the Company concludes that the interest rate is below current market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction is observed. The difference between nominal- and fair value will be amortised, and presented as interest expense, over the period until final maturity of the loans. The below table sets out the difference between nominal- and fair value at initial recognition, the amortization for the period and the remaining balance at reporting date.Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2022 -690,311Amortisation YTD 4Q 2022 (*) 300,430Unrealised currency loss -49,764Fair value adjustment 31.12.2022 -439,645*Amortised cost is precented as part of Interest charges in the Comprehensive Income Statements Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__107": { "value": "Normand MaximusThe Company\u2019s leased vessel, the CSV Normand Maximus was sold from its owner Maximus Limited to American Shipping Company ASA (AMSC) in the 4th quarter 2022. This transaction crystallized a residual claim from the former leasing arrangements for the Normand Maximus against a subsidiary of the Company. The residual claim is in the amount of MUSD 161, with an annual interest rate of 9,5%, and falls due for payment on 31 March 2024. The residual claim is guaranteed by the Company. The residual claim needs to be refinanced within the maturity date. As the residual claim is guaranteed by the Company, a failure to refinance the residual claim will have a material adverse effect on Solstad Offshore ASA\u2019s financial situation. For further information on the general refinancing risk of the SOFF group\u2019s debt, see item 2 of the prospectus issued on 19 October 2020.The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period and options for further 10 years with a subsidiary of AMSC. The Company has an option to purchase the vessel after 5 or 10 years. For the new lease the Group assessed and found the purchase option in year 5 to be reasonably certain to be exercised and thus included this purchase option in the lease calculation. The agreement includes a profit split-element, whereby the owner of the vessel will be entitled to 50% of the net profit if the vessel is sold externally less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). MNOK 1,586 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,838 is related to the new leasing agreement. Reference is made to note 8 \u2013 Right-of-use-assets for the accounting treatment of the new lease.Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__100": { "value": "Reclassification of long-term liabilities to current liabilitiesTotal lease obligation for Normand Maximus amounts to MNOK 3,424 (MNOK 2,424 in 2021). In 2021 the total lease obligation was classified as current liabilities due to a contractual default with a covenant waiver that could be revoked at any time by the Finance Parties. Short term portion of long-term debt includes a MNOK 147 (MNOK 326 in 2021) loan trance for non-core vessels. Remaining portion relates to non-core vessel being reclassified as core vessel, thus no longer held for sale. The reduction in amount from 2021 relates to vessel sales in 2022 and warrants exercised accordingly. Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__108": { "value": "Book value of pledged assets:2022 2021Bank deposits and cash equivalents 2,170,072 2,459,027Account receivables 1,232,487 816,745Vessels 17,603,721 18,064,019Total booked value 21,006,280 21,339,791All owned vessels are placed as security for the mortgages.", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__105-1": { "value": "Covenants:Solstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. These are divided into two structures; one common set of covenants for the reinstated multicurrency term loan facility (including the \u201cSuper senior term loan\u201d) that was subject to the restructuring in 2020, with Solstad Shipholding AS as the registered borrower (\u201cSolstad Shipholding\u201d) and separate covenants applicable to the remaining vessel owning companies in the Group. In connection with the restructuring in 2020, the Group completed an organizational corporate restructuring with a view to dissolve the former silo structure of the Group, which was a result of the combinations with the REM Offshore, Solstad \u00c5lesund AS (previously Farstad Shipping AS) and Deep Sea Supply groups during recent years. The purpose of the corporate restructuring was to create a new simplified group structure, which also reflects the requirements under the Group\u2019s new financing structure. The restructuring also reduced the complexity in the daily operations and cash management in the Group. There is free float of liquidity between the companies in the structure that was subject to debt-to-equity conversion in the restructuring. Solstad Shipholding AS is the registered borrower for this reinstated debt. Cash flow in the remaining part of the Group is subject to ring-fencing within each borrower entity. There are restrictions in the Solstad Shipholding AS loan agreement to provide financial support to the other ship owning entities in the Group. Vessels owned by both Normand Ships AS and Solstad Superior AS was subject to refinancing during the restructuring process with amended terms and conditions including extension of maturity dates to correspond to the term of the reinstated fleet loan facility in Solstad Shipholding AS, March 2024. Termination date for the underlying vessel financing in NISA Ltd is March 31, 2023. The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, was not part of the restructuring, but amendments to these financings to meet the market conditions was completed in 2022. The exposure under these loan agree-ments is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assign-ment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. Of the Groups senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Farstad Shipping Ltda and Deep Sea Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. Solstad Shipholding AS 1. Positive working capital 2. Min free liquidity: Available Cash min MNOK 500 3. Interest Coverage ratio > 1.0x (applicable from 01.07.2022 and first tested 30.09.2022). 4. Positive MVC Normand Superior AS 1. Positive working capital 2. Min free liquidity MNOK 5 (from 01.01.2022) and MNOK 15 from 01.07.2022. 3. Positive MVC NISA Ltd (50,1%)1. Positive working capital2. Min free liquidity MUSD 0,253. Min MVC 200% Farstad Shipping Ltda 1. No applicable financial covenantsNormand Ships AS1. Positive working capital 2. Min free liquidity MNOK 10 3. Positive MVC SOFO Tonjer AS (BB Charterer)1. Min free liquidity > MUSD 0,75 2. No payment of dividend, capital repayments or ot-her form of capital distribution to its shareholders. Deep Sea Navegacao Maritimos Ltda 1. No applicable financial covenants There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.Given the prevailing market conditions, the covenant with greatest associated uncertainty over the prevail-ing next 12 month period, is the collateral vessels fair market values tested against the underlying vessel debt. Remedies are however available for borrowers through partial down payment of relevant loan trances. Both the Group\u2019s working capital- and liquidity status has developed positive after the restructuring in 2020. In addition to the financial covenants the loan agreements include customary provisions related to operational aspe-cts related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, san-ctions provisions and such other requirements as reasonably required under bank financing agreements. The Company is in compliance with all the covenants related to bank loan agreements at year end 2022.2022 2021Borrowing cost and interest relief:Capitalization borrowing cost 36,585 82,404Borrowing cost is presented net with the loans and is amortized until maturity of the loan.Other long-term liabilitiesOther long-term liabilities of NOK 1 million (NOK 2 million in 2021) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 20,454.Changes in liabilities arising from financing activities1 January Refinance Fair value 31 December Cash flows* Other**2022effectadjustment2022Current interest bearing liabilities 446,592 - - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - - -251,125 -635,459 16,637,3 62Current leasing obligations 2,466,321 - - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - - 3,284,202 3,564,963Other long-term liabilities 1,917 - - - -871 1,046Total liabilities from financing activities 20,719,536 - - -751,096 2,842,734 22,811,173*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of long-term debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current.For interest bearing liabilities, other changes includes amortisation of debt recognized in 2020 at fair value, currency changes and change in portion classified as non-current.1 January Refinance Fair value 31 December Cash flows Other2021effectadjustment2021Current interest bearing liabilities 940,944 - -71,200 -255,163 -167,989 446,592Non-current interest bearing liabilities 16,875,360 - - -142,379 790,964 17, 523,945Current leasing obligations 2,558,953 - - -213,191 120,558 2,466,321Non-current leasing obligations 255,288 - - - 25,473 280,761Other long-term liabilities 12,372 - - -10,456 - 1,917Total liabilities from financing activities 20,642,918 - -71,200 -621,188 769,006 20,719,536Note 7 - Tangible Fixed AssetsVessel Fixture TotalAcquisition cost 01.01.2022 30,427,908 205,135 30,633,043Acc. depreciation/ impairment 01.01.2022 -13,041,408 -178,826 -13,220,234Book value 01.01.2022 17,386,500 26,309 17,412,809Additions 124,912 7,282 132,194Disposals-20,771 - -20,771Transferred- - -Transfer to asset held for sale-471,725 - -471,725Disposal of acc. depreciations/ impairment- - -Translation differences34,383 -288 34,095Cost price 31.12.202230,094,706 212,130 30,306,836Acc. depreciations/ impairment 31.12.2022-13,280,522 -183,747 -13,464,269Carrying value 31.12.202216,814,184 28,383 16,842,567Depreciation current period-835,881 -4,921 -840,803Impairment current period596,768 - 596,768Vessel Fixture TotalAcquisition cost 01.01.2021 32,277,692 205,255 32,482,947Acc. depreciation/ impairment 01.01.2021 -13,561,561 -171,990 -13,733,551Book value 01.01.2021 18,716,131 33,265 18,749,396Additions 71,157 - 71,157Disposals -1,835,095 -90 -1,835,185Transferred - - -Transfer to asset held for sale -172,313 - -172,313Disposal of acc. depreciations/ impairment1,478,706 - 1,478,706Translation differences 86,467 -30 86,437Cost price 31.12.202130,427,908 205,135 30,633,043Acc. depreciations/ impairment 31.12.2021-13,041,408 -178,826 -13,220,234Carrying value 31.12.202117,386,500 26,309 17,412,809Depreciation current period-893,504 -6,836 -900,340Impairment current period-65,049 - -65,049Capitalized periodic maintenance2022 2021Capitalized periodic maintenance at 01.01 677,518 760,223Additions this year 408,131 221,392Disposal this year -13,077 -25,789Transfer to asset held for sale - -4,221Depreciation this year-292,009 -271,098Impairment this year - -Translation differences8,974 -2,989Capitalized periodic maintenance at 31.12789,537 677,518Each part of a fixed asset that is significant to the total expence of the item are separately identified and depreciated over that component\u2019s useful lifetime. Assumed physical lifetime for all categories are 30 years, while estimated useful life is 20 years. Estimation of residual value are based on marked values/ brokers values in the beginning of the year. The brokers values, sales related expenses deducted, are multiplied with a factor dependent on the vessels age. The factor is 50 percent for a new build, increasing to 100 percent for a 20 year old vessel. Periodic maintenance is depreciated over the period until the next planned interimand main docking takes place, respectively. The normal interval is five years for both interims- and main docking. The depreciation rate for other equipment is 15-25 percent. Vessels with a book value of MNOK 17,604 (MNOK 18,064 in 2021) are held as a guarantee for the Group\u2019s loans, see note 6. There is no capitalized interest in 2022 or 2021.Impairment valuation of fixed assetsQuarterly, the Group assess whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist the recoverable amount of the assets are estimated.The current market shows improved commercial terms, especially in the CSV/renewable segment, but at the same time high inflation rates give increased cost levels. These factors indicate need for revaluation of the vessels.The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels. Fair value is calculated using broker values unless there are available estimates for sales values. Broker value is set as an average of 3 acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast. For a majority of the vessels, value in use was the basis for the recoverable amount.Discounting rateThe discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the 10-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Western Europe). The debt element of the discounting rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The discounting rate used for 2022 is 11 %. Income assumptionsFor vessels having firm contracts, revenue is based on the current contracts. For vessels without firm contracts, and for vessels where the firm contract expires during the period, revenue is based on expected utilization and charter day rates over the prognosis period. Dayrates are expected to gradually increase over the prognosis periode. Market rates after year end gives support to estimated rate levels in the early prognosis periode. Market uncertainty is reflected in the assumptions, based on managements assessment and market analysis provided from independant third parties. InflationNo inflation of income in 2023, while operating expense is adjusted for inflation by 2 percent. This is consistent throughout the prognosis period.Residual valuesEstimated residual values used in the value in use calculations are set using the same principle as for the ordinally depreciations. Initially the value is set to 50 percent of cost price, expected cost of sale deducted, and adjusted according to changes in broker valuations. The assumption is that the broker values decline by 2,5 percent per year, until the vessel is 20 years old. It is assumed that the vessels are disposed after 20 years in operation. Average life of the core fleet is 12 years, with respectively 13 years average for the CSV and AHTS vessels and 10 years for the PSV vessels. Impairment testingThe Group recognized a total net reversal of impairment of MNOK 556 in 2022 in Impairment of fixed assets. Impairment of MNOK 33 is related to Normand Maximus, further reference is made to Note 8 \u2013 Right-of-use assets, and impairment of MNOK 8 is related to impairment of inventory.The impairment reversal of MNOK 597 for tangible fixed assets is related to two segments, CSVs and PSVs. The market has shown improved commercial terms and high utilization during 2022. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 679 on 13 CSV has been taken based on value in use-calculations. One CSV is impaired with MNOK 54 due to reduced earnings in the forecasts. Following the sale of the majority of the PSV-fleet, the recoverable amount for the vessels involved in the transaction was calculated at estimated fair market value less cost to sell. This resulted in an impairment of MNOK 566 for 19 of the vessels and a reversal of impairment of MNOK 538 of 11 vessels.Sensitivity and scenario calculationsThe sensitivity of the value-in-use-calculations for the vessels is analyzed by altering the key assumptions; discounting rate, utilization and day rates. A change of discounting rate by +1% point and +2% points indicates potential additional impairment of MNOK 16 and MNOK 219, respectively. A yearly change in dayrates or utilization for the prognosis periode bringing the income down by 3-6%, indicates potential addional impairment by MNOK 19-118. The group has recognized significant impairments on the vessels during the last years, but due to improved market conditions, significant reversals has been taken in 2022 for the CSV fleet. If rates/utilization increases more rapidly than Group\u2019s expectations the vessel values are sensitive to further reversals of previous year\u2019s impairment.Climate-related mattersThe Group constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material effects are identified for the prognosis periode. Short and medium-term change issues are not expected to have any significant effect on Solstad\u2019s OPEX. Higer fuel price due to CO2 levels or the cost of green fuels will for the most part be forwardedto out clients.For short term sustainability goals to be met conversion to battery hybrid and installation of shore power is the most important initiatives. Forecasts for the vessels and segments include green investments, and as such these are included in the assessments of impairment and reversal of impairment. For long term sustainability goals to be met newbuild programs or new technology has to be implemented. There is limited newbuild-programs, and the technology is not available, and it is unlikely that significant additional capacity will be added in the market in short term. Based on this the Group assess that residual values and economic lifetime of existing vessels are not materially reduced in todays market. This could however change in the future. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required. Reference is also made to Note 21.Gain/loss on sale of assetsThe Group has disposed 16 vessels in 2022, where 13 was classified as \u201dnon-strategic\u201d and in line with the restructuring plan for the Company. The net gain of 152.5 booked in Net gain/loss on sale of assets is mainly related to the three core vessels sold. Assets held for sale Assets held for sale comprise of 3 vessels which the Group has sold in 2023 (1 CSV, 1 AHTS, 1PSV). The sales were considered highly probable at year end 2022 as MoA was signed for two of the vessels, and for the third vessel the negotiations was close to finilazitaion. Carrying value at year end is MNOK 412.1, which is the lower of carrying value and fair value less cost to sell. No impairment or reversal of prior year impairment has been recognized for the vessels in 2022. The Group has sold 13 vessels in 2022, that was classified as Held for sale in 2021. A loss of MNOK 9 has been booked in net gain/loss on sale of assets in 2022 related to these transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__112-1": { "value": "Note 7 - Tangible Fixed AssetsVessel Fixture TotalAcquisition cost 01.01.2022 30,427,908 205,135 30,633,043Acc. depreciation/ impairment 01.01.2022 -13,041,408 -178,826 -13,220,234Book value 01.01.2022 17,386,500 26,309 17,412,809Additions 124,912 7,282 132,194Disposals-20,771 - -20,771Transferred- - -Transfer to asset held for sale-471,725 - -471,725Disposal of acc. depreciations/ impairment- - -Translation differences34,383 -288 34,095Cost price 31.12.202230,094,706 212,130 30,306,836Acc. depreciations/ impairment 31.12.2022-13,280,522 -183,747 -13,464,269Carrying value 31.12.202216,814,184 28,383 16,842,567Depreciation current period-835,881 -4,921 -840,803Impairment current period596,768 - 596,768Vessel Fixture TotalAcquisition cost 01.01.2021 32,277,692 205,255 32,482,947Acc. depreciation/ impairment 01.01.2021 -13,561,561 -171,990 -13,733,551Book value 01.01.2021 18,716,131 33,265 18,749,396Additions 71,157 - 71,157Disposals -1,835,095 -90 -1,835,185Transferred - - -Transfer to asset held for sale -172,313 - -172,313Disposal of acc. depreciations/ impairment1,478,706 - 1,478,706Translation differences 86,467 -30 86,437Cost price 31.12.202130,427,908 205,135 30,633,043Acc. depreciations/ impairment 31.12.2021-13,041,408 -178,826 -13,220,234Carrying value 31.12.202117,386,500 26,309 17,412,809Depreciation current period-893,504 -6,836 -900,340Impairment current period-65,049 - -65,049Capitalized periodic maintenance2022 2021Capitalized periodic maintenance at 01.01 677,518 760,223Additions this year 408,131 221,392Disposal this year -13,077 -25,789Transfer to asset held for sale - -4,221Depreciation this year-292,009 -271,098Impairment this year - -Translation differences8,974 -2,989Capitalized periodic maintenance at 31.12789,537 677,518Each part of a fixed asset that is significant to the total expence of the item are separately identified and depreciated over that component\u2019s useful lifetime. Assumed physical lifetime for all categories are 30 years, while estimated useful life is 20 years. Estimation of residual value are based on marked values/ brokers values in the beginning of the year. The brokers values, sales related expenses deducted, are multiplied with a factor dependent on the vessels age. The factor is 50 percent for a new build, increasing to 100 percent for a 20 year old vessel. Periodic maintenance is depreciated over the period until the next planned interimand main docking takes place, respectively. The normal interval is five years for both interims- and main docking. The depreciation rate for other equipment is 15-25 percent. Vessels with a book value of MNOK 17,604 (MNOK 18,064 in 2021) are held as a guarantee for the Group\u2019s loans, see note 6. There is no capitalized interest in 2022 or 2021.Impairment valuation of fixed assetsQuarterly, the Group assess whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist the recoverable amount of the assets are estimated.The current market shows improved commercial terms, especially in the CSV/renewable segment, but at the same time high inflation rates give increased cost levels. These factors indicate need for revaluation of the vessels.The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels. Fair value is calculated using broker values unless there are available estimates for sales values. Broker value is set as an average of 3 acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast. For a majority of the vessels, value in use was the basis for the recoverable amount.Discounting rateThe discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the 10-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Western Europe). The debt element of the discounting rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The discounting rate used for 2022 is 11 %. Income assumptionsFor vessels having firm contracts, revenue is based on the current contracts. For vessels without firm contracts, and for vessels where the firm contract expires during the period, revenue is based on expected utilization and charter day rates over the prognosis period. Dayrates are expected to gradually increase over the prognosis periode. Market rates after year end gives support to estimated rate levels in the early prognosis periode. Market uncertainty is reflected in the assumptions, based on managements assessment and market analysis provided from independant third parties. InflationNo inflation of income in 2023, while operating expense is adjusted for inflation by 2 percent. This is consistent throughout the prognosis period.Residual valuesEstimated residual values used in the value in use calculations are set using the same principle as for the ordinally depreciations. Initially the value is set to 50 percent of cost price, expected cost of sale deducted, and adjusted according to changes in broker valuations. The assumption is that the broker values decline by 2,5 percent per year, until the vessel is 20 years old. It is assumed that the vessels are disposed after 20 years in operation. Average life of the core fleet is 12 years, with respectively 13 years average for the CSV and AHTS vessels and 10 years for the PSV vessels. Impairment testingThe Group recognized a total net reversal of impairment of MNOK 556 in 2022 in Impairment of fixed assets. Impairment of MNOK 33 is related to Normand Maximus, further reference is made to Note 8 \u2013 Right-of-use assets, and impairment of MNOK 8 is related to impairment of inventory.The impairment reversal of MNOK 597 for tangible fixed assets is related to two segments, CSVs and PSVs. The market has shown improved commercial terms and high utilization during 2022. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 679 on 13 CSV has been taken based on value in use-calculations. One CSV is impaired with MNOK 54 due to reduced earnings in the forecasts. Following the sale of the majority of the PSV-fleet, the recoverable amount for the vessels involved in the transaction was calculated at estimated fair market value less cost to sell. This resulted in an impairment of MNOK 566 for 19 of the vessels and a reversal of impairment of MNOK 538 of 11 vessels.Sensitivity and scenario calculationsThe sensitivity of the value-in-use-calculations for the vessels is analyzed by altering the key assumptions; discounting rate, utilization and day rates. A change of discounting rate by +1% point and +2% points indicates potential additional impairment of MNOK 16 and MNOK 219, respectively. A yearly change in dayrates or utilization for the prognosis periode bringing the income down by 3-6%, indicates potential addional impairment by MNOK 19-118. The group has recognized significant impairments on the vessels during the last years, but due to improved market conditions, significant reversals has been taken in 2022 for the CSV fleet. If rates/utilization increases more rapidly than Group\u2019s expectations the vessel values are sensitive to further reversals of previous year\u2019s impairment.Climate-related mattersThe Group constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company, but based on the managements judgements as of 31.12.22 no material effects are identified for the prognosis periode. Short and medium-term change issues are not expected to have any significant effect on Solstad\u2019s OPEX. Higer fuel price due to CO2 levels or the cost of green fuels will for the most part be forwardedto out clients.For short term sustainability goals to be met conversion to battery hybrid and installation of shore power is the most important initiatives. Forecasts for the vessels and segments include green investments, and as such these are included in the assessments of impairment and reversal of impairment. For long term sustainability goals to be met newbuild programs or new technology has to be implemented. There is limited newbuild-programs, and the technology is not available, and it is unlikely that significant additional capacity will be added in the market in short term. Based on this the Group assess that residual values and economic lifetime of existing vessels are not materially reduced in todays market. This could however change in the future. The Group will adjust the key assumptions used in value-in-use calculations and sensitivity to changes in assumptions should a change be required. Reference is also made to Note 21.Gain/loss on sale of assetsThe Group has disposed 16 vessels in 2022, where 13 was classified as \u201dnon-strategic\u201d and in line with the restructuring plan for the Company. The net gain of 152.5 booked in Net gain/loss on sale of assets is mainly related to the three core vessels sold. Assets held for sale Assets held for sale comprise of 3 vessels which the Group has sold in 2023 (1 CSV, 1 AHTS, 1PSV). The sales were considered highly probable at year end 2022 as MoA was signed for two of the vessels, and for the third vessel the negotiations was close to finilazitaion. Carrying value at year end is MNOK 412.1, which is the lower of carrying value and fair value less cost to sell. No impairment or reversal of prior year impairment has been recognized for the vessels in 2022. The Group has sold 13 vessels in 2022, that was classified as Held for sale in 2021. A loss of MNOK 9 has been booked in net gain/loss on sale of assets in 2022 related to these transactions.Note 8 - Right-of-Use AssetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions2,076 - 2,076 -Disposals - - - -Translation differences 321,864 3,127 324,991 222,216Depreciation -176,731 -27,406 -204,137 -Impairment -32,710 - -32,710 -Interest expense- - - 233,521Lease payments- - - -438,500Closing balance 31.12.20223,159,924 185,889 3,345,813 3,712,076Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2021 2,212,854 244,468 2,457,322 2,814,242Other adjustments - - - -10,839Additions 107,855 - 107,855 75,558Disposals - - - -332Translation differences 72,953 -4,230 68,722 78,845Depreciation -64,158 -28,554 -92,712 -Impairment 20,000 - 20,000 -Interest expense- - - 176,480Lease payments- - - -389,671Closing balance 31.12.20212,349,503 211,683 2,561,187 2,744,284The following are the amounts recognised in profit or loss:2022 2021Depreciation expense of right-of-use assets 204,137 92,712Interest expense on lease liabilities 233,521 176,480Variable lease payments expensed in the period* 50,238 44,625Operating expenses in the period related to short-term leases 214 60Total lease expenses included in other operating expenses488,110 313,877*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 312 in 2022 (MNOK 434 in 2021).Impairment testing of Right-of-use assetsBased on value-in-use-calculations an impairment of MNOK 33 was recognised in 2022 (reversal of impariment of MNOK 20 in 2021). Further reference is made to Note 7 Tangible Fixed Assets, and Normand Maximus paragraph below.Normand MaximusReference is made to note 6 \u2013 Mortgage Debt and Other Liabilities. The changes to the leasing arrangement for Normand Maximus is accounted for under IFRS 16. It is assessed as a modification of the bareboat charter contract on the effective date of the new contract (18 October 2022) in accordance with the requirements in the standard. This resulted in an increase in the leasing obligation of MNOK 952 (including a reclassification of trade payables to leasing obligation of MNOK 251), and a corresponding increase in right of use asset of MNOK 695. The residual claim is included in the lease obligation. An impairment assesment was performed, and the value-in-use calculation resulted in an impairment of MNOK 138 in October 2022. Based on the value in use calculation as of year end 2022 MNOK 105 of the impairment was reversed due to new contracts, and net impairment in 2022 is MNOK 33. The right of use asset for Maximus is MNOK 3,099 (MNOK 2,274 in 2021) and lease liability MNOK 3,424 (MNOK 2,424 in 2021). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MNOK 1,586, further reference is made to Note 6 - Mortage Debt and Other Liabilities. Variable lease paymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2022 was MNOK 50.2 (MNOK 44.6 in 2021).Group as a lessorAs mentioned in note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element inclu-des the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment). For the future minimum rentals receivable under non-cancellable operating leases, see note 4.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__113-1": { "value": "Impairment valuation of fixed assetsQuarterly, the Group assess whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist the recoverable amount of the assets are estimated.The current market shows improved commercial terms, especially in the CSV/renewable segment, but at the same time high inflation rates give increased cost levels. These factors indicate need for revaluation of the vessels.The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels. Fair value is calculated using broker values unless there are available estimates for sales values. Broker value is set as an average of 3 acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast. For a majority of the vessels, value in use was the basis for the recoverable amount.Impairment testingThe Group recognized a total net reversal of impairment of MNOK 556 in 2022 in Impairment of fixed assets. Impairment of MNOK 33 is related to Normand Maximus, further reference is made to Note 8 \u2013 Right-of-use assets, and impairment of MNOK 8 is related to impairment of inventory.The impairment reversal of MNOK 597 for tangible fixed assets is related to two segments, CSVs and PSVs. The market has shown improved commercial terms and high utilization during 2022. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 679 on 13 CSV has been taken based on value in use-calculations. One CSV is impaired with MNOK 54 due to reduced earnings in the forecasts. Following the sale of the majority of the PSV-fleet, the recoverable amount for the vessels involved in the transaction was calculated at estimated fair market value less cost to sell. This resulted in an impairment of MNOK 566 for 19 of the vessels and a reversal of impairment of MNOK 538 of 11 vessels.Impairment testing of Right-of-use assetsBased on value-in-use-calculations an impairment of MNOK 33 was recognised in 2022 (reversal of impariment of MNOK 20 in 2021). Further reference is made to Note 7 Tangible Fixed Assets, and Normand Maximus paragraph below.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__115": { "value": "Assets held for sale Assets held for sale comprise of 3 vessels which the Group has sold in 2023 (1 CSV, 1 AHTS, 1PSV). The sales were considered highly probable at year end 2022 as MoA was signed for two of the vessels, and for the third vessel the negotiations was close to finilazitaion. Carrying value at year end is MNOK 412.1, which is the lower of carrying value and fair value less cost to sell. No impairment or reversal of prior year impairment has been recognized for the vessels in 2022. The Group has sold 13 vessels in 2022, that was classified as Held for sale in 2021. A loss of MNOK 9 has been booked in net gain/loss on sale of assets in 2022 related to these transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__128": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__127": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__126": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__124": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__123": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__122": { "value": "Note 9 - Financial ItemsFinancial items2022 2021Interest expense -1,404,972 -1,003,543Interest income 47,152 10,295Net currency loss -937,897 -275,629Income from investment in associated companies 722 108Gain sale of shares - 4,932Gain/ loss (-) financial derivatives 5,800 -7,875Impairment of shares-86 -Dividends900 750Restructuring effects:Fair value of reinstated debt5,413 111,589Other financial income/ -expenses (-)-29,521 56,134Net financial items-2,312,489 -1,103,239Other financial costs of MNOK 968 consits of Net currency loss of MNOK 938 and Other financial income/expenses of MNOK -30.Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to refinancing of loan. Gain on fair value recognition of debt is relating to gain on exercised warrants.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__130": { "value": "Note 10 - Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses:2022 2021Technical cost 556,651 492,179Bunker and lube oil 176,519 144,171Insurance 121,765 107,643IT, communications and other costs 991,664 777,993Total other operating expenses 1,846,600 1,521,986Wages and personnel costs:Employees, vessels 2,288,609 2,044,482Employees, administration327,649 283,633Total employee cost2,616,259 2,328,115Wages and employee cost:Wages1,882,105 1,673,436Social security232,760 212,344Pension costs49,867 41,018Other benefits59,532 44,044Traveling costs, courses and other personnel costs391,995 357,273Total employee cost2,616,259 2,328,115Average number of FTEs3,539 3,478Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138Auditors EY2022 2021Statutory audit 11,823 16,160Other assurance services 2,839 1,660Other non-audit services 12,966 16,629Total 27,629 34,449Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__132": { "value": "Wages and personnel costs:Employees, vessels 2,288,609 2,044,482Employees, administration327,649 283,633Total employee cost2,616,259 2,328,115Wages and employee cost:Wages1,882,105 1,673,436Social security232,760 212,344Pension costs49,867 41,018Other benefits59,532 44,044Traveling costs, courses and other personnel costs391,995 357,273Total employee cost2,616,259 2,328,115Average number of FTEs3,539 3,478Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__131-1": { "value": "Wages and personnel costs:Employees, vessels 2,288,609 2,044,482Employees, administration327,649 283,633Total employee cost2,616,259 2,328,115Wages and employee cost:Wages1,882,105 1,673,436Social security232,760 212,344Pension costs49,867 41,018Other benefits59,532 44,044Traveling costs, courses and other personnel costs391,995 357,273Total employee cost2,616,259 2,328,115Average number of FTEs3,539 3,478Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138Note 19 - PensionThe Group has defined benefit pension plans for seafaring personnel in United Kingdom and for some of the administrative personnel in Norway. The pension plans are insurance based. As at December 31, 2022, the pension plans have 7 active and 98 pensioners as members.The Group has a contribution plan for the majority of the seafaring personnel in Norway and administrative staff. The Group\u2019s pension scheme meets the requirements of the Norwegian law of Occupational pension.UKUKNORWAYNORWAY The following assumptions are used:2022 202120222021Discounted interest 4.85% 1.90% 3.00% 1.90%Expected return 3.00% 1.90%Regulation of salaries 3.45% 3.70% 3.50% 2.75%Regulation of base amount 3.25% 2.50%Regulation of pension 2.85% 3.00% 2.00% 2.50%2022 2021Changes in pension obligation:Estimated liability at beginning of the year 252,393 256,580Interest expense 4,567 1,548Annual pension earnings 1,464 3,306Curtailment / settlement - -Payroll tax employer contribution, assets -709 -613Benefits paid -13,823 -13,014Past service cost 877 -Actuarial (gain) / loss on the obligation -31,416 4,586Estimated liability at year end 213,354 252,393Changes in plan assets:Opening value of plan assets 226,529 231,565Expected return 3,779 2,611Curtailment / settlement - -Payroll tax of employer contribution, assets -156 -149Contributions by employer 5,026 4,344Benefits paid -11,629 -11,219Actuarial gain / (loss) -30,576 -623Estimated plan assets at year end 192,973 226,529Net plan assets/liabilities:2022 2021Pension liabilities 213,354 252,393Plan assets 192,973 226,529Net plan assets/ (liabilities) incl social security -20,381 -25,864Social security -2,519 -3,196Pension cost:Present value of pension obligation 1,014 1,132Interest expenses on obligation 4,567 3,306Expected return on plan assets -3,779 -2,611Administration expense 607 565Recognition of past service cost 877 -Settlement/curtailmen of net obligation - -Pension cost 3,286 2,392Payment on contribution plan 46,581 38,627Total pension cost 49,867 41,018Actual return on plan assets 26,797 1,988Acturial gain and loss (-)Total acturial gain / loss 840 -5,209Currency - -Tax effect 107 1,237Acturial gain / loss booked on Other comprehensive income 947 -3,971Pension liability for 2022 and 2021 is based on table K2013 for Norway and S2IA for UK.Individual pension agreementsFrom the merger with Farstad the Group has an individual pension obligation for four former employees and one former Chairman of the Board.A total liability of NOK 2.1 million is included in the net liability above (NOK 4.3 million in 2021).Plan assets are invested in a wide portfolio by an external insurance company. The insurance company is responsible for total administration of the pension plan.For both years the \u201cNorwegian Covered Bonds Market\u201d-interest rate is used as basis for determination of the discounting rate.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__134": { "value": "Renumeration to Directors, Managing Director and Auditors2022Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,818 1,582 167 117Kjetil Ramstad (CFO) 2,320 1,392 14 111Tor Johan Tveit (COO) 1,955 1,173 14 11210,093 4,147 194 3402021Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,313 1,430 157 109Kjetil Ramstad (CFO) 2,245 1,318 12 104Tor Johan Tveit (COO) 1,609 965 12 1059,167 3,714 181 318There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the company management.The Company\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy, and is determined by the Company\u2019s key performance indicators (KPIs) linked to the Company Priorities, defining clear annual deliverables that are critical for the Company\u2019s future.The Chief Executive Officer has an agreement securing 6 months salary.Payments to Board of Directors:2022 2021Harald Espedal 592 600Frank O. Reite 419 406Ellen Solstad 309 196Peder Sortland 441 246Ingrid Kylstad 392 246Thorhild Widvey 260 196Merete Haugli (until Q2 2020) 104Anders Onarheim 25Toril Eidesvik (until Q2 2020) 138", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__135": { "value": "Auditors EY2022 2021Statutory audit 11,823 16,160Other assurance services 2,839 1,660Other non-audit services 12,966 16,629Total 27,629 34,449Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__137": { "value": "Note 11 - Government Grants2022 2021Net pay scheme at NOR-vessels 180,805 250,542Grants for environmental measures (ENOVA) 16,952 -Government grants 197,757 250,542", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__139-1": { "value": "Note 12 - Share in SubsidariesCondensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2022.Unless stated otherwise owner share is 100%Solstad Offshore ASASolstad Solship Invest Solstad Solship Shipholding AS3 AS\u00c5lesund ASASNM Maximus Shipholding ASLimited100 %*Solstad Shipowning Solstad Operations Solstad Management Solship Invest Solstad Brasil Solstad Subsea Holding ASHolding ASHolding AS4 ASHolding ASHolding ASSolstad Normand Solstad DESS Farstad do Brasil Normand Rederi ASDrift ASManagement ASInvest LtdNavegacao LtdaInstaller SA50 %Solstad Solstad Solstad Solstad Offshore Farstad Shipping Normand Supply ASMexico ASShipping ASCrewing Services Ltda Ships ASUkraine LtdFarstad Normand Solstad Australia Deep Sea Servicos Normand Ships Supply ASChartering ASPty LtdDeep Sea Supply Maritimos LtdaOperations ASLabuan LtdFarstad Shipping Solstad Offshore Solstad Offshore Deep Sea Supply Normand Pte LtdUK LtdAsia Pacific Pte LtdNavegac\u00e3o Maximus LtdMar\u00ectima LtdaSolstad Construction Deep Sea Supply Solstad Offshore Normand Maximus ASCyprus LtdSingapore Pte LtdSolstad Operations LtdBrasil ASSolstad ROHQ Solstad PhilippinesSolstad Subsea ASOffshore LtdaSolstad Offshore Normand Crewing Services Superior ASSolstad Servicos Pte LtdMaritimos LtdaSOFO Solstad Offshore Tonjer ASCrewing Services SOFO 25%Philippines Inc Tonjer IS Normand Maximus ASWindstaller Alliance AS 33 %Omega Subsea Robotics AS50 %* Further details refer to note 13Condensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2021.Unless stated otherwise owner share is 100%Solstad Offshore ASASolstad Solship Invest Farstad Solship Shipholding AS3 ASShipping ASASNM Maximus Shipholding ASLimitedSolstad Shipowning Solstad Operations Solstad Management Solship Invest Solstad Brasil Solstad Subsea Holding ASHolding ASHolding AS4 ASHolding ASHolding ASSolstad Normand Solstad DESS Farstad do Brasil Normand Rederi ASDrift ASManagement ASInvest LtdNavegacao LtdaInstaller SASolstad Solstad Solstad Solstad Offshore Farstad Shipping Normand Supply ASMexico ASShipping ASCrewing Services Ltda Ships ASUkraine LtdFarstad Normand Solstad Australia Deep Sea Servicos Normand Ships Supply ASChartering ASPty LtdDeep Sea Supply Maritimos LtdaOperations ASLabuan LtdFarstad Shipping Solstad Offshore Solstad Offshore Deep Sea Supply Normand Pte LtdUK LtdAsia Pacific Pte LtdNavegac\u00e3o Maximus LtdMar\u00ectima LtdaSolstad Construction Deep Sea Supply Solstad Offshore Normand Maximus ASCyprus LtdSingapore Pte LtdSolstad Operations LtdBrasil ASSolstad ROHQ Solstad PhilippinesSolstad Subsea ASOffshore LtdaSolstad Offshore Normand Crewing Services Superior ASSolstad Servicos Pte LtdMaritimos LtdaSOFO Solstad Offshore Tonjer ASCrewing Services SOFO Philippines Inc Tonjer ISsubsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__144": { "value": "Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__142": { "value": "Note 13 - Share in Joint Ventures, Associated Companies and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associated companies (AC):Date of Place of Business OwnershipFinancial statementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2022Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2022Solstad Offshore Crewing Services Philippines AC Manilla, Philippines 25% 31/12/2022Windstaller Alliance AS (WAAS) AC Oslo, Norway 33% 31/12/2022Maximus Limited AC Cayman Islands 100% ** 31/12/2022* included from December 2022. Hence, no share of result in 2022.**Non-controlling interestsNormand Installer SA owns one contruction service vessel hired on time charter to a company associated with the other part of the joint venture. Omega Subsea Robitics AS is a lessor of ROV\u2019s and other equipment for subsea operations. Solstad Offshore Crewing Services Philippines deliver crewing services to the Group.Windstaller Alliance AS is a company performing industrial activities in the Renewable Energy Market.All the above investments are strategic for the Group.Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108Financial assets at amortized 2022 2021cost - long termUnlisted shares Share Book value Share Book valueBleivik SIM Holding AS 29.54% 2,991 29.54% 2,991Hafast AS 2.64% - 2.64% -Total 2,991 2,991Based on, amongst others, no board representation, the Group does not have significant influence on the above mentioned companies. The shares in Hafast AS was written down to NOK 1 in 2019.Investments in shares - current2022 2021Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA 10,000 5.48% 21,000 10,000 5.48% 15,200Total 21,000 15,200Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 5 for more information. Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__141": { "value": "Joint ventures2022 2021NISA OSRAS Total NISA TotalCost price 01.01.1,631 - 1,631 1,631 1,631Acc result and adjustments89,496 - 89,496 108,273 108,273Book value 01.01. 91,127 - 91,127 109,904 109,904Share of result20,418 - 20,418 247 247Other adjustments37,206 7,4 8 4 44,690 -19,024 -19,024Book value 31.12.148,751 7,484 156,235 91,127 91,127Balance sheet:Bank deposit and cash equivalents20,563 14,969 35,532 20,881 20,881Current assets86,969 1,147 88,116 245 245Long-term assets552,930 62,250 615,180 529,152 529,152Short-term liabilities-23,747 -14,102 -37,849 -7 7,914 -77,914Long-term financial liabilities-339,214 -50,000 -389,214 -290,108 -290,108Net Assets297,5 02 14,265 311,767 182,255 182,255Share of balance sheet:148,751 7,132 155,883 91,127 91,127Revenues and profit:Revenues166,115 1,147 167,262 128,032 128,032Operating expense- 67,314 -38 -67,352 - 67,616 - 67,616Depreciations-37,335 -1,055 -38,390 -40,033 -40,033Financial income1,295 - 1,295 726 726Interest expense-21,925 -759 -22,684 -20,615 -20,615Result before tax40,835 -705 40,130 494 494Result40,835 -705 40,130 494 494Share of revenues and profit:20,418 - 20,418 247 247", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__148": { "value": "Associated companies2022 2021SOCS WAAS Total SOCS TotalCost price 01.01. 385 - 385 385 385Acc result and adjustments 894 - 894 742 742Book value 01.01. 1,279 - 1,279 1,128 1,128Share of result 675 47 722 108 108Other adjustments 158 164 322 44 44Book value 31.12. 2,112 212 2,323 1,279 1,279Balance sheet:Current assets 6,435 359 6,435 5,391 5,391Long-term assets 373 - 373 476 476Short-term liablilities -5,692 -152 -5,692 -5,492 -5,492Long-term financial liabilities -4 - -4 -5 -5Net assets 1,112 207 1,112 370 370Share of revenues and profit:Revenues 3,198 174 3,372 2,391 2,391Operating expense -2,576 -113 -2,689 -2,158 -2,158Financial income 296 - 296 -108 -108Result before tax 918 61 978 125 125Taxes -235 -13 -249 -17 -17Result 682 47 729 108 108", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__143": { "value": "Subsidiaries with Significant and Non-Controlling InterestsThe Group have two subsidiaries with significant non-controlling interests (NCI) as of 31th Desember 2022. Information regarding these is as follows (NOK 1,000):Result Accumulated 2022allocated to Country NCINCI Paid dividendNameNCISolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Result allocated to Accumulated 2021Country NCINCI Paid dividendNCINameSolstad Supply AS Norway 27% -1,726 -23,248 -SOFO Tonjer IS Norway 44% -34,526 18,649 -Capital has been called upon in SOFO Tonjer IS in 2021, with MNOK 30. MNOK 13,2 is contributed by minority interest.2022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Long term liabilities 391,349 -Short term debt 53,709 8,128Total liabilities 445,058 8,128Income 87,96 4 39,667Result after tax -37,545 11,8662021Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 246,250 26,543Current assets 63,156 40,272Total assets 309,406 66,815Long term liabilities 363,255 0Short term debt 33,873 24,638Total liabilities 397,128 24,638Income 73,996 52,826Result after tax -6,475 -78,469", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__151": { "value": "Note 14 - Insurance SettlementsWhen damages occur to vessels or equipment that are reported as insurance cases, the Group pays for the repairs in advance. The following compensation has been received from the insurance companies:2022 2021Received compensation 63,625 66,782Insurance deductible per damage is included in Other operating expenses.Freight revenue includes recognition of Loss of Hire-revenues of MNOK 62 and MNOK 36 for the two last years respectively.", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__156": { "value": "Note 15 - Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2022 75,608,658 75,609 -Share capital increase by convertion of debt 1,699,951 1,70031/12/2022 77,308,609 77,309 -01/01/2021 74,872,682 74,873 -Share capital increase by convertion of debt 735,976 73631/12/2021 75,608,658 75,609 -Capital increases by convertion of debt is through exercise of warrants issued by decision of the Company\u2019s general meeting held on 20 October 2020. Warrants will be excersised for any unsettled debt after disposal of vessels held for sale.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.At 31.12.21 the Company\u2019s share capital represents 75,608,658 shares at NOK 1.The number of shareholders at 31.12.22 was 10,919The number of shareholders at 31.12.21 was 7,482.The Chief Executive Officer holds 3,197,779 shares through Jarsteinen AS in addition to a right to subscribe 5,038,187 shares in the Company with a nominal value of NOK 1 per share. The subscription right expires 20.10.2023As at 31.12.2022 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2022 Number of shares OwnershipAker Capital AS 19,206,002 24.84 % DNB Markets Aksjehandel/-analyse 7,379,541 9.55 % Interactive Brokers LLC 4,550,647 5.89 %Skandinaviska Enskilda Banken AB 3,750,000 4.85 %Jarsteinen AS 3,197,779 4.14 %Magne Hystad 1,235,000 1.60 %The Export-Import Bank of China 1,13 9,842 1.47 %Nordnet Livsforsikring AS 1,057,775 1.37 %Sparebanken M\u00f8re 978,598 1.27 %Morten \u00d8stdahl 788,526 1.02 %Minority shareholders 34,024,899 44.01 %77,308,609 100 %", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__155": { "value": "Note 15 - Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2022 75,608,658 75,609 -Share capital increase by convertion of debt 1,699,951 1,70031/12/2022 77,308,609 77,309 -01/01/2021 74,872,682 74,873 -Share capital increase by convertion of debt 735,976 73631/12/2021 75,608,658 75,609 -Capital increases by convertion of debt is through exercise of warrants issued by decision of the Company\u2019s general meeting held on 20 October 2020. Warrants will be excersised for any unsettled debt after disposal of vessels held for sale.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.At 31.12.21 the Company\u2019s share capital represents 75,608,658 shares at NOK 1.The number of shareholders at 31.12.22 was 10,919The number of shareholders at 31.12.21 was 7,482.The Chief Executive Officer holds 3,197,779 shares through Jarsteinen AS in addition to a right to subscribe 5,038,187 shares in the Company with a nominal value of NOK 1 per share. The subscription right expires 20.10.2023As at 31.12.2022 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2022 Number of shares OwnershipAker Capital AS 19,206,002 24.84 % DNB Markets Aksjehandel/-analyse 7,379,541 9.55 % Interactive Brokers LLC 4,550,647 5.89 %Skandinaviska Enskilda Banken AB 3,750,000 4.85 %Jarsteinen AS 3,197,779 4.14 %Magne Hystad 1,235,000 1.60 %The Export-Import Bank of China 1,13 9,842 1.47 %Nordnet Livsforsikring AS 1,057,775 1.37 %Sparebanken M\u00f8re 978,598 1.27 %Morten \u00d8stdahl 788,526 1.02 %Minority shareholders 34,024,899 44.01 %77,308,609 100 %", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__154": { "value": "Note 15 - Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2022 75,608,658 75,609 -Share capital increase by convertion of debt 1,699,951 1,70031/12/2022 77,308,609 77,309 -01/01/2021 74,872,682 74,873 -Share capital increase by convertion of debt 735,976 73631/12/2021 75,608,658 75,609 -Capital increases by convertion of debt is through exercise of warrants issued by decision of the Company\u2019s general meeting held on 20 October 2020. Warrants will be excersised for any unsettled debt after disposal of vessels held for sale.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.At 31.12.21 the Company\u2019s share capital represents 75,608,658 shares at NOK 1.The number of shareholders at 31.12.22 was 10,919The number of shareholders at 31.12.21 was 7,482.The Chief Executive Officer holds 3,197,779 shares through Jarsteinen AS in addition to a right to subscribe 5,038,187 shares in the Company with a nominal value of NOK 1 per share. The subscription right expires 20.10.2023As at 31.12.2022 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2022 Number of shares OwnershipAker Capital AS 19,206,002 24.84 % DNB Markets Aksjehandel/-analyse 7,379,541 9.55 % Interactive Brokers LLC 4,550,647 5.89 %Skandinaviska Enskilda Banken AB 3,750,000 4.85 %Jarsteinen AS 3,197,779 4.14 %Magne Hystad 1,235,000 1.60 %The Export-Import Bank of China 1,13 9,842 1.47 %Nordnet Livsforsikring AS 1,057,775 1.37 %Sparebanken M\u00f8re 978,598 1.27 %Morten \u00d8stdahl 788,526 1.02 %Minority shareholders 34,024,899 44.01 %77,308,609 100 %", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__153": { "value": "Note 15 - Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2022 75,608,658 75,609 -Share capital increase by convertion of debt 1,699,951 1,70031/12/2022 77,308,609 77,309 -01/01/2021 74,872,682 74,873 -Share capital increase by convertion of debt 735,976 73631/12/2021 75,608,658 75,609 -Capital increases by convertion of debt is through exercise of warrants issued by decision of the Company\u2019s general meeting held on 20 October 2020. Warrants will be excersised for any unsettled debt after disposal of vessels held for sale.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.At 31.12.21 the Company\u2019s share capital represents 75,608,658 shares at NOK 1.The number of shareholders at 31.12.22 was 10,919The number of shareholders at 31.12.21 was 7,482.The Chief Executive Officer holds 3,197,779 shares through Jarsteinen AS in addition to a right to subscribe 5,038,187 shares in the Company with a nominal value of NOK 1 per share. The subscription right expires 20.10.2023As at 31.12.2022 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2022 Number of shares OwnershipAker Capital AS 19,206,002 24.84 % DNB Markets Aksjehandel/-analyse 7,379,541 9.55 % Interactive Brokers LLC 4,550,647 5.89 %Skandinaviska Enskilda Banken AB 3,750,000 4.85 %Jarsteinen AS 3,197,779 4.14 %Magne Hystad 1,235,000 1.60 %The Export-Import Bank of China 1,13 9,842 1.47 %Nordnet Livsforsikring AS 1,057,775 1.37 %Sparebanken M\u00f8re 978,598 1.27 %Morten \u00d8stdahl 788,526 1.02 %Minority shareholders 34,024,899 44.01 %77,308,609 100 %", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__160": { "value": "Note 17 - Transactions with Related PartiesIn addition to general management services, the Group has the following transactions with related parties:Income Expenses Receivables Payables2022 2021 2022 2021 2022 2021 2022 2021Joint venture companiesNormand Installer SA - - - - 56,141 47,506 - -Other related partiesIvan Eiendom - - 11,684 11,975 - - - -Ocean Yield - - 50,205 44,625 - - - -American Shipping Company - - 77,772 - - - 75,957 -The Group\u2019s Affiliation with Related PartiesNormand Installer SA is a joint venture company in which the Group has a 50% share. Receivable relates to a shareholders loan.The Group leases offices and a warehose at market price from om a company controlled by a related party.The Group has two vessels on bareboat from Ocean Yield (company controlled by one of the larger shareholders). (Aker Capital AS, a wholly owned subsidiary of Aker ASA, sold it\u2019s entire shareholding in Ocean Yield in December 2021).The Group also has one vessel on bareboat from American Shipping Company (\u201cAMSC\u201d)(company owned 19.1 percent by one of the larger shareholders). From time to time the Group has business relationship with Aker BP ASA, a company affiliated with one of the larger shareholders.Board Members and the Company\u2019s Management are considered as related parties. There are no management agreements with related parties outside the Group that charge management fees.Transactions with related parties are completed at normal market prices. Interests are not calculated on outstanding balances with related parties considered to be normal accounts receivable or payable. Current assets are included in the ordinary evaluation of bad debt.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__158": { "value": "Note 16 - Earnings Per ShareEarnings per share are calculated by dividing the Group result by the average number of shares as of 31.12, adjusted for the average stock of treasury shares. There are no instruments limiting the possibility of dilution.2022 2021Majority result from net profit for the year -1,113,016 -1,102,449Result from net profit for the year -1,117,803 -1,136,062Average number of shares 76,935,022 75,106,684Average number of Treasury shares 139 139Average number of shares to calculate earnings per share 76,934,883 75,106,545Earnings per share (NOK) - majority -14.47 -14.68Earnings per share (NOK)-14.53 -15.13", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__164": { "value": "Note 18 - Taxes2022 2021Taxes payable 56,896 24,424Under/over accrual of tax payable 37,637 1,241Change in deferred taxes 10,146 -Tax on ordinary result 104,679 25,665Apportionment of tax on ordinary resultNorwegian tax 10,146 -89Foreign 94,533 25,854Total tax 104,679 25,665Temporary differences:Fixed assets (vessels and other non-current assets) 5,205,848 2,903,778Receivables (current assets) -31,144 -29,140Other current assets - -106,444Other accruals -22,790 -22,680Pension -20,381 -25,864Tax position related to sold assets -718,640 -555,297Interest deductions carried forward -1,338,246 -2,109,997Unrecovered loss carried forward -21,100,343 -17,448,411Total temporary differences -18,025,696 -17,394,055Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 1,145, 287 638,831Receivables (current assets) -6,852 - 6,411Other current assets - -23,418Other accruals -5,014 -4,990Pension -4,484 -5,690Tax position related to sold assets -158,101 -122,165Interest deductions carried forward -294,414 - 464,199Unrecovered loss carried forward -4,642,075 -3,838,650Deferred tax asset not recognised 3,961,302 3,812,195Net deferred tax/ deferred tax asset (-) -4,351 -14,497Changes in deferred tax in the balance sheetOpening balance deferred tax -14,497 -5,581Booked to profit and loss 10,146 -Charged to equity (change pension) - -8,932Translation adjustment - 16End balance deferred tax/ deferred tax asset (-) -4,351 -14,497Payable tax in the balance sheet consist ofOther payable corporation tax 228,409 176,767Total payable tax in the balance sheet 228,409 176,767Analysis of effective tax rate22% of pre-tax result -222,887 -244,287Effect of deferred tax asset not recognised 149,107 211,889Correction of previous years 37,637 1,241Differential in tax rates foreign entities -1,094 5,249Permanent differences 141,916 51,574Estimated tax 104,679 25,665Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associated companies with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income.The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities, and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. At the end of the year the Group has included an MNOK 199 accural for expected taxes related to operations in foreign waters. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.Exit from the Norwegian tonnage tax regime was performed in 2020. The exit had effect from January 1st, 2016. An unrecorded loss carry forward of NOK 10 billion was claimed for the period from 2016 to 2018.", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__163": { "value": "Note 18 - Taxes2022 2021Taxes payable 56,896 24,424Under/over accrual of tax payable 37,637 1,241Change in deferred taxes 10,146 -Tax on ordinary result 104,679 25,665Apportionment of tax on ordinary resultNorwegian tax 10,146 -89Foreign 94,533 25,854Total tax 104,679 25,665Temporary differences:Fixed assets (vessels and other non-current assets) 5,205,848 2,903,778Receivables (current assets) -31,144 -29,140Other current assets - -106,444Other accruals -22,790 -22,680Pension -20,381 -25,864Tax position related to sold assets -718,640 -555,297Interest deductions carried forward -1,338,246 -2,109,997Unrecovered loss carried forward -21,100,343 -17,448,411Total temporary differences -18,025,696 -17,394,055Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 1,145, 287 638,831Receivables (current assets) -6,852 - 6,411Other current assets - -23,418Other accruals -5,014 -4,990Pension -4,484 -5,690Tax position related to sold assets -158,101 -122,165Interest deductions carried forward -294,414 - 464,199Unrecovered loss carried forward -4,642,075 -3,838,650Deferred tax asset not recognised 3,961,302 3,812,195Net deferred tax/ deferred tax asset (-) -4,351 -14,497Changes in deferred tax in the balance sheetOpening balance deferred tax -14,497 -5,581Booked to profit and loss 10,146 -Charged to equity (change pension) - -8,932Translation adjustment - 16End balance deferred tax/ deferred tax asset (-) -4,351 -14,497Payable tax in the balance sheet consist ofOther payable corporation tax 228,409 176,767Total payable tax in the balance sheet 228,409 176,767Analysis of effective tax rate22% of pre-tax result -222,887 -244,287Effect of deferred tax asset not recognised 149,107 211,889Correction of previous years 37,637 1,241Differential in tax rates foreign entities -1,094 5,249Permanent differences 141,916 51,574Estimated tax 104,679 25,665Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associated companies with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income.The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities, and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. At the end of the year the Group has included an MNOK 199 accural for expected taxes related to operations in foreign waters. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.Exit from the Norwegian tonnage tax regime was performed in 2020. The exit had effect from January 1st, 2016. An unrecorded loss carry forward of NOK 10 billion was claimed for the period from 2016 to 2018.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__162": { "value": "Note 18 - Taxes2022 2021Taxes payable 56,896 24,424Under/over accrual of tax payable 37,637 1,241Change in deferred taxes 10,146 -Tax on ordinary result 104,679 25,665Apportionment of tax on ordinary resultNorwegian tax 10,146 -89Foreign 94,533 25,854Total tax 104,679 25,665Temporary differences:Fixed assets (vessels and other non-current assets) 5,205,848 2,903,778Receivables (current assets) -31,144 -29,140Other current assets - -106,444Other accruals -22,790 -22,680Pension -20,381 -25,864Tax position related to sold assets -718,640 -555,297Interest deductions carried forward -1,338,246 -2,109,997Unrecovered loss carried forward -21,100,343 -17,448,411Total temporary differences -18,025,696 -17,394,055Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 1,145, 287 638,831Receivables (current assets) -6,852 - 6,411Other current assets - -23,418Other accruals -5,014 -4,990Pension -4,484 -5,690Tax position related to sold assets -158,101 -122,165Interest deductions carried forward -294,414 - 464,199Unrecovered loss carried forward -4,642,075 -3,838,650Deferred tax asset not recognised 3,961,302 3,812,195Net deferred tax/ deferred tax asset (-) -4,351 -14,497Changes in deferred tax in the balance sheetOpening balance deferred tax -14,497 -5,581Booked to profit and loss 10,146 -Charged to equity (change pension) - -8,932Translation adjustment - 16End balance deferred tax/ deferred tax asset (-) -4,351 -14,497Payable tax in the balance sheet consist ofOther payable corporation tax 228,409 176,767Total payable tax in the balance sheet 228,409 176,767Analysis of effective tax rate22% of pre-tax result -222,887 -244,287Effect of deferred tax asset not recognised 149,107 211,889Correction of previous years 37,637 1,241Differential in tax rates foreign entities -1,094 5,249Permanent differences 141,916 51,574Estimated tax 104,679 25,665Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associated companies with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income.The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities, and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. At the end of the year the Group has included an MNOK 199 accural for expected taxes related to operations in foreign waters. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.Exit from the Norwegian tonnage tax regime was performed in 2020. The exit had effect from January 1st, 2016. An unrecorded loss carry forward of NOK 10 billion was claimed for the period from 2016 to 2018.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__174": { "value": "Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__173": { "value": "Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__170": { "value": "Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__168": { "value": "Note 20 - Bank DepositsThe Group\u2019s tied deposits total NOK 37.0 million (NOK 38.8 million in 2021) of which all is employee tax withheld.As part of the restructuring of the Group\u2019s debt effective from October 20th, 2020, the total bank deposits are pledged.As a part of the refinancing a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Per December 31, 2022 deposit amount was MNOK 1,494. (MNOK 1,494 in 2021). The SSCF is classified as an ordinary bank deposit. The SSCF can only be utillized if Group\u2019s available cash is less than MNOK 600.The Group can not be in any event of continuing default before, or as a result of, any use of the funds under the SSCF.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__176": { "value": "Note 21 - Environmental ConditionsAll of the company\u2019s vessels comply with current environmental requirements. In 2022, none of the company\u2019s vessels had conditions imposed on them for upgrading or improving technical equipment or any other measures necessary to satisfy current environmental standards.The company\u2019s HSE and ISPS system complies with international regulations (IMO\u2019s International Safety Management Code). All vessels and our administration hold ISM certification from Det Norske Veritas or relevant Flag State. The company\u2019s Quality Assurance system is certified in accordance to NS-EN ISO 9001:2000.Reference is made to note 2.", "dimensions": { "concept": "SOL:DisclosureOfClimateRisks", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__178": { "value": "Note 22 - Paid Out and Proposed Dividend2022 2021 2020Approved and paid out during the year:Ordinary dividend - - -Proposed dividend at general meeting:Ordinary dividend - - -Per share (NOK) - - -", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__181": { "value": "Note 23 - Other Long-Term Receivables2022 2021Sellers credit (note 5) 29,572 26,458Loan to other companies 536 718Other receivables 27,429 29,284Total other long-term assets 57,536 56,460Other receivables consist of advance travel card deposits and deposits for public taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__180": { "value": "Note 23 - Other Long-Term Receivables2022 2021Sellers credit (note 5) 29,572 26,458Loan to other companies 536 718Other receivables 27,429 29,284Total other long-term assets 57,536 56,460Other receivables consist of advance travel card deposits and deposits for public taxes.", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__186": { "value": "Note 25 - InventoryStock consists of provisions, bunkers and lube oil on the Group\u2019s vessels:2022 2021Bunkers 104,426 84,128Lube oil 40,638 33,312Other 83,133 55,600Total inventory 228,197 173,041Other stock is mainly critical spare parts and dry docking work-in-progress.", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__189": { "value": "Note 26 - Other Current Liabilities2022 2021Accrued salaries, related taxes and VAT payable 293,720 249,277Other current liabilities 205,333 113,363Total short-term liabilities 499,053 362,640Other current liabilities consist mainly of incurred operational expenses and performed planned periodicmaintenance not yet invoiced at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__188": { "value": "Note 26 - Other Current Liabilities2022 2021Accrued salaries, related taxes and VAT payable 293,720 249,277Other current liabilities 205,333 113,363Total short-term liabilities 499,053 362,640Other current liabilities consist mainly of incurred operational expenses and performed planned periodicmaintenance not yet invoiced at year end.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__191": { "value": "Note 27 - Contingent Liabilities, Assets and ProvisionsTax Claims in Brazil:Chartering of non-Brazilian built tonnage in Brazil require application for tax exemption for temporary importation of vessels and spare parts through Brazilian oil and gas tax regime (REPETRO). There are several cases where Brazilian Tax Authorities claim to have identified procedural error, and where large fines are imposed.The Company\u2019s subsidiaries in Brazil; Farstad Shipping Ltda., Deep Sea Supply Navegac\u00e3o Mar\u00edtima Ltda. and Solstad Offshore Ltda. have all received claims ralated to importation of vessels and spare parts during the period 2008-2018. The claims relates to customs duties, notices of infringement and fines. The claims are annually adjusted according to market interest rate. All claims are handled by the Company\u2019s lawyers in Brazil. The majority of the claims are rejected and chances to succeed are considered high. Although most claims are rejected, they represent liabilities which, in Management\u2019s assessment, can lead to release of financial resources in the future, or may need a legal deposit if the case goes to Judicial level. Management also believes some liabilities can be measured and estimated realiably. The total potential claim amounts to approximately MNOK 290 (MNOK 220). The increase in 2022 is due to currency MNOK 40 and interest and surcharges MNOK 30. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 15.9 (MNOK 13.3 in 2021). Legal fees are expensed as incurred.Reference is made to note 6 regarding information about Normand Maximus.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__194": { "value": "Note 28 - Deferred Income and Excess Value ContractsExcess Values ContractsAs a part of the purchase price allocation from the mergers of Rem Offshore, Farstad Shipping and Deep Sea Supply, long-term charter contracts with excess values, contracted versus current market day rates, were identified. The excess values are classified as intangble fixed assets, and are amortised over the remaining duration of each charter contract.2022 2021Book value as per 01.01. - 7,499Amortised - -7,499Book value as per 31.12. - -", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__193": { "value": "Note 28 - Deferred Income and Excess Value ContractsExcess Values ContractsAs a part of the purchase price allocation from the mergers of Rem Offshore, Farstad Shipping and Deep Sea Supply, long-term charter contracts with excess values, contracted versus current market day rates, were identified. The excess values are classified as intangble fixed assets, and are amortised over the remaining duration of each charter contract.2022 2021Book value as per 01.01. - 7,499Amortised - -7,499Book value as per 31.12. - -", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "s5_notes__8__196": { "value": "Note 29 - Subsequent Events\u2022 The Group has signed an agreement with U.S. based Tidewater Inc., dated 7th March 2023, for the sale of 37 Platform Supply Vessels for a total amount of USD 577 mill. Expected closing of the transaction is in 2Q2023. The divestment reflects an exit from the PSV business line segment, in which is both capital intensive and is operating at the lowest margins (mainly logistics/freight operations within oil & gas sector). The rationale is a strategic repositioning of the Group as one of the main global owner and operator of high-end tonnage of AHTS and Subsea vessels, in which is essential to realize the energy transition. Additionally, the transaction will substantially reduce the Group\u2019s debt and thereby strengthen Solstad\u2019s financial position. The effect is reduction of the Group\u2019s debt by approximately NOK 6 billion, compared to approximately NOK 21 billion of the Group\u2019s consolidated net interest-bearing debt, thus considerably strengthens Solstad\u2019s balance sheet, debt service ability and liquidity position.The divestment also enables Solstad to increase its presence in the renewable energy segment, and expand its service offering, including ROV services, tooling and project support, in cooperation with strategic partners. Furthermore, exiting the PSV segment will significantly reduce Solstad\u2019s capex program. \u2022 The Group has sold the CSV Normand Jarl in February 2023. The sale has resulted in a gain of approximately MNOK 450.\u2022 The Group has since October 2020 chartered the vessels \u201cFar Senator\u201d and \u201cNormand Statesman\u201d on bareboat terms. Ocean Yield ASA has exercised its right under the bareboat charters to have the vessels redelivered. The vessels will thus be redelivered to their owner at the end of their current commitments.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }