{
"documentInfo": {
"documentType": "https://xbrl.org/2021/xbrl-json",
"features": {
"xbrl:canonicalValues": true
},
"namespaces": {
"SOL": "http://solstad.com/2023-12-31",
"ifrs-full": "https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full",
"iso4217": "http://www.xbrl.org/2003/iso4217",
"scheme": "http://standards.iso.org/iso/17442",
"xbrl": "https://xbrl.org/2021",
"xbrli": "http://www.xbrl.org/2003/instance"
},
"taxonomy": [
"http://solstad.com/2023-12-31/5967007LIEEXZXHGO849-2023-12-31.xsd"
]
},
"facts": {
"f2898": {
"value": "6730333000",
"decimals": -3,
"dimensions": {
"concept": "SOL:NetFreightIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2901": {
"value": "4582973000",
"decimals": -3,
"dimensions": {
"concept": "SOL:NetFreightIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2907": {
"value": "248644000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2910": {
"value": "195310000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2917": {
"value": "6978977000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2920": {
"value": "4778283000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueAndOperatingIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2924": {
"value": "1592920000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2927": {
"value": "1447967000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EmployeeBenefitsExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2933": {
"value": "762330000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2936": {
"value": "273077000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdministrativeExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2942": {
"value": "1817179000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2945": {
"value": "1437861000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherExpenseByNature",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2951": {
"value": "4172429000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2954": {
"value": "3158905000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OperatingExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2958": {
"value": "517567000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2961": {
"value": "-8637000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:GainsLossesOnDisposalsOfNoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2967": {
"value": "3324115000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2970": {
"value": "1610741000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossFromOperatingActivitiesBeforeInterestTaxesDepreciationAndAmortisationExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2974": {
"value": "918101000",
"decimals": -3,
"dimensions": {
"concept": "SOL:DepreciationExpenseExcludingPeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2977": {
"value": "802025000",
"decimals": -3,
"dimensions": {
"concept": "SOL:DepreciationExpenseExcludingPeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2983": {
"value": "185174000",
"decimals": -3,
"dimensions": {
"concept": "SOL:DepreciationExpensePeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2986": {
"value": "194604000",
"decimals": -3,
"dimensions": {
"concept": "SOL:DepreciationExpensePeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2992": {
"value": "296983000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f2995": {
"value": "-584183000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3001": {
"value": "19935000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3004": {
"value": "20418000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3010": {
"value": "1943792000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3013": {
"value": "1218713000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3017": {
"value": "-4824000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3020": {
"value": "722000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShareOfProfitLossOfAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3026": {
"value": "131700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3029": {
"value": "46436000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RevenueFromInterest",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3035": {
"value": "2400000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3038": {
"value": "12113000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3044": {
"value": "1683318000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3047": {
"value": "1063228000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3053": {
"value": "44771000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3056": {
"value": "558406000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherFinanceCost",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3062": {
"value": "-1598813000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3065": {
"value": "-1562363000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:FinanceIncomeCost",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3069": {
"value": "344979000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3072": {
"value": "-343650000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3077": {
"value": "56641000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3080": {
"value": "98061000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxExpenseContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3086": {
"value": "288337000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3089": {
"value": "-441711000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3094": {
"value": "118799000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3097": {
"value": "-676092000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3103": {
"value": "407136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3106": {
"value": "-1117803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3112": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3115": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3119": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3122": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3126": {
"value": "-1272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3129": {
"value": "947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3136": {
"value": "-1272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3139": {
"value": "947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeThatWillNotBeReclassifiedToProfitOrLossNetOfTax",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3144": {
"value": "57317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3147": {
"value": "-1335516000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3169": {
"value": "3186000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3172": {
"value": "5222000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromContinuingOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3176": {
"value": "285152000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeFromContinuingOperationsAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3179": {
"value": "-446933000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeFromContinuingOperationsAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3184": {
"value": "3521000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3187": {
"value": "-10009000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLossFromDiscontinuedOperationsAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3191": {
"value": "115278000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3194": {
"value": "-666083000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeFromDiscontinuedOperationsAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3199": {
"value": "6707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3202": {
"value": "-4788000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToNoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3206": {
"value": "50610000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3210": {
"value": "-1330728000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncomeAttributableToOwnersOfParent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3214": {
"value": "57317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3218": {
"value": "-1335516000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3222": {
"value": "3.64",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3223": {
"value": "3.64",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3226": {
"value": "-5.81",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3227": {
"value": "-5.81",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3236": {
"value": "1.47",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3237": {
"value": "1.47",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3240": {
"value": "-8.66",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:BasicEarningsLossPerShareFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3241": {
"value": "-8.66",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DilutedEarningsLossPerShareFromDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK/xbrli:shares"
}
},
"f3255": {
"value": "2117000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3258": {
"value": "4351000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DeferredTaxAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3265": {
"value": "1180806000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Ships",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3268": {
"value": "16814184000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Ships",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3274": {
"value": "2789345000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3277": {
"value": "3345812000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RightofuseAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3283": {
"value": "116737000",
"decimals": -3,
"dimensions": {
"concept": "SOL:CapitalisedPeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3286": {
"value": "789537000",
"decimals": -3,
"dimensions": {
"concept": "SOL:CapitalisedPeriodicMaintenance",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3292": {
"value": "17709000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3295": {
"value": "28382000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherPropertyPlantAndEquipment",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3301": {
"value": "188655000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3304": {
"value": "156235000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInJointVenturesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3310": {
"value": "63141000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3313": {
"value": "55829000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentReceivablesDueFromRelatedParties",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3319": {
"value": "581000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3322": {
"value": "2323000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InvestmentsInAssociatesAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3328": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3331": {
"value": "2991000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3337": {
"value": "32179000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3340": {
"value": "57536000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3347": {
"value": "4391271000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3350": {
"value": "21257181000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3355": {
"value": "23095000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3358": {
"value": "228197000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Inventories",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3364": {
"value": "312428000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3367": {
"value": "1232487000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTradeReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3373": {
"value": "319617000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3376": {
"value": "222193000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3382": {
"value": "229906000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3385": {
"value": "475948000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentReceivables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3391": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3394": {
"value": "21000000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentFinancialAssetsAtFairValueThroughProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3400": {
"value": "501014000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3403": {
"value": "2170072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3410": {
"value": "1386060000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3413": {
"value": "4349897000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentAssetsOtherThanAssetsOrDisposalGroupsClassifiedAsHeldForSaleOrAsHeldForDistributionToOwners",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3417": {
"value": "13858010000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3420": {
"value": "412052000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3428": {
"value": "19635341000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3431": {
"value": "26019130000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Assets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3455": {
"value": "82347000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3459": {
"value": "77309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IssuedCapital",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3467": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3470": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TreasuryShares",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3477": {
"value": "189457000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3480": {
"value": "180387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:SharePremium",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3486": {
"value": "271804000",
"decimals": -3,
"dimensions": {
"concept": "SOL:PaidInCapital",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3490": {
"value": "257696000",
"decimals": -3,
"dimensions": {
"concept": "SOL:PaidInCapital",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3496": {
"value": "1555427000",
"decimals": -3,
"dimensions": {
"concept": "SOL:RetainedEarningsAndOtherReserves",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3500": {
"value": "1504816000",
"decimals": -3,
"dimensions": {
"concept": "SOL:RetainedEarningsAndOtherReserves",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3506": {
"value": "1555427000",
"decimals": -3,
"dimensions": {
"concept": "SOL:RetainedEarningsAndOtherReserves",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3510": {
"value": "1504816000",
"decimals": -3,
"dimensions": {
"concept": "SOL:RetainedEarningsAndOtherReserves",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3515": {
"value": "-2680000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3519": {
"value": "-9387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncontrollingInterests",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3527": {
"value": "1824550000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3531": {
"value": "1753125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3538": {
"value": "5158000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3542": {
"value": "20381000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentRecognisedLiabilitiesDefinedBenefitPlan",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3549": {
"value": "1121000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3552": {
"value": "12425000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentFinancialLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3557": {
"value": "630587000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3561": {
"value": "16637362000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LongtermBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3569": {
"value": "1795630000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3573": {
"value": "3564963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLeaseLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3583": {
"value": "1046000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3586": {
"value": "1046000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherNoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3594": {
"value": "2433542000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3598": {
"value": "20236177000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:NoncurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3604": {
"value": "138762000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3608": {
"value": "694564000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3616": {
"value": "24715000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3620": {
"value": "228409000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentTaxLiabilitiesCurrent",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3627": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3631": {
"value": "3597000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentContractLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3638": {
"value": "11380520000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3642": {
"value": "2460689000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ShorttermBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3650": {
"value": "1965474000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3654": {
"value": "147113000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLeaseLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3665": {
"value": "383963000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3669": {
"value": "495456000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherCurrentLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3677": {
"value": "13893433000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3681": {
"value": "4029828000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CurrentLiabilitiesOtherThanLiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3686": {
"value": "1483816000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3690": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:LiabilitiesIncludedInDisposalGroupsClassifiedAsHeldForSale",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3696": {
"value": "17810791000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3700": {
"value": "24266005000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Liabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3707": {
"value": "19635341000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3711": {
"value": "26019130000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EquityAndLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3762": {
"value": "77309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3765": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3768": {
"value": "180387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3771": {
"value": "728145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3774": {
"value": "776672000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3777": {
"value": "1762512000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3780": {
"value": "-9387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3783": {
"value": "1753125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3787": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3790": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3793": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3796": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3799": {
"value": "400430000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3802": {
"value": "400430000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3805": {
"value": "6707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3808": {
"value": "407136000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3814": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3817": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3820": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3823": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3826": {
"value": "-1272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3829": {
"value": "-1272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3832": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3835": {
"value": "-1272000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3842": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3845": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3848": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3851": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3854": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3857": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3860": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3863": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3870": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3873": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3876": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3879": {
"value": "-348547000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3882": {
"value": "399157000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3885": {
"value": "50610000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3888": {
"value": "6707000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3891": {
"value": "57317000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3896": {
"value": "5038000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3899": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3902": {
"value": "9070000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3905": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3908": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3911": {
"value": "14108000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3914": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3917": {
"value": "14108000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3923": {
"value": "82347000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3926": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3929": {
"value": "189457000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3932": {
"value": "379598000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3935": {
"value": "1175829000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3938": {
"value": "1827231000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3941": {
"value": "-2680000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3944": {
"value": "1824550000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3949": {
"value": "75609000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3952": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3955": {
"value": "176927000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3958": {
"value": "946805000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3961": {
"value": "1888740000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3964": {
"value": "3088081000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3967": {
"value": "-4599000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3970": {
"value": "3083481000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f3974": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f3977": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f3982": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f3986": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f3989": {
"value": "-1113016000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f3992": {
"value": "-1113016000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f3995": {
"value": "-4788000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f3998": {
"value": "-1117803000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProfitLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4006": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f4010": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f4014": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f4018": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f4021": {
"value": "947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f4024": {
"value": "947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f4027": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f4030": {
"value": "947000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxGainsLossesOnRemeasurementsOfDefinedBenefitPlans",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4039": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f4043": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f4047": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f4050": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f4053": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f4056": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f4059": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f4062": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4071": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f4075": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f4079": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f4082": {
"value": "-218660000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f4085": {
"value": "-1112068000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f4088": {
"value": "-1330728000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f4091": {
"value": "-4788000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f4094": {
"value": "-1335516000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ComprehensiveIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4100": {
"value": "1700000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f4105": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f4108": {
"value": "3460000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f4113": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f4117": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f4120": {
"value": "5160000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f4125": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f4128": {
"value": "5160000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseThroughConversionOfConvertibleInstruments",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4134": {
"value": "77309000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
"unit": "iso4217:NOK"
}
},
"f4137": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:TreasurySharesMember",
"unit": "iso4217:NOK"
}
},
"f4140": {
"value": "180387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember",
"unit": "iso4217:NOK"
}
},
"f4143": {
"value": "728145000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
"unit": "iso4217:NOK"
}
},
"f4146": {
"value": "776672000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember",
"unit": "iso4217:NOK"
}
},
"f4149": {
"value": "1762512000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember",
"unit": "iso4217:NOK"
}
},
"f4152": {
"value": "-9387000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember",
"unit": "iso4217:NOK"
}
},
"f4155": {
"value": "1753125000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:Equity",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4180": {
"value": "344979000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4183": {
"value": "-343650000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxContinuingOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4188": {
"value": "121572000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4191": {
"value": "-669474000",
"decimals": -3,
"dimensions": {
"concept": "SOL:ProfitLossBeforeTaxDiscontinuedOperations",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4197": {
"value": "93072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4200": {
"value": "31561000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4207": {
"value": "838672000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4210": {
"value": "780990000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForDepreciationAndAmortisationExpenseAndImpairmentLossReversalOfImpairmentLossRecognisedInProfitOrLoss",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4217": {
"value": "-526686000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4220": {
"value": "-179919000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForLossesGainsOnDisposalOfNoncurrentAssets",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4227": {
"value": "131394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4230": {
"value": "47152000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestIncome",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4235": {
"value": "2034452000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4238": {
"value": "1404972000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForInterestExpense",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4243": {
"value": "4392000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForNonCashRefinanceEffects",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4246": {
"value": "16691000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForNonCashRefinanceEffects",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4251": {
"value": "-2427000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4254": {
"value": "-1043000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForIncreaseDecreaseInEmployeeBenefitLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4259": {
"value": "156948000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4262": {
"value": "938084000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:AdjustmentsForUnrealisedForeignExchangeLossesGains",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4267": {
"value": "-366472000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivablesAndAdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4270": {
"value": "-269181000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForDecreaseIncreaseInTradeAndOtherReceivablesAndAdjustmentsForIncreaseDecreaseInTradeAndOtherPayables",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4275": {
"value": "303399000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForDecreaseIncreaseInPrepaymentsAndAccruedIncomeIncludingContractAssetsAndAdjustmentsForIncreaseDecreaseInAccrualsAndDeferredIncomeIncludingContractLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4278": {
"value": "-119563000",
"decimals": -3,
"dimensions": {
"concept": "SOL:AdjustmentsForDecreaseIncreaseInPrepaymentsAndAccruedIncomeIncludingContractAssetsAndAdjustmentsForIncreaseDecreaseInAccrualsAndDeferredIncomeIncludingContractLiabilities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4283": {
"value": "2675578000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4286": {
"value": "1445813000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4292": {
"value": "106033000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4295": {
"value": "124912000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4302": {
"value": "524289000",
"decimals": -3,
"dimensions": {
"concept": "SOL:PaymentsForPeriodicMaintenanceClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4305": {
"value": "488011000",
"decimals": -3,
"dimensions": {
"concept": "SOL:PaymentsForPeriodicMaintenanceClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4312": {
"value": "7213025000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4315": {
"value": "450268000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromSalesOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4322": {
"value": "6377000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4325": {
"value": "-8029000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashReceiptsFromRepaymentOfAdvancesAndLoansMadeToOtherPartiesClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4330": {
"value": "131394000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4333": {
"value": "47152000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:InterestReceivedClassifiedAsInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4338": {
"value": "79995000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4341": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PurchaseOfInterestsInInvestmentsAccountedForUsingEquityMethod",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4348": {
"value": "6640479000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4351": {
"value": "-123532000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4357": {
"value": "14108000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4360": {
"value": "0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:ProceedsFromIssuingShares",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4365": {
"value": "233664000",
"decimals": -3,
"dimensions": {
"concept": "SOL:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4368": {
"value": "233521000",
"decimals": -3,
"dimensions": {
"concept": "SOL:InterestPaidOnLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4375": {
"value": "148075000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4378": {
"value": "28246000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4385": {
"value": "1152457000",
"decimals": -3,
"dimensions": {
"concept": "SOL:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4388": {
"value": "839280000",
"decimals": -3,
"dimensions": {
"concept": "SOL:InterestPaidOtherThanLeaseLiabilitiesClassifiedAsFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4395": {
"value": "8146167000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4398": {
"value": "546117000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:RepaymentsOfNoncurrentBorrowings",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4405": {
"value": "-9666255000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4408": {
"value": "-1647164000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4413": {
"value": "63097000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4416": {
"value": "35929000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4421": {
"value": "-350198000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4424": {
"value": "-324884000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4429": {
"value": "2170072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4432": {
"value": "2459027000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2022-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4439": {
"value": "1882971000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"f4442": {
"value": "2170072000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00",
"unit": "iso4217:NOK"
}
},
"s6_notes__6__5": {
"value": "Note 1: Accounting Policies InformationCorporate informationThe 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. Solstad Offshore ASA Group includes Solstad Offshore ASA, subsidiaries incorporated in several countries (see Note 14 for an overview of consolidated companies), and our share of investments in joint ventures and associates (see Note 15). The Group signed an agreement with U.S.-based Tidewater Inc., dated 7 March 2023, for the sale of 37 PSVs for a total amount of MUSD 580. The transaction was closed on 5 July 2023. Assets included in the transaction were assessed to be Assets held for sale during this period. The sale marked an exit for SOFF from the PSV operations, and the PSV segment has been determined to constitute discontinued operations, see Note 2 and Note 4 for further information On October 23, 2023, the Group, through its subsidiary Solstad Shipholding AS signed an agreement with Aker Capital AS (Aker) and AMSC ASA (AMSC) for a refinancing of parts of Solstad Shipholdings activity, together with DNB Bank ASA and Export Finance Norway. The agreement would refinance the fleet loan that would mature 31 March 2024. The Refinancing resulted in an ownership of 31.6% of the now new sub-parent company Solstad Maritime Holding AS (Solstad Maritime), thought the capital injection from Aker and AMSC into Solstad Maritime. The capital injection was completed 16 January 2024. The sub-group Solstad Maritime has been classed as Asset held for sale. See Note 2 and Note 5 for further information.The financial statements were approved by the Board of Directors on 30 April 2024 and will be presented for approval by the Annual General Meeting. Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adobted by the EU. The consolidated financial statements have been prepared on a historical cost basis, except for debt related to non-core vessels and shares that have been measured at fair value. The consolidated financial statement are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line item due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.Going ConcernThe annual accounts are prepared on the assumption of a going concern. The major part of the financing solution supported by Aker Capital AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS that was announced in October 2023 (the \u201cRefinancing\u201d) was completed on 16 January 2024 (Reference Note 2). The going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and conditions of the Refinancing agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of 31 December 2023. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of in total approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027.The Group saw continued strengthening of the market during the year despite of a challenging macroeconomic environment. With an expected continued positive outlook in the 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.There is no significant uncertainty with respect to going concern.Summary of Material Accounting PoliciesChanges in Accounting PoliciesThe Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023.The following updates were implemented:\u2022 Amendments to IAS 8 Accounting policies, changes in Accounting Estimates and Errors; Definition of Accounting Estimates.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statements 2: Disclosure of accounting PoliciesThe implementation did not have any impact on the valuation or recognition and/or derecognition in the financial statements, however it did for presentation and definitions in the financial statements. Other changes to IFRS are not expected to have any significant impact on recognition and measurements.Issued, not yet effective IFRS standards and amendments not yet implemented IFRS standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. However, the current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statementChange of Presentation of Net Gain/Loss on Sale of AssetsThe Company has reassessed its presentation of Net gain/-loss on sale of assets in the Consolidated Statement of Comprehensive Income. From 1 January 2023 the Net gain/-loss on sale of assets is presented in the Operating result before depreciations and impairments. It has previously been presented after Operating result before depreciations and impairments, within the operating result. The Company believes that the current classification provides more relevant information to the users of its financial statements as selling vessels at the end of their useful lifespan is part of the ordinary operations of the Group, and it is also more aligned to practices adopted by its peers. The change of classifications has no effect on the Net results or Equity reported in prior periods. Comparative periods have been restated.Effect on change of accounting principle:2022As presented 1,619,378Net gain/loss on sale of assets -8,637Restated 1,610,741ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. Any deviating accounting policies are adjusted for in this consolidation.The Group accounts present the total profit or loss and each component of OCI 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. 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. The Group has concluded that there is one investment, Maximus Limited, that is not consolidated, even though the ownership is 100 percent. The reasons is that Maximus Limited is a non-controlling interest due to the current financing agreement, giving lenders control and return on the entity. Acquisitions of business are accounted for using the acquisition method of accounting. The consideration transferred is measured at fair value at acquisition date.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. All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interests.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 Group holds an interest in two joint ventures, Normand Installer SA and Omega Subsea Robotics AS, and an interest in the following associates, Solstad Offshore Crewing Services Philippines, Windstaller Alliance AS, Remota Holding AS and Maximus Limited. The financial statements of the joint ventures and associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group.Investments in an associate and joint ventures are recorded in the balance sheet at cost 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 or loss from investments in associates and joint ventures are presented as separate line items in the Consolidated Statement of Comprehensive income. 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 or equity.Non-Current Assets Held for Sale and Discontinued OperationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The group has concluded that the sub-group Solstad Maritime Holding group should be presented as held for sale as of year-end 2023. Additional disclosures are provided in Note 5 Assets Held for Sale. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in Note 4 Discontinued Operations. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.The Group has assessed that the sale of the PSV fleet was a discontinued operation. The sale of the subgroup Solstad Maritime Holding and its subsidiaries in January 2024 are assessed to be held for sale as at 31 December 2023, however not as discontinued operations. See Note 2 for further information on key accounting matters.Financial AssetsThe Group\u2019s financial assets are trade receivables, lease receivables other current assets (such as contract assets), other non-current assets 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 Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized cost - all financial assets except for investments in shares\u2022 Financial assets at fair value through profit or loss (FVTPL) - investments in sharesImpairment 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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment. Contract Assets A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.Financial LiabilitiesThe Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost except for financial liabilities at fair value through profit or loss (FVTPL). Debt related to non-core vessels are subsequently measured at FVTPL, the value of debt was directly linked to the value of the vessel. Debt measured at FVTPL were repaid/derecognized in 2022. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Group has also had loan assessed to be below market interest rate at initial recognition. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in the statement of profit or loss.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 the statement of profit or loss.Contract LiabilityA contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).Classification of Items in the Balance SheetCurrent assets and current liabilities are items which mature within one year of the balance sheet date as well as any items relating to the normal operating cycle. The current portion of the non-current 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, not considered as strategic, 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 non-current assets and liabilities.Foreign Currency TranslationThe functional currency for Solstad Offshore ASA and the presentation currency for the Group 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. Differences arising 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 cost 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 statement of profit and loss are translated at exchange rates at the date of the initial transaction. The exchange differences arising on translation for consolidation are recognized in OCI. The Group has operations through-out the world, however the main sources of translation difference is through USD, AUD and BRL. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.23 12.934 10.172 11.241 2.096 6.912Per 31.12.22 11.854 9.857 10.514 1.865 6.700Segment InformationThe Group reports internally to the executive management on operating- and geographical segments. The executive management group is the Chief Operating Decision maker (CODM) and monitors the operating results of its business units separatly for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following four segments:\u2022 AHTS: Anchorhandling vessels\u2022 Subsea\u2022 Renewable\u2022 Discontinued segment in 2023 - PSV: Platform Supply VesselsThe Group owns and operates AHTS and CSV vessels. The different types of vessels operate in different markets and management reviews operational results within these markets.The Group focuses on the renewable market, and as a consequence vessels operating renewable contracts has been deemed as a separat segment for SOFF group, included to the AHTS and Subsea segments. The previous PSV segment has been classified as discontinued operations. The segments coincide with the operational structure of the Company, being three departments responsible for each segment. Any other activities, including vessels under construction, are included in a separate segment. Overhead expenses 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 cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.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.The business segments are the Group\u2019s strategic units of control. However, while determining 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 carrying value and any gain or loss is included in operating profit.LeasesRight-of-use-assetsRight-of-use-assets are recognized at cost at the commence date. The cost of right of use assets included the amount of lease liabilities recognised. After initial recognition, the right of use asset is recognised to cost, less depreciation and impairment losses at the commencement of the lease. The cost of the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement. Lease liabilitiesAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include both fixed and variable lease payments that depend on index or rate, and amounts expected to be paid under residual value guarantees. 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. The incremental borrowing rate (IBR) for vessels are set using an assessment around lessors cost of capital, interest rate based on the Group\u2019s weighted average cost of capital and adjusting for the term length. For offices the IBR is set through a reference interest free rate and including margin for similar-currency loan for the Group and the equivalent property yield in similar market on offices. 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.Cash and Cash EquivalentsCash and cash equivalents comprise of cash in hand, current 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.InventoriesInventories consist mainly of bunkers onboard the vessels.ProvisionsA provision is recognised when the Group has an obligation to fullfil as a result of a previous event. The main provision for the Group is towards foreign tax, either as corporate income tax or value added taxes/import taxes, see Note 29 Contingent Liabilities, Assets and Provisions, for further details. TaxTax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.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.Pension Obligations The Group has a defined benefit plan for seafarers and administrative personnel, and a contribution plan for administrative personnel hired after 1 January 2007. Cost for contribution plans 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. Revenue from Contracts with Customers - Charter 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 to SOFF. Charter revenue is recorded net after deduction for direct, contract-related charter expenses. Any loss on contracts is accrued when a loss is probable. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts contain 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 revenue in operating income (Reference Note 6 Operating Income, Reporting by Segments and Geographical Markets 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 vessel 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.Revenue from Contracts with Customers - Other IncomeOther income, such as victualling and management fees, are recognized in the period in which the performance obligations are being satisfied. The Group has mainly delivery over time on the other income. The largest components are connected to victualling and other crew, where the performance obligation is assessed to be on a daily basis and the revenue is derived through the agreed contract day rates.Government GrantsGrants related to the net tax agreement and crew subsides are recorded as a reduction in expeses.Insurance ClaimsFor damage on the Group\u2019s vessels and equipment, resulting in payments (averages) from insurance companies, compensation is presented net with the corresponding expense. Reimbursable and expenses are recognized and classified in accordance with the type of expenses, while compensation is presented separately as a reduction in expenses.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:DisclosureOfMaterialAccountingPolicyInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__7": {
"value": "Corporate informationThe 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. Solstad Offshore ASA Group includes Solstad Offshore ASA, subsidiaries incorporated in several countries (see Note 14 for an overview of consolidated companies), and our share of investments in joint ventures and associates (see Note 15). The Group signed an agreement with U.S.-based Tidewater Inc., dated 7 March 2023, for the sale of 37 PSVs for a total amount of MUSD 580. The transaction was closed on 5 July 2023. Assets included in the transaction were assessed to be Assets held for sale during this period. The sale marked an exit for SOFF from the PSV operations, and the PSV segment has been determined to constitute discontinued operations, see Note 2 and Note 4 for further information On October 23, 2023, the Group, through its subsidiary Solstad Shipholding AS signed an agreement with Aker Capital AS (Aker) and AMSC ASA (AMSC) for a refinancing of parts of Solstad Shipholdings activity, together with DNB Bank ASA and Export Finance Norway. The agreement would refinance the fleet loan that would mature 31 March 2024. The Refinancing resulted in an ownership of 31.6% of the now new sub-parent company Solstad Maritime Holding AS (Solstad Maritime), thought the capital injection from Aker and AMSC into Solstad Maritime. The capital injection was completed 16 January 2024. The sub-group Solstad Maritime has been classed as Asset held for sale. See Note 2 and Note 5 for further information.The financial statements were approved by the Board of Directors on 30 April 2024 and will be presented for approval by the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__10": {
"value": "Solstad Offshore ASA",
"dimensions": {
"concept": "ifrs-full:NameOfUltimateParentOfGroup",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__9": {
"value": "Solstad Offshore ASA",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__8": {
"value": "Solstad Offshore ASA",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__12": {
"value": "ASA",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__14": {
"value": "Nesavegen 39, 4280 Skudeneshavn, Norway",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__15": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__13": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__11": {
"value": "Norway",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__16": {
"value": "main activities are the operation of offshore service and construction vessels.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__6": {
"value": "The financial statements were approved by the Board of Directors on 30 April 2024 and will be presented for approval by the Annual General Meeting.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__18": {
"value": "Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adobted by the EU. The consolidated financial statements have been prepared on a historical cost basis, except for debt related to non-core vessels and shares that have been measured at fair value. The consolidated financial statement are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line item due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__17": {
"value": "Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adobted by the EU. The consolidated financial statements have been prepared on a historical cost basis, except for debt related to non-core vessels and shares that have been measured at fair value. The consolidated financial statement are presented in Norwegian Kroner. Throughout the Notes all figures are stated in NOK thousand unless clearly stated otherwise.Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line item due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__19": {
"value": "Going ConcernThe annual accounts are prepared on the assumption of a going concern. The major part of the financing solution supported by Aker Capital AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS that was announced in October 2023 (the \u201cRefinancing\u201d) was completed on 16 January 2024 (Reference Note 2). The going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and conditions of the Refinancing agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of 31 December 2023. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of in total approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027.The Group saw continued strengthening of the market during the year despite of a challenging macroeconomic environment. With an expected continued positive outlook in the 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.There is no significant uncertainty with respect to going concern.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__21": {
"value": "Changes in Accounting PoliciesThe Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023.The following updates were implemented:\u2022 Amendments to IAS 8 Accounting policies, changes in Accounting Estimates and Errors; Definition of Accounting Estimates.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statements 2: Disclosure of accounting PoliciesThe implementation did not have any impact on the valuation or recognition and/or derecognition in the financial statements, however it did for presentation and definitions in the financial statements. Other changes to IFRS are not expected to have any significant impact on recognition and measurements.Issued, not yet effective IFRS standards and amendments not yet implemented IFRS standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. However, the current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statementChange of Presentation of Net Gain/Loss on Sale of AssetsThe Company has reassessed its presentation of Net gain/-loss on sale of assets in the Consolidated Statement of Comprehensive Income. From 1 January 2023 the Net gain/-loss on sale of assets is presented in the Operating result before depreciations and impairments. It has previously been presented after Operating result before depreciations and impairments, within the operating result. The Company believes that the current classification provides more relevant information to the users of its financial statements as selling vessels at the end of their useful lifespan is part of the ordinary operations of the Group, and it is also more aligned to practices adopted by its peers. The change of classifications has no effect on the Net results or Equity reported in prior periods. Comparative periods have been restated.Effect on change of accounting principle:2022As presented 1,619,378Net gain/loss on sale of assets -8,637Restated 1,610,741",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__20": {
"value": "Changes in Accounting PoliciesThe Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2023.The following updates were implemented:\u2022 Amendments to IAS 8 Accounting policies, changes in Accounting Estimates and Errors; Definition of Accounting Estimates.\u2022 Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statements 2: Disclosure of accounting PoliciesThe implementation did not have any impact on the valuation or recognition and/or derecognition in the financial statements, however it did for presentation and definitions in the financial statements. Other changes to IFRS are not expected to have any significant impact on recognition and measurements.Issued, not yet effective IFRS standards and amendments not yet implemented IFRS standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. However, the current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statementChange of Presentation of Net Gain/Loss on Sale of AssetsThe Company has reassessed its presentation of Net gain/-loss on sale of assets in the Consolidated Statement of Comprehensive Income. From 1 January 2023 the Net gain/-loss on sale of assets is presented in the Operating result before depreciations and impairments. It has previously been presented after Operating result before depreciations and impairments, within the operating result. The Company believes that the current classification provides more relevant information to the users of its financial statements as selling vessels at the end of their useful lifespan is part of the ordinary operations of the Group, and it is also more aligned to practices adopted by its peers. The change of classifications has no effect on the Net results or Equity reported in prior periods. Comparative periods have been restated.Effect on change of accounting principle:2022As presented 1,619,378Net gain/loss on sale of assets -8,637Restated 1,610,741",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__24": {
"value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. Any deviating accounting policies are adjusted for in this consolidation.The Group accounts present the total profit or loss and each component of OCI 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. 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. The Group has concluded that there is one investment, Maximus Limited, that is not consolidated, even though the ownership is 100 percent. The reasons is that Maximus Limited is a non-controlling interest due to the current financing agreement, giving lenders control and return on the entity. Acquisitions of business are accounted for using the acquisition method of accounting. The consideration transferred is measured at fair value at acquisition date.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. All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__23": {
"value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. Any deviating accounting policies are adjusted for in this consolidation.The Group accounts present the total profit or loss and each component of OCI 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. 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. The Group has concluded that there is one investment, Maximus Limited, that is not consolidated, even though the ownership is 100 percent. The reasons is that Maximus Limited is a non-controlling interest due to the current financing agreement, giving lenders control and return on the entity. Acquisitions of business are accounted for using the acquisition method of accounting. The consideration transferred is measured at fair value at acquisition date.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. All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__22": {
"value": "ConsolidationThe consolidated financial statements comprise of the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. Any deviating accounting policies are adjusted for in this consolidation.The Group accounts present the total profit or loss and each component of OCI 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. 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. The Group has concluded that there is one investment, Maximus Limited, that is not consolidated, even though the ownership is 100 percent. The reasons is that Maximus Limited is a non-controlling interest due to the current financing agreement, giving lenders control and return on the entity. Acquisitions of business are accounted for using the acquisition method of accounting. The consideration transferred is measured at fair value at acquisition date.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. All inter-company transactions, receivables, liabilities and unrealized profits, as well as intra-group profit distributions, are eliminated. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interests.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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 Group holds an interest in two joint ventures, Normand Installer SA and Omega Subsea Robotics AS, and an interest in the following associates, Solstad Offshore Crewing Services Philippines, Windstaller Alliance AS, Remota Holding AS and Maximus Limited. The financial statements of the joint ventures and associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group.Investments in an associate and joint ventures are recorded in the balance sheet at cost 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 or loss from investments in associates and joint ventures are presented as separate line items in the Consolidated Statement of Comprehensive income. 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 or equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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 Group holds an interest in two joint ventures, Normand Installer SA and Omega Subsea Robotics AS, and an interest in the following associates, Solstad Offshore Crewing Services Philippines, Windstaller Alliance AS, Remota Holding AS and Maximus Limited. The financial statements of the joint ventures and associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group.Investments in an associate and joint ventures are recorded in the balance sheet at cost 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 or loss from investments in associates and joint ventures are presented as separate line items in the Consolidated Statement of Comprehensive income. 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 or equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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 Group holds an interest in two joint ventures, Normand Installer SA and Omega Subsea Robotics AS, and an interest in the following associates, Solstad Offshore Crewing Services Philippines, Windstaller Alliance AS, Remota Holding AS and Maximus Limited. The financial statements of the joint ventures and associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group.Investments in an associate and joint ventures are recorded in the balance sheet at cost 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 or loss from investments in associates and joint ventures are presented as separate line items in the Consolidated Statement of Comprehensive income. 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 or equity.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__29": {
"value": "Non-Current Assets Held for Sale and Discontinued OperationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The group has concluded that the sub-group Solstad Maritime Holding group should be presented as held for sale as of year-end 2023. Additional disclosures are provided in Note 5 Assets Held for Sale. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in Note 4 Discontinued Operations. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.The Group has assessed that the sale of the PSV fleet was a discontinued operation. The sale of the subgroup Solstad Maritime Holding and its subsidiaries in January 2024 are assessed to be held for sale as at 31 December 2023, however not as discontinued operations. See Note 2 for further information on key accounting matters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__28": {
"value": "Non-Current Assets Held for Sale and Discontinued OperationsThe Group classifies non-current assets and disposal groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense. The group has concluded that the sub-group Solstad Maritime Holding group should be presented as held for sale as of year-end 2023. Additional disclosures are provided in Note 5 Assets Held for Sale. Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position. Discontinued operations are excluded from the results of continuing operations and are presented as a single amount as profit or loss after tax from discontinued operations in the statement of profit or loss. Additional disclosures are provided in Note 4 Discontinued Operations. All other notes to the financial statements include amounts for continuing operations, unless indicated otherwise.The Group has assessed that the sale of the PSV fleet was a discontinued operation. The sale of the subgroup Solstad Maritime Holding and its subsidiaries in January 2024 are assessed to be held for sale as at 31 December 2023, however not as discontinued operations. See Note 2 for further information on key accounting matters.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__36-1": {
"value": "Financial AssetsThe Group\u2019s financial assets are trade receivables, lease receivables other current assets (such as contract assets), other non-current assets 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 Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized cost - all financial assets except for investments in shares\u2022 Financial assets at fair value through profit or loss (FVTPL) - investments in sharesImpairment 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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment. Contract Assets A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.Financial LiabilitiesThe Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost except for financial liabilities at fair value through profit or loss (FVTPL). Debt related to non-core vessels are subsequently measured at FVTPL, the value of debt was directly linked to the value of the vessel. Debt measured at FVTPL were repaid/derecognized in 2022. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Group has also had loan assessed to be below market interest rate at initial recognition. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in the statement of profit or loss.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 the statement of profit or loss.Contract LiabilityA contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__34": {
"value": "Financial AssetsThe Group\u2019s financial assets are trade receivables, lease receivables other current assets (such as contract assets), other non-current assets 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 Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized cost - all financial assets except for investments in shares\u2022 Financial assets at fair value through profit or loss (FVTPL) - investments in sharesImpairment 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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment. Contract Assets A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__31": {
"value": "Financial AssetsThe Group\u2019s financial assets are trade receivables, lease receivables other current assets (such as contract assets), other non-current assets 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 Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized cost - all financial assets except for investments in shares\u2022 Financial assets at fair value through profit or loss (FVTPL) - investments in sharesImpairment 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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment. Contract Assets A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__30-1": {
"value": "Financial AssetsThe Group\u2019s financial assets are trade receivables, lease receivables other current assets (such as contract assets), other non-current assets 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 Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.The Group classifies its financial assets in two categories:\u2022 Financial assets at amortized cost - all financial assets except for investments in shares\u2022 Financial assets at fair value through profit or loss (FVTPL) - investments in sharesImpairment 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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment. Contract Assets A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.Financial LiabilitiesThe Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost except for financial liabilities at fair value through profit or loss (FVTPL). Debt related to non-core vessels are subsequently measured at FVTPL, the value of debt was directly linked to the value of the vessel. Debt measured at FVTPL were repaid/derecognized in 2022. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Group has also had loan assessed to be below market interest rate at initial recognition. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in the statement of profit or loss.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 the statement of profit or loss.Contract LiabilityA contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__35-1": {
"value": "Financial assets at fair value through profit or loss (FVTPL) - investments in sharesFinancial LiabilitiesThe Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost except for financial liabilities at fair value through profit or loss (FVTPL). Debt related to non-core vessels are subsequently measured at FVTPL, the value of debt was directly linked to the value of the vessel. Debt measured at FVTPL were repaid/derecognized in 2022. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Group has also had loan assessed to be below market interest rate at initial recognition. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in the statement of profit or loss.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 the statement of profit or loss.Contract LiabilityA contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__32-1": {
"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.Further disclosures relating to impairment of financial assets are also provided in Note 2 Significant judgements, Accounting Estimates and Assessments and Note 9 Property, Plant and Equipment.Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__39": {
"value": "Financial LiabilitiesThe Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost except for financial liabilities at fair value through profit or loss (FVTPL). Debt related to non-core vessels are subsequently measured at FVTPL, the value of debt was directly linked to the value of the vessel. Debt measured at FVTPL were repaid/derecognized in 2022. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The Group has also had loan assessed to be below market interest rate at initial recognition. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on derecognition is also recognized in the statement of profit or loss.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 the statement of profit or loss.Contract LiabilityA contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__38": {
"value": "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 the statement of profit or loss.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__42": {
"value": "Classification of Items in the Balance SheetCurrent assets and current liabilities are items which mature within one year of the balance sheet date as well as any items relating to the normal operating cycle. The current portion of the non-current 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, not considered as strategic, 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 non-current assets and liabilities.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__44": {
"value": "Foreign Currency TranslationThe functional currency for Solstad Offshore ASA and the presentation currency for the Group 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. Differences arising 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 cost 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 statement of profit and loss are translated at exchange rates at the date of the initial transaction. The exchange differences arising on translation for consolidation are recognized in OCI. The Group has operations through-out the world, however the main sources of translation difference is through USD, AUD and BRL. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.23 12.934 10.172 11.241 2.096 6.912Per 31.12.22 11.854 9.857 10.514 1.865 6.700",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__43": {
"value": "Foreign Currency TranslationThe functional currency for Solstad Offshore ASA and the presentation currency for the Group 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. Differences arising 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 cost 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 statement of profit and loss are translated at exchange rates at the date of the initial transaction. The exchange differences arising on translation for consolidation are recognized in OCI. The Group has operations through-out the world, however the main sources of translation difference is through USD, AUD and BRL. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.23 12.934 10.172 11.241 2.096 6.912Per 31.12.22 11.854 9.857 10.514 1.865 6.700",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__45": {
"value": "Segment InformationThe Group reports internally to the executive management on operating- and geographical segments. The executive management group is the Chief Operating Decision maker (CODM) and monitors the operating results of its business units separatly for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following four segments:\u2022 AHTS: Anchorhandling vessels\u2022 Subsea\u2022 Renewable\u2022 Discontinued segment in 2023 - PSV: Platform Supply VesselsThe Group owns and operates AHTS and CSV vessels. The different types of vessels operate in different markets and management reviews operational results within these markets.The Group focuses on the renewable market, and as a consequence vessels operating renewable contracts has been deemed as a separat segment for SOFF group, included to the AHTS and Subsea segments. The previous PSV segment has been classified as discontinued operations. The segments coincide with the operational structure of the Company, being three departments responsible for each segment. Any other activities, including vessels under construction, are included in a separate segment. Overhead expenses 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__49": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.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.The business segments are the Group\u2019s strategic units of control. However, while determining 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 carrying value and any gain or loss is included in operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__48": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.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.The business segments are the Group\u2019s strategic units of control. However, while determining 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 carrying value and any gain or loss is included in operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__47": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.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.The business segments are the Group\u2019s strategic units of control. However, while determining 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 carrying value and any gain or loss is included in operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__46": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost, 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 cost 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 cost less accumulated depreciation and any impairment. Refer to Note 2 Significant Judgements, Accounting Estimates and Asserssments, and Note 29 Contingent Liabilities, Assets and Provisions for further information.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.The business segments are the Group\u2019s strategic units of control. However, while determining 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 carrying value and any gain or loss is included in operating profit.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__51": {
"value": "LeasesRight-of-use-assetsRight-of-use-assets are recognized at cost at the commence date. The cost of right of use assets included the amount of lease liabilities recognised. After initial recognition, the right of use asset is recognised to cost, less depreciation and impairment losses at the commencement of the lease. The cost of the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement. Lease liabilitiesAt the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include both fixed and variable lease payments that depend on index or rate, and amounts expected to be paid under residual value guarantees. 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. The incremental borrowing rate (IBR) for vessels are set using an assessment around lessors cost of capital, interest rate based on the Group\u2019s weighted average cost of capital and adjusting for the term length. For offices the IBR is set through a reference interest free rate and including margin for similar-currency loan for the Group and the equivalent property yield in similar market on offices. 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__53": {
"value": "Cash and Cash EquivalentsCash and cash equivalents comprise of cash in hand, current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__52": {
"value": "Cash and Cash EquivalentsCash and cash equivalents comprise of cash in hand, current 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__54": {
"value": "InventoriesInventories consist mainly of bunkers onboard the vessels.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__55": {
"value": "ProvisionsA provision is recognised when the Group has an obligation to fullfil as a result of a previous event. The main provision for the Group is towards foreign tax, either as corporate income tax or value added taxes/import taxes, see Note 29 Contingent Liabilities, Assets and Provisions, for further details.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__57": {
"value": "TaxTax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__56": {
"value": "TaxTax payable is based on taxable profit for the year and calculated using tax rates that have been enacted as of the balance sheet date.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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__58": {
"value": "Pension Obligations The Group has a defined benefit plan for seafarers and administrative personnel, and a contribution plan for administrative personnel hired after 1 January 2007. Cost for contribution plans 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__59-1": {
"value": "Revenue from Contracts with Customers - Charter 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 to SOFF. Charter revenue is recorded net after deduction for direct, contract-related charter expenses. Any loss on contracts is accrued when a loss is probable. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts contain 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 revenue in operating income (Reference Note 6 Operating Income, Reporting by Segments and Geographical Markets 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 vessel 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.Revenue from Contracts with Customers - Other IncomeOther income, such as victualling and management fees, are recognized in the period in which the performance obligations are being satisfied. The Group has mainly delivery over time on the other income. The largest components are connected to victualling and other crew, where the performance obligation is assessed to be on a daily basis and the revenue is derived through the agreed contract day rates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__61": {
"value": "Revenue from Contracts with Customers - Other IncomeOther income, such as victualling and management fees, are recognized in the period in which the performance obligations are being satisfied. The Group has mainly delivery over time on the other income. The largest components are connected to victualling and other crew, where the performance obligation is assessed to be on a daily basis and the revenue is derived through the agreed contract day rates.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__62": {
"value": "Government GrantsGrants related to the net tax agreement and crew subsides are recorded as a reduction in expeses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__63": {
"value": "Insurance ClaimsFor damage on the Group\u2019s vessels and equipment, resulting in payments (averages) from insurance companies, compensation is presented net with the corresponding expense. Reimbursable and expenses are recognized and classified in accordance with the type of expenses, while compensation is presented separately as a reduction in expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__64": {
"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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__65-1": {
"value": "Note 2: Significant Judgements, Accounting Estimates and 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:Significant JudgementsAssets Held for SaleThe classification as asset held for sale is based on management\u2019s judgement of an assessment of assets available for immediate sale, and where the Group is actively marketing the vessels for sale. Sale is considered highly probable before a reclassification to asset held for sale is done. The Group\u2019s strategy will impact the judgement, as well as the current market conditions. Divestments of PSVsAn agreement for the sale of 37 PSVs was signed on 7 March 2023, and an assessment regarding classification as Held for Sale was performed by the Company. The Company concluded that the highly probable criteria were met at the time of signing the contract. At that time a binding agreement had been entered into between independent parties, the banks had approved the transaction, and the risk regarding competition authorities approval was considered low. The transaction was closed on 5 July 2023.An assessment regarding classification as discontinued operation was also performed. The Company concluded that the PSVs represented a component of the entity that could be clearly distinguished from the rest of the company, both operationally and for financial reporting purposes. All vessels are seen as separate cash generating units, and the PSV vessels have been reported as a segment in accordance with IFRS 8. The component thus represented a separate major line of business and should be presented as discontinued operations. The net result for the operation is presented on a single line in the Consolidated statement of comprehensive income. Comparative periods have been restated. Refinancing and Loss of ControlWith reference to the agreement signed 23 October 2023 (Reference to Note 1), Solstad Maritime Holding AS has in 2024 received equity contribution from Aker Capital and AMSC. The impact of the equity contribution is that Solstad Offshore ASA has today a stake of 31.6% in Solstad Maritime Holding Group (\u2018Solstad Maritime\u2019), which will be reduced to 27% as a result of the equity contribution from Solstad Offshore ASAs shareholders, (which is fully guaranteed by Aker Capital), expected to be completed in Q2 2024. Solstad Offshore ASA will derecognize the Solstad Maritime Group as of transaction date 16 January 2024, and recognize an investment of associate at the same time. In accordance with the requirements in IFRS 5, the company has made an assessment regarding the classification of Solstad Maritime group as Held for sale. The Company concluded that the \u201cHighly probable\u201d criteria were met at the time of signing the term sheet on 12 October 2023. At that time a term sheet had been entered into between independent parties proiding a refinancing solution that would be in the interest of the involved parties. The assets and liabilities of Solstad Maritime is classified as Held for sale from this date. The Company has also stopped depreciations from this date. At the date of initial recognition as asset held for sale, a measurement of the assets and liabilites book value against fair value less cost to sell was performed, and a subsequent measurement of book value against fair value less cost to sell was also performed as of 31 December 2023. The loss is allocated to non-current assets (Reference to Note 5 Assets Held for Sale). The fair value less cost to sell is set for the group of assets and liabilities in Solstad Maritime group. Based on judgement, the fair value less cost to sell was based on the SOFF Group\u2019s portion of Solstad Maritime after the equity contributions and loss of control (27 percent). The estimate is supported by valuation report and corroborating valuation assessments. Furthermore, the transaction agreement was included in this valuation as this is a binding contract for the Group (Reference to Note 5 Assets Held for Sale).The Company has made an assessment regarding classifiying Solstad Maritime as discontinued operations. Solstad Maritime was not considered a separate major line of business or geographical area of operations in accordance with IFRS 5, and is not presented as discontinued operations. The operations in Solstad Maritime is not related to a specific segment. Solstad did not dispose of a separate major line of business or geographical area of operation, only parts of major line of business. The share of revenues, fixed assets and number of vessels in Solstad Maritime in proportion to the Group is assessed not to be \u201cmajor\u201d. Furthermore, Solstad Maritime was operationally (and for CODM decision making purposes) not clearly distinguishable from the rest of Solstad Group.Solstad Maritime currently has four vessels on bareboat charters to Solstad Offshore ASA. Solstad Offshore ASA has assessed if there should be recognized an impact in terms of IFRS 16 as a sale-leaseback transaction. There is little guidance on derecognition of subsidiaries and subsequent recognition of leasing transaction in IFRS. Solstad Offshore has assessed and concluded to not recognize any sale-leaseback accounting and established a policy to use IFRS 10.25 (derecognition/sale of subsidiary) for these types of transactions, and not include a sale-leaseback in the impact assessment of the disposal group. The leases will be recognized as a new lease as of transaction date.Solstad Offshore has assessed that as per 31.12.2023 debt to credit institutions is not part of liabilities directly associated with the assets held for sale. Debt to credit institutions for vessels owned by Solstad Maritime as of year-end was held by the parent company Solstad Shipholding AS, with intercompany balances towards Solstad Maritime. The new financing is held by Solstad Maritime, which in term was used to extinguish the financing that was in place as of 31.12.2023. Accounting EstimatesVesselThe carrying amount of the Group\u2019s vessels represents 75 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 management\u2019s judgement.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 and updated annualy. Further adjustments are made to account for age of the vessel, with a factor starting from 50% and increasing to 100% 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. Wear and tear, technical and commercial obsolescence and environmental requirements are factors affecting the assessment of the useful life 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 a separate CGU.Test for impairment is performed for all vessels based on value in use-calculations. 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. The assumptions used in the broker estimates, and the estimated values, are assessed by management. 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 each vessel, 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 managements judgements. Critical assumptions in the assessment are related to WACC and income rates/utilization. Reference Note 9 Property, Plant and Equipment.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 estimating future 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 discounting rate used for 2023 is 11.5%. Climate and Regulatory RisksThe entity constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Entity, but based on the managements judgements as of 31 December 23 no material effects are identified for the prognosis period.Please also refer to Note 9 Property, Plant and Equipment.UKUKNORWAYNORWAYThe following assumptions are used:2023 2022 20232022Discounted interest 4.50 % 4.85% 3.10 % 3.00%Expected return 3.10 % 3.00%Regulation of salaries 3.35 % 3.45% 3.50 % 3.50%Regulation of base amount 3.25 % 3.25%Regulation of pension 2.85 % 2.85% 3.25 % 2.00%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__66-1": {
"value": "Note 3: Major Transactions / EventsMajor Transactions / Events in 2023Strategic sale of the PSV fleetAll 38 vessels within the PSV-fleet were sold in 2023. The Group signed an agreement with U.S. based Tidewater Inc, dated 7 March 2023, for the sale of 37 Platform Supply Vessels (PSV) for a total amount of USD 580 million. The closing of the sale was 5 July 2023. In addition, 1 vessel was sold in a separate transaction in February 2023.Company RefinancingOn 23 October 2023 a financing solution supported by Aker Capital AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS was announced (the \u201cRefinancing\u201d). The agreement involves:\u2022 Successful refinancing of Solstad\u2019s fleet loan maturing 31 March 2024\u2022 Aker Capital will contribute minimum NOK 2.25 billion in equity in a new entity to be established (\u201cSolstad Maritime Holding\u201d) below SOFF\u2022 AMSC will contribute 100 percent of the shares in the entity owning the CSV Normand Maximus valued at NOK 1.0 billion against receiving new shares in Solstad Maritime Holding\u2022 Shareholders in SOFF will be offered to subscribe new shares in Solstad Maritime Holding to raise gross proceeds of NOK 750 million\u2022 A new fleet loan of NOK 9.7 billion underwritten by DNB and Eksfin\u2022 Maturity of the residual claim relating to the CSV Normand Maximus extended similarly to the maturity of the new credit facilities\u2022 The Solstad Group continues to operate as today with no effect on employees and clientsThe major part of the Refinancing was completed on 16 January 2024, outstanding item is the implementation of an offering of gross proceeds of MNOK 750 that the board of Solstad Maritime Holding has been authorised to complete towards shareholders in the Company (Solstad Offshore ASA) (other than Aker Capital) as of 27 October 2023 (as registered with VPS in 31 October 2023). Aker Capital has guaranteed for the MNOK 750 offering. After the Refinancing Solstad Offshore ASA will have a direct ownership of Solstad Maritime Holding of 27 percent. Major Transactions / Events in 2022Sale of vesselsDuring the year, the Group disposed of the remaining 13 vessels classified as non-strategic, in addition three core vessels were 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 had 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, 8 and 10 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 Group\u2019s offshore operations were 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 forced to be performed outside Ukraine. Subsequent, Ukraine operation was divested as a part of the PSV transaction.Note 23: Environmental ConditionsAll of the company\u2019s vessels comply with current environmental requirements. In 2023, 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 Significant Judgements, Accounting Estimates and Assessments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAdditionalInformationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__68-1": {
"value": "Note 4: Discontinued OperationsThe Company signed an agreement with U.S.-based Tidewater Inc., dated 7 March 2023, for the sale of 37 PSVs for a total amount of MUSD 580 million. The transaction was closed on 5 July 2023. Assets included in the transaction were classified as held for sale. The assets have been included in the PSV segment in accordance with IFRS 8 in prior periods. The PSV operations have been determined to constitute discontinued operations as all PSVs were disposed of in the transaction, and the net result for the operation is presented on a single line in the Condensed statement of comprehensive income effective 1Q 2023. Comparative periods have been restated. In the profit and loss statement for discontinued operations a net loss of MNOK 44 was booked in the Net gain/loss on the sale of assets related to the Tidewater transaction in 2023. In addition a net reversal of impairment of MNOK 614 has been booked on Impairment fixed assets related to the transaction due to subsequent measurement of carrying value of assets held for sale against fair value less cost to sell (Refer to Note 9 Property, Plant and Equipment).The loss of MNOK 44 is due to currency effects from the last subsequent measurement of carrying value against fair value less cost to sell on 30 June 2023 to the closing of the transaction on 5 July 2023. Below is the Net result for discontinued operations presented. The full Net result for discontinued operations in 2022 and 2023 relates to the PSV segment.Amounts in NOK 1,0002023 2022Discontinuing operationsCharter income 1,133,833 1,712,348Other operating income 14,369 9,500Total operating income 1,148,202 1,721,848Personnel costs -446,431 -840,643Administrative expenses -147,173 -184,397Other operating expenses -310,918 -408,739Operating expenses -904,522 -1,433,779Net gain/-loss on sale of assets 12,713 161,127Operating result before depreciation and impairment 256,393 449,196Depreciation -23,696 -242,914Depreciation capitalised periodic maintenance -28,552 -97,405Impairment fixed assets 613,834 -28,225Income from investment in joint ventures - -Operating result 817,979 80,651Income from investments in associates - -Interest income -305 716Other financial income - -Interest charges -351,134 -341,744Other financial expenses -344,967 -409,097Net financial items -696,407 -750,125Result before taxes 121,572 -669,474Tax on result -2,773 -6,618Net result from discontinuing operations 118,799 -676,092Net cash flows generated/(incurred) by discontinuing operations:Amounts in NOK 1,0002023 2022Operating 160,916 191,637 Investing -279,422 -151,763 Financing -603,090 -224,754 Net cash inflow/outflow -721,596 -184,880 Net cash flows generated/(incurred) from the sale of discontinued operations:Amounts in NOK 1,0002023Cash received from sale of the discontinued operations* 6,172,838 Cash sold as part of discontinued operations - Net cash flow from discontinued operations 6,172,838 * Cash related to Tidewater transactionNote 5: Assets Held for SaleAssets held for sale as of 31 December 2023 are assets and liabilites related to Solstad Maritime (Reference to Note 2). Intercompany balances between Solstad Maritime and the remaining Solstad Offshore Group have been eliminated, and is not reflected in the balances in accordance with IFRS 5. The interest-bearing debt as of 31 December 2023 related to the vessels owned by the Solstad Maritime will be held in the remaining Solstad Offshore Group through subsidiary Solstad Shipholding AS. The debt was repaid when the major part of the Refinancing in Solstad Maritime was completed on 16 January 2024 through settlement of intercompany balances (Reference Note 8 Mortage Debt and Other Liabilities). At the date of initial recognition as asset held for sale (on 12 October 2023), a measurement of the assets and liabilites book value against fair value less cost to sell was performed, with no loss recognized. This measurement was reperformed as of 31 December 2023. As of 31 December 2023, the carrying value of Solstad Maritime, before adjusting for the transaction, was MNOK 2,198. It was assessed that the transaction agreement should also be included in the valuation as part of the disposal group, as the contract would give restrictions to a potential new owner of the Solstad Maritime group. The fair value of the Solstad Maritime including the transaction agreement would be the value after the capital injections, and is estimated at MNOK 1,620 (reflecting the Solstad Offshore group share of 27%). This is the value that will be recognized as the carrying value of the associate at the date of the initial recognition in January 2024.Solstad Offshore group recognized an impairment of NOK 578 million on Solstad Maritime in 4Q 2023. Approximately 1/3 of the impairment refers to each of the items 1) removal of deprecation of vessels since AHFS, 2) unrealized gain on debt in foreign currency and 3) net result from operations. The impairment is recognized against non-current assets included as part of assets held for sale. Below is a specification of the balances that constitue the Assets held for sale and Liabilites directly associated with the assets held for sale in the Consolidated statement of Financial Position:Amounts in NOK 1,000ASSETS 2023 2022 NoteNon-current assetsDeferred tax assets 4,000 Vessels 9,898,380 402,979 9Right-of use-assets 116,724 - 10Capitalized periodic maintenance 512,819 9,073 9Other tangible fixed assets 6,433 - 9Investments in associates 42,906 - 15Investments in stocks and shares 2,991 - 15Other non-current receivables 11,669 - 25Total non-current assets 10,595,921 412,052 Current assetsInventory 77,730 - 27Account receivables 1,193,804 - 26Contract assets 221,002 - 26Other current receivables 365,096 - 26Market based shares 22,500 - 15Cash and cash equivalents 1,381,956 - 22Total current assets 3,262,089 - TOTAL ASSETS 13,858,010 412,052 LIABILITIESNon-current liabilitiesPension liabilities 15,577 - 21Other financial liabilities 1,669 -Interest bearing liabilities - - 8Leasing liabilities 100,513 - 7,10Total non-current liabilities 117,759 -Current liabilitiesAccounts payable 335,704 -Taxes payable 152,335 - 20,29Contract liabilities 11,560 - 28Other current liabilities 844,399 - 28Current leasing liabilities 22,059 - 7,10Total current liabilities 1,366,058 -Total liabilities 1,483,816 -Amounts included in accumulated OCI 2023 2022 NoteActurial gain/loss (-) 1,944 -Translation adjustments -614,469 -Reserve classified as held for sale -612,525 -The major classes of assets, liabilities and comprehensive income effects for Solstad Maritime Group are presented below. Intercompany transactions between Solstad Group and Solstad Maritime Group is eliminated in Solstad Group.Amounts in NOK 1,0002023 2022Balance sheet:Cash and cash equivalents 1,381,956 1,909,280Current assets 2,300,952 2,271,732Non-current assets 10,891,703 16,229,726Current liablilities -12,398,486 -16,053,121Non-current financial liabilities -117,759 -3,154,991Net assets 2,058,366 1,202,626Profit and loss:Continuing operations:Revenues 5,096,266 4,972,193Operating expense -2,789,497 -3,422,893Net gain/loss on sale of assets 76,351 152,528Depreciations -699,356 -,1,022,368Impairment 189,848 642,596Net financial items -1,389,305 -,2,168,150Result before taxes 484,307 -846,094Taxes -57,075 -32,182Net result continuing operations 427,232 -878,276Discontinued operations:Net result discontinuing operations 195,140 -Net result 622,372 - 878,276Comprehensive income:Translation adjustments foreign currency -333,285 -138,829Acturial gain/ (loss) 1,944 604Comprehensive income -331,341 -138,225Total comprehensive income 291,031 -1,016,501",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__67": {
"value": "Note 4: Discontinued OperationsThe Company signed an agreement with U.S.-based Tidewater Inc., dated 7 March 2023, for the sale of 37 PSVs for a total amount of MUSD 580 million. The transaction was closed on 5 July 2023. Assets included in the transaction were classified as held for sale. The assets have been included in the PSV segment in accordance with IFRS 8 in prior periods. The PSV operations have been determined to constitute discontinued operations as all PSVs were disposed of in the transaction, and the net result for the operation is presented on a single line in the Condensed statement of comprehensive income effective 1Q 2023. Comparative periods have been restated. In the profit and loss statement for discontinued operations a net loss of MNOK 44 was booked in the Net gain/loss on the sale of assets related to the Tidewater transaction in 2023. In addition a net reversal of impairment of MNOK 614 has been booked on Impairment fixed assets related to the transaction due to subsequent measurement of carrying value of assets held for sale against fair value less cost to sell (Refer to Note 9 Property, Plant and Equipment).The loss of MNOK 44 is due to currency effects from the last subsequent measurement of carrying value against fair value less cost to sell on 30 June 2023 to the closing of the transaction on 5 July 2023. Below is the Net result for discontinued operations presented. The full Net result for discontinued operations in 2022 and 2023 relates to the PSV segment.Amounts in NOK 1,0002023 2022Discontinuing operationsCharter income 1,133,833 1,712,348Other operating income 14,369 9,500Total operating income 1,148,202 1,721,848Personnel costs -446,431 -840,643Administrative expenses -147,173 -184,397Other operating expenses -310,918 -408,739Operating expenses -904,522 -1,433,779Net gain/-loss on sale of assets 12,713 161,127Operating result before depreciation and impairment 256,393 449,196Depreciation -23,696 -242,914Depreciation capitalised periodic maintenance -28,552 -97,405Impairment fixed assets 613,834 -28,225Income from investment in joint ventures - -Operating result 817,979 80,651Income from investments in associates - -Interest income -305 716Other financial income - -Interest charges -351,134 -341,744Other financial expenses -344,967 -409,097Net financial items -696,407 -750,125Result before taxes 121,572 -669,474Tax on result -2,773 -6,618Net result from discontinuing operations 118,799 -676,092Net cash flows generated/(incurred) by discontinuing operations:Amounts in NOK 1,0002023 2022Operating 160,916 191,637 Investing -279,422 -151,763 Financing -603,090 -224,754 Net cash inflow/outflow -721,596 -184,880 Net cash flows generated/(incurred) from the sale of discontinued operations:Amounts in NOK 1,0002023Cash received from sale of the discontinued operations* 6,172,838 Cash sold as part of discontinued operations - Net cash flow from discontinued operations 6,172,838 * Cash related to Tidewater transaction",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__70": {
"value": "Note 5: Assets Held for SaleAssets held for sale as of 31 December 2023 are assets and liabilites related to Solstad Maritime (Reference to Note 2). Intercompany balances between Solstad Maritime and the remaining Solstad Offshore Group have been eliminated, and is not reflected in the balances in accordance with IFRS 5. The interest-bearing debt as of 31 December 2023 related to the vessels owned by the Solstad Maritime will be held in the remaining Solstad Offshore Group through subsidiary Solstad Shipholding AS. The debt was repaid when the major part of the Refinancing in Solstad Maritime was completed on 16 January 2024 through settlement of intercompany balances (Reference Note 8 Mortage Debt and Other Liabilities). At the date of initial recognition as asset held for sale (on 12 October 2023), a measurement of the assets and liabilites book value against fair value less cost to sell was performed, with no loss recognized. This measurement was reperformed as of 31 December 2023. As of 31 December 2023, the carrying value of Solstad Maritime, before adjusting for the transaction, was MNOK 2,198. It was assessed that the transaction agreement should also be included in the valuation as part of the disposal group, as the contract would give restrictions to a potential new owner of the Solstad Maritime group. The fair value of the Solstad Maritime including the transaction agreement would be the value after the capital injections, and is estimated at MNOK 1,620 (reflecting the Solstad Offshore group share of 27%). This is the value that will be recognized as the carrying value of the associate at the date of the initial recognition in January 2024.Solstad Offshore group recognized an impairment of NOK 578 million on Solstad Maritime in 4Q 2023. Approximately 1/3 of the impairment refers to each of the items 1) removal of deprecation of vessels since AHFS, 2) unrealized gain on debt in foreign currency and 3) net result from operations. The impairment is recognized against non-current assets included as part of assets held for sale. Below is a specification of the balances that constitue the Assets held for sale and Liabilites directly associated with the assets held for sale in the Consolidated statement of Financial Position:Amounts in NOK 1,000ASSETS 2023 2022 NoteNon-current assetsDeferred tax assets 4,000 Vessels 9,898,380 402,979 9Right-of use-assets 116,724 - 10Capitalized periodic maintenance 512,819 9,073 9Other tangible fixed assets 6,433 - 9Investments in associates 42,906 - 15Investments in stocks and shares 2,991 - 15Other non-current receivables 11,669 - 25Total non-current assets 10,595,921 412,052 Current assetsInventory 77,730 - 27Account receivables 1,193,804 - 26Contract assets 221,002 - 26Other current receivables 365,096 - 26Market based shares 22,500 - 15Cash and cash equivalents 1,381,956 - 22Total current assets 3,262,089 - TOTAL ASSETS 13,858,010 412,052 LIABILITIESNon-current liabilitiesPension liabilities 15,577 - 21Other financial liabilities 1,669 -Interest bearing liabilities - - 8Leasing liabilities 100,513 - 7,10Total non-current liabilities 117,759 -Current liabilitiesAccounts payable 335,704 -Taxes payable 152,335 - 20,29Contract liabilities 11,560 - 28Other current liabilities 844,399 - 28Current leasing liabilities 22,059 - 7,10Total current liabilities 1,366,058 -Total liabilities 1,483,816 -Amounts included in accumulated OCI 2023 2022 NoteActurial gain/loss (-) 1,944 -Translation adjustments -614,469 -Reserve classified as held for sale -612,525 -The major classes of assets, liabilities and comprehensive income effects for Solstad Maritime Group are presented below. Intercompany transactions between Solstad Group and Solstad Maritime Group is eliminated in Solstad Group.Amounts in NOK 1,0002023 2022Balance sheet:Cash and cash equivalents 1,381,956 1,909,280Current assets 2,300,952 2,271,732Non-current assets 10,891,703 16,229,726Current liablilities -12,398,486 -16,053,121Non-current financial liabilities -117,759 -3,154,991Net assets 2,058,366 1,202,626Profit and loss:Continuing operations:Revenues 5,096,266 4,972,193Operating expense -2,789,497 -3,422,893Net gain/loss on sale of assets 76,351 152,528Depreciations -699,356 -,1,022,368Impairment 189,848 642,596Net financial items -1,389,305 -,2,168,150Result before taxes 484,307 -846,094Taxes -57,075 -32,182Net result continuing operations 427,232 -878,276Discontinued operations:Net result discontinuing operations 195,140 -Net result 622,372 - 878,276Comprehensive income:Translation adjustments foreign currency -333,285 -138,829Acturial gain/ (loss) 1,944 604Comprehensive income -331,341 -138,225Total comprehensive income 291,031 -1,016,501",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__69-1": {
"value": "Note 5: Assets Held for SaleAssets held for sale as of 31 December 2023 are assets and liabilites related to Solstad Maritime (Reference to Note 2). Intercompany balances between Solstad Maritime and the remaining Solstad Offshore Group have been eliminated, and is not reflected in the balances in accordance with IFRS 5. The interest-bearing debt as of 31 December 2023 related to the vessels owned by the Solstad Maritime will be held in the remaining Solstad Offshore Group through subsidiary Solstad Shipholding AS. The debt was repaid when the major part of the Refinancing in Solstad Maritime was completed on 16 January 2024 through settlement of intercompany balances (Reference Note 8 Mortage Debt and Other Liabilities). At the date of initial recognition as asset held for sale (on 12 October 2023), a measurement of the assets and liabilites book value against fair value less cost to sell was performed, with no loss recognized. This measurement was reperformed as of 31 December 2023. As of 31 December 2023, the carrying value of Solstad Maritime, before adjusting for the transaction, was MNOK 2,198. It was assessed that the transaction agreement should also be included in the valuation as part of the disposal group, as the contract would give restrictions to a potential new owner of the Solstad Maritime group. The fair value of the Solstad Maritime including the transaction agreement would be the value after the capital injections, and is estimated at MNOK 1,620 (reflecting the Solstad Offshore group share of 27%). This is the value that will be recognized as the carrying value of the associate at the date of the initial recognition in January 2024.Solstad Offshore group recognized an impairment of NOK 578 million on Solstad Maritime in 4Q 2023. Approximately 1/3 of the impairment refers to each of the items 1) removal of deprecation of vessels since AHFS, 2) unrealized gain on debt in foreign currency and 3) net result from operations. The impairment is recognized against non-current assets included as part of assets held for sale. Below is a specification of the balances that constitue the Assets held for sale and Liabilites directly associated with the assets held for sale in the Consolidated statement of Financial Position:Amounts in NOK 1,000ASSETS 2023 2022 NoteNon-current assetsDeferred tax assets 4,000 Vessels 9,898,380 402,979 9Right-of use-assets 116,724 - 10Capitalized periodic maintenance 512,819 9,073 9Other tangible fixed assets 6,433 - 9Investments in associates 42,906 - 15Investments in stocks and shares 2,991 - 15Other non-current receivables 11,669 - 25Total non-current assets 10,595,921 412,052 Current assetsInventory 77,730 - 27Account receivables 1,193,804 - 26Contract assets 221,002 - 26Other current receivables 365,096 - 26Market based shares 22,500 - 15Cash and cash equivalents 1,381,956 - 22Total current assets 3,262,089 - TOTAL ASSETS 13,858,010 412,052 LIABILITIESNon-current liabilitiesPension liabilities 15,577 - 21Other financial liabilities 1,669 -Interest bearing liabilities - - 8Leasing liabilities 100,513 - 7,10Total non-current liabilities 117,759 -Current liabilitiesAccounts payable 335,704 -Taxes payable 152,335 - 20,29Contract liabilities 11,560 - 28Other current liabilities 844,399 - 28Current leasing liabilities 22,059 - 7,10Total current liabilities 1,366,058 -Total liabilities 1,483,816 -Amounts included in accumulated OCI 2023 2022 NoteActurial gain/loss (-) 1,944 -Translation adjustments -614,469 -Reserve classified as held for sale -612,525 -The major classes of assets, liabilities and comprehensive income effects for Solstad Maritime Group are presented below. Intercompany transactions between Solstad Group and Solstad Maritime Group is eliminated in Solstad Group.Amounts in NOK 1,0002023 2022Balance sheet:Cash and cash equivalents 1,381,956 1,909,280Current assets 2,300,952 2,271,732Non-current assets 10,891,703 16,229,726Current liablilities -12,398,486 -16,053,121Non-current financial liabilities -117,759 -3,154,991Net assets 2,058,366 1,202,626Profit and loss:Continuing operations:Revenues 5,096,266 4,972,193Operating expense -2,789,497 -3,422,893Net gain/loss on sale of assets 76,351 152,528Depreciations -699,356 -,1,022,368Impairment 189,848 642,596Net financial items -1,389,305 -,2,168,150Result before taxes 484,307 -846,094Taxes -57,075 -32,182Net result continuing operations 427,232 -878,276Discontinued operations:Net result discontinuing operations 195,140 -Net result 622,372 - 878,276Comprehensive income:Translation adjustments foreign currency -333,285 -138,829Acturial gain/ (loss) 1,944 604Comprehensive income -331,341 -138,225Total comprehensive income 291,031 -1,016,501Note 10: Right-of-use assetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2023 3,159,924 185,889 3,345,813 3,712,076Other adjustments 23,958 7,938 31,896 31,896Additions 58,240 7,736 65,976 65,268Disposals -68,788 - -68,788 -74,322Translation differences -4,790 462 -4,328 91,838Depreciation -420,354 -27,142 -447,496 -Impairment - -17,002 -17,002 -Interest expense - - - 438,658Lease payments - - - -381,739Transferred to assets held for sale and/or liabilities directly associated with the assets held for sale -49,159 -67,565 -116,724 -122,572Closing balance 31.12.2023 2,699,030 90,317 2,789,346 3,761,103Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions 2,076 - 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 31.12.2022 3,159,924 185,889 3,345,813 3,712,076The following are the amounts recognised in profit or loss: 2023 2022Depreciation expense of right-of-use assets 447,496 204,137Interest expense on lease liabilities 438,658 233,521Variable lease payments expensed in the period* 68,890 50,238Operating expenses in the period related to current leases 225 214Total lease expenses included in other operating expenses 955,270 488,110*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 382 in 2023 (MNOK 262 in 2022).The disposal of right of use vessel of MNOK 69 is related to Normand Tonjer, where the purchase option in the leasing agreement was exercised in December 2023. The vessel is classified as tangible fixed assets and vessels as of 31 December 2023. Impairment Testing of Right-of-Use AssetsBased on value-in-use-calculations an impairment of MNOK 17 was recognised in 2023 (impariment of MNOK 33 in 2022). The impairment is related to leased offices in \u00c5lesund, and is due to reduced forecasts for sublease revenues. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,699 (MNOK 3,099 in 2022) and lease liability MNOK 3,625 (MNOK 3,424 in 2022). The residual claim is included in the lease obligation with MNOK 1,833 (MNOK 1,586 in 2022). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MUSD 161 pluss accumulated intersts, further reference is made to Note 8 - Mortage Debt and Other Liabilities. Variable Lease PaymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2023 was MNOK 68.9 (MNOK 50.2 in 2022).Group as a LessorAs mentioned in note 6, the agreed day rate invoiced to customers 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). For the future minimum rentals receivable under non-cancellable operating leases, see Note 6 Operating Income, Reporting by Segments and Geographical Markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__76": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned 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 10 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.For the year ended 31.12.2023Operating income AHTS Subsea* Renewable Other** TotalService element from contracts with day rate 620,064 757,206 441,656 - 1,818,926Management fees 2,243 474 6,135 27,202 36,054Victualling 10,361 120,959 61,377 - 192,698Additional crew and other services 4,780 34,662 567 - 40,009Revenue from contracts with customers 637,448 913,301 509,735 27,202 2,087,686Lease element from contracts with day rate (Note 10) 1,356,638 2,279,222 1,255,432 - 4,891,292Total operating income 1,994,086 3,192,523 1,765,167 27,202 6,978,977* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.** See below under Reporting by Segments and Geographical Markets for definition For the year ended 31.12.2022Operating income AHTS Subsea* Renewable Other TotalService element from contracts with day rate 564,958 714,630 331,622 - 1,611,211Management fees 1,337 5,383 230 - 6,950Victualling 7,752 87,476 65,363 - 160,592Additional crew and other services 8,043 30,385 567 - 38,995Revenue from contracts with customers 582,091 837,874 397,782 - 1,817,747Lease element from contracts with day rate (Note 10) 880,533 1,405,678 674,326 - 2,960,536Total operating income 1,462,625 2,243,551 1,072,107 - 4,778,283* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.2023 2022Assets held for saleTrade recieveables from charters (Note 5) 312,428 1,193,804 1,232,487Contract assets 319,617 221,002 222,193Contract liabilities - 11,560 3,597Costs to fulfill a contract - 17,334 70,477For 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 2023 that was included in the contract liability balance at the beginning of the year amounts to MNOK 3.6 (MNOK 0 in 2022).The Group had three customers with more than 10% of total revenue in 2023. The group had one customer with more than 10% of the revenue in 2022.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__75": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned 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 10 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.For the year ended 31.12.2023Operating income AHTS Subsea* Renewable Other** TotalService element from contracts with day rate 620,064 757,206 441,656 - 1,818,926Management fees 2,243 474 6,135 27,202 36,054Victualling 10,361 120,959 61,377 - 192,698Additional crew and other services 4,780 34,662 567 - 40,009Revenue from contracts with customers 637,448 913,301 509,735 27,202 2,087,686Lease element from contracts with day rate (Note 10) 1,356,638 2,279,222 1,255,432 - 4,891,292Total operating income 1,994,086 3,192,523 1,765,167 27,202 6,978,977* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.** See below under Reporting by Segments and Geographical Markets for definition For the year ended 31.12.2022Operating income AHTS Subsea* Renewable Other TotalService element from contracts with day rate 564,958 714,630 331,622 - 1,611,211Management fees 1,337 5,383 230 - 6,950Victualling 7,752 87,476 65,363 - 160,592Additional crew and other services 8,043 30,385 567 - 38,995Revenue from contracts with customers 582,091 837,874 397,782 - 1,817,747Lease element from contracts with day rate (Note 10) 880,533 1,405,678 674,326 - 2,960,536Total operating income 1,462,625 2,243,551 1,072,107 - 4,778,283* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.2023 2022Assets held for saleTrade recieveables from charters (Note 5) 312,428 1,193,804 1,232,487Contract assets 319,617 221,002 222,193Contract liabilities - 11,560 3,597Costs to fulfill a contract - 17,334 70,477For 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 2023 that was included in the contract liability balance at the beginning of the year amounts to MNOK 3.6 (MNOK 0 in 2022).The Group had three customers with more than 10% of total revenue in 2023. The group had one customer with more than 10% of the revenue in 2022.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__74-1": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned 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 10 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.For the year ended 31.12.2023Operating income AHTS Subsea* Renewable Other** TotalService element from contracts with day rate 620,064 757,206 441,656 - 1,818,926Management fees 2,243 474 6,135 27,202 36,054Victualling 10,361 120,959 61,377 - 192,698Additional crew and other services 4,780 34,662 567 - 40,009Revenue from contracts with customers 637,448 913,301 509,735 27,202 2,087,686Lease element from contracts with day rate (Note 10) 1,356,638 2,279,222 1,255,432 - 4,891,292Total operating income 1,994,086 3,192,523 1,765,167 27,202 6,978,977* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.** See below under Reporting by Segments and Geographical Markets for definition For the year ended 31.12.2022Operating income AHTS Subsea* Renewable Other TotalService element from contracts with day rate 564,958 714,630 331,622 - 1,611,211Management fees 1,337 5,383 230 - 6,950Victualling 7,752 87,476 65,363 - 160,592Additional crew and other services 8,043 30,385 567 - 38,995Revenue from contracts with customers 582,091 837,874 397,782 - 1,817,747Lease element from contracts with day rate (Note 10) 880,533 1,405,678 674,326 - 2,960,536Total operating income 1,462,625 2,243,551 1,072,107 - 4,778,283* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.2023 2022Assets held for saleTrade recieveables from charters (Note 5) 312,428 1,193,804 1,232,487Contract assets 319,617 221,002 222,193Contract liabilities - 11,560 3,597Costs to fulfill a contract - 17,334 70,477For 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 2023 that was included in the contract liability balance at the beginning of the year amounts to MNOK 3.6 (MNOK 0 in 2022).The Group had three customers with more than 10% of total revenue in 2023. The group had one customer with more than 10% of the revenue in 2022.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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: Right-of-use assetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2023 3,159,924 185,889 3,345,813 3,712,076Other adjustments 23,958 7,938 31,896 31,896Additions 58,240 7,736 65,976 65,268Disposals -68,788 - -68,788 -74,322Translation differences -4,790 462 -4,328 91,838Depreciation -420,354 -27,142 -447,496 -Impairment - -17,002 -17,002 -Interest expense - - - 438,658Lease payments - - - -381,739Transferred to assets held for sale and/or liabilities directly associated with the assets held for sale -49,159 -67,565 -116,724 -122,572Closing balance 31.12.2023 2,699,030 90,317 2,789,346 3,761,103Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions 2,076 - 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 31.12.2022 3,159,924 185,889 3,345,813 3,712,076The following are the amounts recognised in profit or loss: 2023 2022Depreciation expense of right-of-use assets 447,496 204,137Interest expense on lease liabilities 438,658 233,521Variable lease payments expensed in the period* 68,890 50,238Operating expenses in the period related to current leases 225 214Total lease expenses included in other operating expenses 955,270 488,110*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 382 in 2023 (MNOK 262 in 2022).The disposal of right of use vessel of MNOK 69 is related to Normand Tonjer, where the purchase option in the leasing agreement was exercised in December 2023. The vessel is classified as tangible fixed assets and vessels as of 31 December 2023. Impairment Testing of Right-of-Use AssetsBased on value-in-use-calculations an impairment of MNOK 17 was recognised in 2023 (impariment of MNOK 33 in 2022). The impairment is related to leased offices in \u00c5lesund, and is due to reduced forecasts for sublease revenues. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,699 (MNOK 3,099 in 2022) and lease liability MNOK 3,625 (MNOK 3,424 in 2022). The residual claim is included in the lease obligation with MNOK 1,833 (MNOK 1,586 in 2022). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MUSD 161 pluss accumulated intersts, further reference is made to Note 8 - Mortage Debt and Other Liabilities. Variable Lease PaymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2023 was MNOK 68.9 (MNOK 50.2 in 2022).Group as a LessorAs mentioned in note 6, the agreed day rate invoiced to customers 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). For the future minimum rentals receivable under non-cancellable operating leases, see Note 6 Operating Income, Reporting by Segments and Geographical Markets.Note 12: Other expenses, wages, employees and distinctive contributionsOther operating expenses: 2023 2022Technical expenses 435,049 379,450Bunker and lube oil 172,948 144,424Insurance 110,074 84,999Project expenses 912,377 617,920IT, communications and other expenses 186,730 211,068Total other operating expenses 1,817,179 1,437,861Wages and personnel expenses:Employees, vessels 1,592,920 1,447,967Employees, administration 330,718 281,778Total employee expenses 1,923,638 1,729,745Wages and employee expenses:Wages 1,358,883 1,205,835Social security 237,362 167,954Pension expenses 31,209 42,434Other benefits 65,662 53,806Traveling expenses, courses and other personnel expenses 230,520 259,717Total employee expenses 1,923,638 1,729,745Average number of FTEs continuing operations 2,135 2,239Average number of FTEs discontinuing operations (not reflected in numbers above) 730 1,301Renumeration to Directors, Managing Director and Auditors2023 Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,458 2,729 210 122Kjetil Ramstad (CFO) 2,429 2,429 17 116Tor Johan Tveit (COO) 2,079 2,079 17 117Hans Knut Sk\u00e5r (CCO) 1,042 1,042 8 6111,008 8,279 252 4162022 Wages 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 340There 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.In October 2023, Jarsteinen AS, a company which is a close associate of the Chief Executive Officer, exercised its right to subscribe 5,038,187 shares in the Company at exercise price NOK 2.80 per share and issue price of NOK 26.90 per share.CEO owns 60 percent of Jarsteinen AS\u2019 shares. Refer to remuneration report for further details.There are no active warrants programs in the Company per 31 December 2023.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2023 2022Harald Espedal 622 592Frank O. Reite 440 419Ellen Solstad 325 309Peder Sortland 411 441Ingrid Kylstad 411 392Thorhild Widwey 325 2602023 2022Continuing Discontinuing Auditors EYoperationoperationsStatutory audit 13,553 8,319 11,823Other assurance services 3,836 2,222 2,839Other non-audit services 9,714 1,416 12,966Total 27,103 11,957 27,629Audit 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:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__73": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned 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 10 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.For the year ended 31.12.2023Operating income AHTS Subsea* Renewable Other** TotalService element from contracts with day rate 620,064 757,206 441,656 - 1,818,926Management fees 2,243 474 6,135 27,202 36,054Victualling 10,361 120,959 61,377 - 192,698Additional crew and other services 4,780 34,662 567 - 40,009Revenue from contracts with customers 637,448 913,301 509,735 27,202 2,087,686Lease element from contracts with day rate (Note 10) 1,356,638 2,279,222 1,255,432 - 4,891,292Total operating income 1,994,086 3,192,523 1,765,167 27,202 6,978,977* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.** See below under Reporting by Segments and Geographical Markets for definition For the year ended 31.12.2022Operating income AHTS Subsea* Renewable Other TotalService element from contracts with day rate 564,958 714,630 331,622 - 1,611,211Management fees 1,337 5,383 230 - 6,950Victualling 7,752 87,476 65,363 - 160,592Additional crew and other services 8,043 30,385 567 - 38,995Revenue from contracts with customers 582,091 837,874 397,782 - 1,817,747Lease element from contracts with day rate (Note 10) 880,533 1,405,678 674,326 - 2,960,536Total operating income 1,462,625 2,243,551 1,072,107 - 4,778,283* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.2023 2022Assets held for saleTrade recieveables from charters (Note 5) 312,428 1,193,804 1,232,487Contract assets 319,617 221,002 222,193Contract liabilities - 11,560 3,597Costs to fulfill a contract - 17,334 70,477For 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 2023 that was included in the contract liability balance at the beginning of the year amounts to MNOK 3.6 (MNOK 0 in 2022).The Group had three customers with more than 10% of total revenue in 2023. The group had one customer with more than 10% of the revenue in 2022.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__72-1": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned 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 10 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.For the year ended 31.12.2023Operating income AHTS Subsea* Renewable Other** TotalService element from contracts with day rate 620,064 757,206 441,656 - 1,818,926Management fees 2,243 474 6,135 27,202 36,054Victualling 10,361 120,959 61,377 - 192,698Additional crew and other services 4,780 34,662 567 - 40,009Revenue from contracts with customers 637,448 913,301 509,735 27,202 2,087,686Lease element from contracts with day rate (Note 10) 1,356,638 2,279,222 1,255,432 - 4,891,292Total operating income 1,994,086 3,192,523 1,765,167 27,202 6,978,977* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.** See below under Reporting by Segments and Geographical Markets for definition For the year ended 31.12.2022Operating income AHTS Subsea* Renewable Other TotalService element from contracts with day rate 564,958 714,630 331,622 - 1,611,211Management fees 1,337 5,383 230 - 6,950Victualling 7,752 87,476 65,363 - 160,592Additional crew and other services 8,043 30,385 567 - 38,995Revenue from contracts with customers 582,091 837,874 397,782 - 1,817,747Lease element from contracts with day rate (Note 10) 880,533 1,405,678 674,326 - 2,960,536Total operating income 1,462,625 2,243,551 1,072,107 - 4,778,283* Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has been modified to a CSV type vessel in 2023. Comparative numbers has been restated.2023 2022Assets held for saleTrade recieveables from charters (Note 5) 312,428 1,193,804 1,232,487Contract assets 319,617 221,002 222,193Contract liabilities - 11,560 3,597Costs to fulfill a contract - 17,334 70,477For 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 2023 that was included in the contract liability balance at the beginning of the year amounts to MNOK 3.6 (MNOK 0 in 2022).The Group had three customers with more than 10% of total revenue in 2023. The group had one customer with more than 10% of the revenue in 2022.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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 12: Other expenses, wages, employees and distinctive contributionsOther operating expenses: 2023 2022Technical expenses 435,049 379,450Bunker and lube oil 172,948 144,424Insurance 110,074 84,999Project expenses 912,377 617,920IT, communications and other expenses 186,730 211,068Total other operating expenses 1,817,179 1,437,861Wages and personnel expenses:Employees, vessels 1,592,920 1,447,967Employees, administration 330,718 281,778Total employee expenses 1,923,638 1,729,745Wages and employee expenses:Wages 1,358,883 1,205,835Social security 237,362 167,954Pension expenses 31,209 42,434Other benefits 65,662 53,806Traveling expenses, courses and other personnel expenses 230,520 259,717Total employee expenses 1,923,638 1,729,745Average number of FTEs continuing operations 2,135 2,239Average number of FTEs discontinuing operations (not reflected in numbers above) 730 1,301Renumeration to Directors, Managing Director and Auditors2023 Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,458 2,729 210 122Kjetil Ramstad (CFO) 2,429 2,429 17 116Tor Johan Tveit (COO) 2,079 2,079 17 117Hans Knut Sk\u00e5r (CCO) 1,042 1,042 8 6111,008 8,279 252 4162022 Wages 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 340There 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.In October 2023, Jarsteinen AS, a company which is a close associate of the Chief Executive Officer, exercised its right to subscribe 5,038,187 shares in the Company at exercise price NOK 2.80 per share and issue price of NOK 26.90 per share.CEO owns 60 percent of Jarsteinen AS\u2019 shares. Refer to remuneration report for further details.There are no active warrants programs in the Company per 31 December 2023.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2023 2022Harald Espedal 622 592Frank O. Reite 440 419Ellen Solstad 325 309Peder Sortland 411 441Ingrid Kylstad 411 392Thorhild Widwey 325 2602023 2022Continuing Discontinuing Auditors EYoperationoperationsStatutory audit 13,553 8,319 11,823Other assurance services 3,836 2,222 2,839Other non-audit services 9,714 1,416 12,966Total 27,103 11,957 27,629Audit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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.31.12.2023 31.12.2022Present value Present value Minimum minimum Minimum minimum paymentpaymentpaymentpaymentNext year 4,245,780 4,142,224 5,252,748 5,124,632Year 2 1,648,757 1,569,311 1,756,227 1,671,602Year 3 757,611 703,517 1,176,172 1,092,192Year 4 310,896 281,657 815,972 739,230Year 5 182,126 160,973 236,184 208,752Over 5 years 386,468 333,250 - -Finance cost - 340,707 - 400,893Total minimum lease payment 7,531,639 7,531,639 9,237,303 9,237,303Backlog figures per 31 December 2023 are reflecting the group structure as per 31 December 2023. Approximately MNOK 2,050 of the firm backlog is related to vesels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortage Debt and Other Libilities)Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173Note 10: Right-of-use assetsRight-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2023 3,159,924 185,889 3,345,813 3,712,076Other adjustments 23,958 7,938 31,896 31,896Additions 58,240 7,736 65,976 65,268Disposals -68,788 - -68,788 -74,322Translation differences -4,790 462 -4,328 91,838Depreciation -420,354 -27,142 -447,496 -Impairment - -17,002 -17,002 -Interest expense - - - 438,658Lease payments - - - -381,739Transferred to assets held for sale and/or liabilities directly associated with the assets held for sale -49,159 -67,565 -116,724 -122,572Closing balance 31.12.2023 2,699,030 90,317 2,789,346 3,761,103Right-of-use asstesLease Vessels Office TotalliabilitiesOpening balance 01.01.2022 2,349,503 211,683 2,561,187 2,744,284Other adjustments 695,921 -1,516 694,405 950,555Additions 2,076 - 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 31.12.2022 3,159,924 185,889 3,345,813 3,712,076The following are the amounts recognised in profit or loss: 2023 2022Depreciation expense of right-of-use assets 447,496 204,137Interest expense on lease liabilities 438,658 233,521Variable lease payments expensed in the period* 68,890 50,238Operating expenses in the period related to current leases 225 214Total lease expenses included in other operating expenses 955,270 488,110*The Group has two vessels on lease with variable lease payments.The Group had total cash outflows for leases of MNOK 382 in 2023 (MNOK 262 in 2022).The disposal of right of use vessel of MNOK 69 is related to Normand Tonjer, where the purchase option in the leasing agreement was exercised in December 2023. The vessel is classified as tangible fixed assets and vessels as of 31 December 2023. Impairment Testing of Right-of-Use AssetsBased on value-in-use-calculations an impairment of MNOK 17 was recognised in 2023 (impariment of MNOK 33 in 2022). The impairment is related to leased offices in \u00c5lesund, and is due to reduced forecasts for sublease revenues. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,699 (MNOK 3,099 in 2022) and lease liability MNOK 3,625 (MNOK 3,424 in 2022). The residual claim is included in the lease obligation with MNOK 1,833 (MNOK 1,586 in 2022). GuaranteeVessel lease liability related to the residual claim is guaranteed by the Parent Company with MUSD 161 pluss accumulated intersts, further reference is made to Note 8 - Mortage Debt and Other Liabilities. Variable Lease PaymentsThe Company has two vessels on lease with variable lease payments. The total payments for 2023 was MNOK 68.9 (MNOK 50.2 in 2022).Group as a LessorAs mentioned in note 6, the agreed day rate invoiced to customers 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). For the future minimum rentals receivable under non-cancellable operating leases, see Note 6 Operating Income, Reporting by Segments and Geographical Markets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__78": {
"value": "Reporting 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 - Discontinued segment in 2023 (Reference Note 4 Discontinued operations)\u2022 Subsea: Construction vessels operating subsea construction contracts \u2022 Renewable: Vessels operating renewable contracts\u2022 Other: Income and cost not related to identified segments. In 2023 it is management fee and cost related to management of vessels for Tidewater following the sale of the PSVs. It also includes adjustment of VAT accrual for foreign operations (Reference Note 29 Contingent Liabilities, Assets and Provisions)Figures are exclusive share result from joint ventures.AHTS Subsea (4)2023 2022 2023 2022Revenue from contracts with customers 637,448 582,091 913,301 837,874 Lease element from contracts with day rate 1,356,638 880,533 2,279,222 1,405,678 Total operating income 1,994,086 1,462,625 3,192,523 2,243,551 Crew expenses 614,033 581,911 675,950 611,452 Other expenses 549,442 465,054 982,355 789,095 Total operating expenses 1,163,474 1,046,964 1,658,305 1,400,547 Net gain/loss on sale of assets 67,901 -7,108 449,666 -1,530 Bunkers 104,047 73,422 53,473 51,558 Operating result before depreciations and impairment (1) 794,464 335,130 1,930,410 789,917 Assets and liabilitiesFixed assets 3,558,686 3,733,753 7,538,254 9,873,967 Investments in JV and associates 12,455 - 208,625 156,235 Total assets 3,571,141 3,733,753 7,746,879 10,030,202Segment liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Total liabilities 3,702,527 4,174,484 8,644,277 10,125,891 Other segment informationInvestment in tangible fixed assets 11,164 17,163 22,311 53,401 Addition of periodic maintenance 97,158 182,254 144,998 114,504 Depreciations and write-downs (2) 257,640 285,277 542,449 44,577 Renewable Other2023 2022 2023 2022Revenue from contracts with customers 509,735 397,782 27,202 -Lease element from contracts with day rate 1,255,432 674,326 - -Total operating income 1,765,167 1,072,107 27,202 -Crew expenses 239,656 233,427 - -Other expenses 588,774 334,953 339,320 -Total operating expenses 828,430 568,379 339,320 -Net gain/loss on sale of assets - - - - Bunkers 25,379 18,035 - - Operating result before depreciations and impairment (1) 911,358 485,693 -312,118 -Assets and liabilitiesFixed assets 3,273,941 1,963,627 - -Investments in JV and associates 11,042 - - -Total assets 3,284,983 1,963,627 - -Segment liabilities 3,332,252 2,164,030 - -Total liabilities 3,332,252 2,164,030 - - Other segment informationInvestment in tangible fixed assets 14,467 36,157 - -Addition of periodic maintenance 18,726 33,420 - -Depreciations and write-downs (2) 162,498 2,181 - -Total2023 2022Revenue from contracts with customers 2,087,686 1,817,747Lease element from contracts with day rate 4,891,292 2,960,536Total operating income 6,978,977 4,778,283Crew expenses 1,529,638 1,426,789Other expenses 2,459,891 1,589,102Total operating expenses 3,989,530 3,015,891Net gain/loss on sale of assets 517,567 -8,637Bunkers 182,900 143,014Operating result before depreciations and impairment (1) 3,324,115 1,610,741Assets and liabilitiesFixed assets 14,370,880 15,571,347Investments in JV and associates 232,123 156,235Unallocated assets (3) 5,032,338 10,291,548Total assets 19,635,341 26,019,130Segment liabilities 15,679,056 16,464,405Unallocated liabilities (3) 2,131,735 7,801,599Total liabilities 17,810,791 24,266,005Other segment informationInvestment in tangible fixed assets 47,942 106,721Addition of periodic maintenance 260,882 330,178Depreciation and writedowns (2) 962,587 332,035 (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.(3) The discontinued PSV segment is included in unallocated assets and liabilites with MNOK 5,683 in assets and MNOK 6,493 in liability in 2022(4) The Subsea segment includes results from one remaining PSV after the discontinuing of the PSV segment. The remaining one PSV has beenmodified to a CSV type vessel in 2023. Comparative numbers has been restated with a net effect on Total operating income of MNK 61, Total operating expenses om MNOK 48 and operating result before depreciations of MNOK 13 for the Subsea segment in 2022.Reconciliation of Profit2023 2022Operating segment result before depreciations and impairment (1) 3,324,115 1,610,741Depreciation -918,101 -802,025Depreciation capitalised periodic maintenance -185,174 -194,604Impairment fixed assets -296,983 584,183Income from investment in joint ventures 19,935 20,418Income from investment in associates -4,824 722Interest income 131,700 46,436Other financial income 2,400 12,113Interest charges -1,683,318 -1,063,228Other finance expenses -44,771 -558,406Result before tax 344,979 -343,651The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based in charter income. Revenues are allocated to the following areas:2023 2022North Sea 35 % 2,431,579 38 % 1,831,096North- and Central America 2 % 131,203 6 % 288,249Mediterranean / remaining part of Europe 9 % 615,419 5 % 250,417Africa 16 % 1,124,306 8 % 391,027South America 26 % 1,785,798 25 % 1,213,327Australia 5 % 376,306 7 % 351,571Asia 7 % 514,366 9 % 452,596Total 100 % 6,978,977 100 % 4,778,283The 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__83-1": {
"value": "Note 7: 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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity. 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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Interest 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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__82-1": {
"value": "Note 7: 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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity. 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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Interest 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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__81-1": {
"value": "Note 7: 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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity. 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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Interest 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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 25: Non-Current Receivables2023 2022Sellers credit* - 29,572Loan to other companies - 536Other receivables 32,179 27,429Total other non-current assets 32,179 57,536Classified as Assets held for sale 11,669 -* Reference Note 7 Financial Market Risk, Financial InstrumentsNote 26: Accounts Receivable and Other Current Receivables2023 2022Accounts receivable 312,428 1,228,901Receivable from associates and joint venture companies - 3,586Total accounts receivable 312,428 1,232,487Classified as assets held for sale* 1,193,804 -* MNOK 55 is receivables from associates and joint venture companies.Contract assets 319,617 222,193Classified as assets held for sale 221,002 -Prepaid expenses 23,443 143,611VAT/ WHT receivable 86,415 19,946Costs to fulfil a contract - 70,477Other current receivables 120,048 241,914Receivable from associates and joint venture companies - -Total current receivables 229,906 475,948Classified as Assets held for sale 365,096 -Contract assets are earned, not invoiced revenues. Costs to fulfill a contract are costs incurred in advance of a contract to be abel to fulfill performance obligations under the contract. The costs are recorded over the contract period. Other current receivables are mainly refundable insurance claims, government grants and prepaid docking expenses. Other current receivables included in assets held for sale consists of prepayments of MNOK 28, VAT/WHT receivables of MNOK 32, costs for fulfill a contract of MNOK 45, prepaid borrowing costs of MNOK 73, prepaid equity cost of MNOK 18 and other items of MNOK 169.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__80-1": {
"value": "Note 7: 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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity. 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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Interest 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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__79-1": {
"value": "Note 7: 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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity. 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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Interest 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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).Liquidity RiskLiquidity risk is the risk that the Group will be unable to fulfill its operational- and financial obligations as they fall due. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173Note 15: Share in Join Ventures, Associates and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associates (AC):Date of Financial Place of Business OwnershipstatementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2023Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2023Solstad Offshore Crewing Services Philippines (SOCS) AC Manilla, Philippines 25% 31/12/2023Windstaller Alliance AS (WAAS)*** AC Oslo, Norway 33% 31/12/2023Remota Holding AS (REMO) AC Haugesund, Norway 33% 31/12/2023Maximus Limited AC Caymen 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 ROVs 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. Remota Holding AS is a company investing in unmanned vessels for offshore operations. Maximus Limited is the former owner of Normand Maximus, and is the owner of the Residual claim.All the above investments are strategic for the Group. Solstad Offshore Crewing Services Philippines and Remota Holding AS is classified as Assets held for sale as part of the Solstad Maritime group. Windstaller Alliance AS moved from Solstad Offshore to Solstad Maritime in January 2024, refer to page 94.Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__85-1": {
"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 should be taken to reduce this risk. The main strategy to reduce financial market risk has been 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 the Group\u2019s financial position during the period, the Group has had limited possibility to enter into new financial derivatives. Derivatives would only be used to manage the risk to fluctuations in interest and currency rates. The Group does not use financial derivatives to achieve financial income if no underlying exposure exists.Management performs a continuous evaluation of the effect of financial instruments on the accounts with a view to hedge accounting. Based on this evaluation, hedge accounting is not used. The use of financial instruments is not significant when compared to the Group\u2019s level of activity, revenues and equity.Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__87-1": {
"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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__86": {
"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 associates. 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 8.The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,141,981 259,685 49,923 54,642 1,506,232Net carrying amount classified as Asset held for sale -862,067 -227,182 -49,923 -54,631 -1,193,804Net carrying amount 279,914 32,503 - 11 312,4280 -1 month 1 - 3 months Older than 3 per 31.12.2022 Not yet dueover dueover duemonths TotalNet carrying amount 1,029,375 119,317 40,589 43,206 1,232,487Set out below is the movement in the allowance for expected credit losses of trade receivables:2023 2022As at 1 January 27 275 75,223Provision for expected credit losses -24 026 -56,565Foreign exchange movement -1 626 8,617Assets held for sale -2 482 -As at 31 December -858 27,275",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__84": {
"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 non-current 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 non-current liabilities. As of 31.12.2023 and 31.12.2022 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 31.12.2023, 5.3% (2022 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 31.12.2023 and 31.12.2022 the Group had no exposure in neither interest swaps nor currency swap agreements. The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged:Increase / decrease in basis points Effect on result before tax+ / - 300 2023 + / - 342,644+ / - 300 2022 + / - 565,977Foreign 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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__88": {
"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 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.Change in all currencies Effect+ / - 10% 2023 + / - 352,486+ / - 10% 2022 + / - 254,349Change in USD Effect+ / - 10% 2023 + / - 161,297+ / - 10% 2022 + / - 91,571Change in GBP Effect+ / - 10% 2023 + / - 27,432+ / - 10% 2022 + / - 23,019Change in AUD Effect+ / - 10% 2023 + / - 37,035+ / - 10% 2022 + / - 36,238Change in EUR Effect+ / - 10% 2023 + / - 33,835+ / - 10% 2022 + / - 39,541Change in BRL Effect+ / - 10% 2023 + / - 92,888+ / - 10% 2022 + / - 63,980The Group\u2019s non-current debt has the following allocation as at 31 December 2023; NOK 26% and USD 74%. The corresponding allocation for 2022 was NOK 27% and USD 73%.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 0,874 in 2023 (MNOK 1,394 in 2022) (excluding liabilities directly associated with the assets held for sale).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__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. The Refinancing of Solstad, which was announced on 23 October 2023, involved repayment of the outstanding BNOK 11.2 under the secured loan agreement that was entered into in connection with the 2020 restructuring of the Group. The main portion of the Group\u2019s external debt which includes the Group\u2019s secured debt, and the residual claim of approx. MNOK 1,883 guaranteed by the Company related to the former Normand Maximus lease arrangement, matures in 2027. 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.The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20233 monthsmonthsyearsyearsyears TotalInterest bearing liabilities (1) 11,427,604 24,096 93,146 202,610 343,898 12,091,355Lease obligations (2) 1,864,794 100,679 310,154 1,423,634 61,842 3,761,103Account payables 138,762 - - - - 138,762Interest payments 338,524 174,475 414,530 143,967 39,523 1,111,019Liabilities directly associated with the assets held for sale 341,051 16,712 47,546 26,175 26,792 458,27614,110,735 315,962 865,377 1,796,386 472,054 17,560,514Less than 3 to 12 2 to 3 4 to 5 Over 5 per 31.12.20223 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 440,751 2,019,584 15,906,804 832,251 370,745 19,570,136Lease obligations (2) 34,547 109,335 1,909,138 1,563,391 95,665 3,712,076Account 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 26,292,606(1) Interest bearing liabilities classified as current in 2023 includes BNOK 11.2 of the fleet loan, and MNOK 246 related to the Superior loan, both falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023 (MNOK 101 in 2022). MNOK 1.833 is related to the Resiual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortage Debt and Other Liabilities.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__90": {
"value": "Capital Structure and EquityThe governing principle for the Group is that the company should have a solid balance sheet and liquidity reserves sufficient to support its business, future liabilities and maximize shareholder value at all times. Equity ratio increased in 2023, mainly due to ithe sale of the PSV fleet, partly offset by increasing interests and weakened NOK versus USD. 31.12.2023 31.12.2022Total equity 1,824,550 1,753,125Total assets 19,635,341 26,019,130Equity ratio 9% 7%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__93-1": {
"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__92-1": {
"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173Note 15: Share in Join Ventures, Associates and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associates (AC):Date of Financial Place of Business OwnershipstatementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2023Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2023Solstad Offshore Crewing Services Philippines (SOCS) AC Manilla, Philippines 25% 31/12/2023Windstaller Alliance AS (WAAS)*** AC Oslo, Norway 33% 31/12/2023Remota Holding AS (REMO) AC Haugesund, Norway 33% 31/12/2023Maximus Limited AC Caymen 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 ROVs 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. Remota Holding AS is a company investing in unmanned vessels for offshore operations. Maximus Limited is the former owner of Normand Maximus, and is the owner of the Residual claim.All the above investments are strategic for the Group. Solstad Offshore Crewing Services Philippines and Remota Holding AS is classified as Assets held for sale as part of the Solstad Maritime group. Windstaller Alliance AS moved from Solstad Offshore to Solstad Maritime in January 2024, refer to page 94.Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__91-1": {
"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2023:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 669,491 10/11/2026 10/03/2031 3.64% 6.30% 4.86%Loan, floating interest 11,421,459 31/03/2024 10/12/2027 4.50% 13.33% 7.19%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%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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173Note 15: Share in Join Ventures, Associates and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associates (AC):Date of Financial Place of Business OwnershipstatementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2023Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2023Solstad Offshore Crewing Services Philippines (SOCS) AC Manilla, Philippines 25% 31/12/2023Windstaller Alliance AS (WAAS)*** AC Oslo, Norway 33% 31/12/2023Remota Holding AS (REMO) AC Haugesund, Norway 33% 31/12/2023Maximus Limited AC Caymen 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 ROVs 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. Remota Holding AS is a company investing in unmanned vessels for offshore operations. Maximus Limited is the former owner of Normand Maximus, and is the owner of the Residual claim.All the above investments are strategic for the Group. Solstad Offshore Crewing Services Philippines and Remota Holding AS is classified as Assets held for sale as part of the Solstad Maritime group. Windstaller Alliance AS moved from Solstad Offshore to Solstad Maritime in January 2024, refer to page 94.Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__94": {
"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 the Groups interest- and interest-/currency swaps are determined using the currency and interest rate at the balance sheet date. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The estimated fair value of the Group\u2019s non-current 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 assets 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 501,014 501,014 2,170,072 2,170,072Investments in shares (non-current) 15 581 581 5,315 5,315Other non-current receivables 32,179 32,179 57,536 57,536Total financial assets 533,774 533,774 2,232,923 2,232,923Classifed as Assets held for sale 1,436,531 1,436,531 - -Financial liabilities 2023 2022Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 15,102,719 15,102,719 22,105,902 22,105,902Mortgage loan with fixed interests 8 669,491 669,491 704,225 704,225Total financial liabilities 15,772,210 15,772,210 22,810,127 22,810,127Hereof current part of non-current debt 11,380,520 11,380,520 2,460,689 2,460,689Classified as Liabilities directly associated with the assets held for sale 122,572 122,572 - -Fair Value HierarchyThe Group use the following hierarchy for valuation and presentation of financial instruments:\u2022 Level 1: quoted prices in active markets for identical assets or liabilities\u2022 Level 2: other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly\u2022 Level 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 13 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 13 for further details.The following methods and assumptions were used to estimate the fair values: \u2022 Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. \u2022 The fair value of listed shares are based on market value.\u2022 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:2023 2022Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - 21,000 - -Total per level - - - 21,000 - -Total all levels - 21,000Classified as assets held for sale 22,5002023 2022Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - 2,991Total per level - - - - - 2,991Total all levels - 2,991Classified as assets held for sale 2,9912023 2022Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - 139,501 - - 147,416Total per level - - 139,501 - - 147,416Total all levels 139,501 147,416Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortage loans) and level 3 (Investments in shares and Other long term receivables).Derivatives not designated as hedging Financial Hereof instruments assets and Financial classified - fair value liabilities at fair instruments Financial as Assets through profit value through at fair value instruments at held for 31.12.2023or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares* - 22,500 - - 22,500 22,500Investments in stocks and shares* - 2,991 - - 2,991 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141Accounts receivable - - - 1,506,232 1,506,232 1,193,804 Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 3,452,343 3,477,835 2,601,252 LiabilitiesInterest bearing loans and borrowings - - - - - -Interest bearing liabilities - 139,501 - 11,871,605 12,011,106 - Other non-current liabilities - - - 1,046 1,046 - Other financial liabilitiesTrade and other payables - - - 474,465 474,465 335,704 Total financial liabilities - 139,501 - 12,347,116 12,486,618 335,704 *Classified as Assets held for saleDerivatives not designated as hedging Financial instruments assets and Financial - fair value liabilities at fair instruments Financial through profit value through at fair value instruments at 31.12.2022or lossprofit or lossthrough OCIamortized cost TotalAssetsEquity instrumentsMarket based shares - 21,000 - - 21,000Investments in stocks and shares - 2,991 - - 2,991Debt instrumentsOther non-current 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 - 18,771,953 19,098,051Other non-current liabilities - - - 1,046 1,046Other financial liabilitiesTrade and other payables - - - 694,564 694,564Total financial liabilities - 147,416 - 19,646,245 19,793,661",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__107": {
"value": "Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__99": {
"value": "Note 8: Mortgage Debt and Other Liabilities2023 2022Interest bearing liabilities 630,587 16,637,362Other non-current liabilities 1,046 1,046Leasing liabilities 1,795,630 3,564,963Total non-current debt 2,427,263 20,203,371Current portion of non-current debt 13,345,993 2,607,802Non-current debt classified as Libailities directly associated with the Assets held for sale 122,572 -For maturity profile reference is made to Note 7 Financial market risk, financial instruments.Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__103": {
"value": "Reclassification of Non-Current Liabilities to Current LiabilitiesCurrent portion of non-current debt includes the Group\u2019s fleet loan of MNOK 11,173 and the Normand Maximus residual claim of MNOK 1,833, which both had matured on 31 March 2024, but was refinanced on 16 January 2024. In addition it includes the secured debt for the Normand Superior of MNOK 246, which originally matured 31 March 2024. The Company is in discussions with the lenders in order to refinance the vessel and has been granted an extension until 30 June 2024.In 2020 the reinstated debt to credit institutions was recognized at its fair value. The interest rate for the refinanced debt was at initial recognition compared to current market terms according to IFRS 9. For the reinstated debt, the Group concluded that the interest rate was below market terms. Using the estimated market rate when measuring fair value of the reinstated debt a MNOK 1,066 reduction was observed. The difference between nominal- and fair value has been amortized, and presented as interest expense, over the period until the 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 01.01.2023 -439,645Amortization 2023 377,508Unrealised currency loss -15,212Fair value adjustment 31.12.2023* -77,350* Classified as current interst bearing liabilitiesNormand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__114-1": {
"value": "Normand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.Note 29: Contingent Liabilities, Assets and ProvisionsContingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Companys\u2019s best estimate for contingent liabilities at the end of the year. The Company 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.Tax 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 & 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; Solstad Shipping Ltda., Solstad 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 365 (MNOK 290). The increase in 2023 is due to currency MNOK 40 and interest and surcharges MNOK 35. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 17.6 (MNOK 15.9 in 2022). Legal fees are expensed as incurred.VAT Claim Thailand (Related to Assets Held for Sale)The provision included at year end of MNOK 461 (MNOK 200 in 2022) relates to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department has notified the Thailand branch of Solstad Offshore Asia Pacific Pte Ltd of claims which at the date hereof is calculated to an amount corresponding to the provision. The Group is in a process of analyzing the claim and obtaining an understanding of all relevant matters associated with the legacy operations, including appeals and negotiations with the revenue department. Due to the uncertainty, complexity and recent claim updates from foreign state, the Group has no current understanding of when possible cash outflow may occour, and is working closely with adviseres on this matter. The claim does not have recourse to other companies in the Group other than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters. The increase of MNOK 261 is based on the recent claim updates, and a reclassification from Corporate income tax to Value added tax (reclassified from tax on ordinary result to Administrative costs in the profit & loss) has also been done in 2023 to better reflect the basis of the claim. Value added Corporate Other taxincome taxclaims TotalContingent liability 01.01.2023 - 200,000 15,873 215,873Increase in contingent liability 324,800 -63,800 1,757 262,757Contingent liability 31.12.2023 324,800 136,200 17,630 478,630whereof classified as Liability directly associated with the Asset held for sale 324,800 136,200 - 461,000Normand MaximusReference is made to note 8 regarding information about Normand Maximus.Insurance ClaimsThe Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total insurance claim recoverable as of 31 December 2023 was MNOK 124.Kistefos ASOn 7 December 2023, Kistefos AS (\u2018Kistefos\u2019) as shareholder in Solstad Offshore ASA called for an extraordinary shareholders meeting. Kistefos required that Solstad Offshore ASA should bring legal actions against several companies and persons for i.a unlawful distributions in connection with the Refinancing of Solstad Offshore ASA announced 23 October 2023. The request for an extraordinary shareholders meeting was withdrawn on 31 January 2024, and no claim has been notified against Solstad Offshore ASA or its subsidiaries as at the date hereof. On 1 March 2024 Kistefos AS informed the Board Members and CEO of Solstad Offshore ASA that Kistefos is considering initiating a lawsuit against the board members and the CEO to claim compensation for the alleged loss incurred by Kistefos as a result of the Refinancing that was announced by the Company on 23 October 2023. It is not assessed as probable that the disagreement between the shareholders and the board and CEO will lead to a liability or significant costs for the Company, and no provision for any liability has been made in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__113-1": {
"value": "Normand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.Note 29: Contingent Liabilities, Assets and ProvisionsContingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Companys\u2019s best estimate for contingent liabilities at the end of the year. The Company 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.Tax 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 & 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; Solstad Shipping Ltda., Solstad 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 365 (MNOK 290). The increase in 2023 is due to currency MNOK 40 and interest and surcharges MNOK 35. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 17.6 (MNOK 15.9 in 2022). Legal fees are expensed as incurred.VAT Claim Thailand (Related to Assets Held for Sale)The provision included at year end of MNOK 461 (MNOK 200 in 2022) relates to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department has notified the Thailand branch of Solstad Offshore Asia Pacific Pte Ltd of claims which at the date hereof is calculated to an amount corresponding to the provision. The Group is in a process of analyzing the claim and obtaining an understanding of all relevant matters associated with the legacy operations, including appeals and negotiations with the revenue department. Due to the uncertainty, complexity and recent claim updates from foreign state, the Group has no current understanding of when possible cash outflow may occour, and is working closely with adviseres on this matter. The claim does not have recourse to other companies in the Group other than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters. The increase of MNOK 261 is based on the recent claim updates, and a reclassification from Corporate income tax to Value added tax (reclassified from tax on ordinary result to Administrative costs in the profit & loss) has also been done in 2023 to better reflect the basis of the claim. Value added Corporate Other taxincome taxclaims TotalContingent liability 01.01.2023 - 200,000 15,873 215,873Increase in contingent liability 324,800 -63,800 1,757 262,757Contingent liability 31.12.2023 324,800 136,200 17,630 478,630whereof classified as Liability directly associated with the Asset held for sale 324,800 136,200 - 461,000Normand MaximusReference is made to note 8 regarding information about Normand Maximus.Insurance ClaimsThe Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total insurance claim recoverable as of 31 December 2023 was MNOK 124.Kistefos ASOn 7 December 2023, Kistefos AS (\u2018Kistefos\u2019) as shareholder in Solstad Offshore ASA called for an extraordinary shareholders meeting. Kistefos required that Solstad Offshore ASA should bring legal actions against several companies and persons for i.a unlawful distributions in connection with the Refinancing of Solstad Offshore ASA announced 23 October 2023. The request for an extraordinary shareholders meeting was withdrawn on 31 January 2024, and no claim has been notified against Solstad Offshore ASA or its subsidiaries as at the date hereof. On 1 March 2024 Kistefos AS informed the Board Members and CEO of Solstad Offshore ASA that Kistefos is considering initiating a lawsuit against the board members and the CEO to claim compensation for the alleged loss incurred by Kistefos as a result of the Refinancing that was announced by the Company on 23 October 2023. It is not assessed as probable that the disagreement between the shareholders and the board and CEO will lead to a liability or significant costs for the Company, and no provision for any liability has been made in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__112-1": {
"value": "Normand MaximusIn connection with the Refinancing, agreements were entered into between i.a the Company and Maximus Limited, amending the agreement regarding the residual claim relating to the former leasing agreement for the CSV Normand Maximus. Firstly, the agreement governing the terms of the Residual Claim originally entered into on 12 May 2022, between Maximus Limited, subsidiaries of the Company and the Company was amended so that the maturity of the Residual Claim was postponed from 31 March 2024 to the date corresponding to the maturity date of the new facility agreement which was entered into between Solstad Maritime AS and a bank syndicate as part of the Refinancing. This means that the maturity of the Residual Claim has been postponed until 16 January 2027, with possible 1+1 year extensions if the financing to Solstad Maritime AS is extended (at the discretion of the bank syndicate). The latest maturity date of the Residual Claim is 16 January 2029. The Residual Claim is guaranteed by the Company, and needs to be refinanced within the new maturity date. In addition, an agreement was entered into between Solstad Shipholding AS, the Company, Maximus Limited and the lenders to Maximus Limited. Pursuant to this agreement, the parties have agreed that Solstad Shipholding AS is granted a right and obligation to purchase the Residual Claim against payment of NOK 200 million. This right and obligation come into force in the event that the lenders to Maximus Limited prevail in litigation in Norway and Cayman Island on the right to ownership to the shares in Maximus Limited. The Company does not have a view on the likely outcome of the litigation and the chances of the option becoming exercisable and no assurances can be given in that regard. The Residual Claim remains guaranteed by the Company and carries interest at 9.5% payable in kind at the maturity date in accordance with the original agreement entered into on 12 May 2022. The group maintains operational control over the vessel under a bareboat agreement for a 5 year firm period until October 2027 and options for further 10 years with a subsidiary of Solstad Maritime Holding AS. The Company has an option to purchase the vessel after 5 or 10 years. 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 less than 12 months after the purchase option date. Total lease obligation for Normand Maximus amounts to MNOK 3,625 (MNOK 3,424 in 2022). MNOK 1,833 is related to the residual claim from the leasing agreement with Maximus Limited, and MNOK 1,792 is related to the new leasing agreement. Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.Note 29: Contingent Liabilities, Assets and ProvisionsContingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Companys\u2019s best estimate for contingent liabilities at the end of the year. The Company 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.Tax 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 & 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; Solstad Shipping Ltda., Solstad 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 365 (MNOK 290). The increase in 2023 is due to currency MNOK 40 and interest and surcharges MNOK 35. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 17.6 (MNOK 15.9 in 2022). Legal fees are expensed as incurred.VAT Claim Thailand (Related to Assets Held for Sale)The provision included at year end of MNOK 461 (MNOK 200 in 2022) relates to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department has notified the Thailand branch of Solstad Offshore Asia Pacific Pte Ltd of claims which at the date hereof is calculated to an amount corresponding to the provision. The Group is in a process of analyzing the claim and obtaining an understanding of all relevant matters associated with the legacy operations, including appeals and negotiations with the revenue department. Due to the uncertainty, complexity and recent claim updates from foreign state, the Group has no current understanding of when possible cash outflow may occour, and is working closely with adviseres on this matter. The claim does not have recourse to other companies in the Group other than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters. The increase of MNOK 261 is based on the recent claim updates, and a reclassification from Corporate income tax to Value added tax (reclassified from tax on ordinary result to Administrative costs in the profit & loss) has also been done in 2023 to better reflect the basis of the claim. Value added Corporate Other taxincome taxclaims TotalContingent liability 01.01.2023 - 200,000 15,873 215,873Increase in contingent liability 324,800 -63,800 1,757 262,757Contingent liability 31.12.2023 324,800 136,200 17,630 478,630whereof classified as Liability directly associated with the Asset held for sale 324,800 136,200 - 461,000Normand MaximusReference is made to note 8 regarding information about Normand Maximus.Insurance ClaimsThe Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total insurance claim recoverable as of 31 December 2023 was MNOK 124.Kistefos ASOn 7 December 2023, Kistefos AS (\u2018Kistefos\u2019) as shareholder in Solstad Offshore ASA called for an extraordinary shareholders meeting. Kistefos required that Solstad Offshore ASA should bring legal actions against several companies and persons for i.a unlawful distributions in connection with the Refinancing of Solstad Offshore ASA announced 23 October 2023. The request for an extraordinary shareholders meeting was withdrawn on 31 January 2024, and no claim has been notified against Solstad Offshore ASA or its subsidiaries as at the date hereof. On 1 March 2024 Kistefos AS informed the Board Members and CEO of Solstad Offshore ASA that Kistefos is considering initiating a lawsuit against the board members and the CEO to claim compensation for the alleged loss incurred by Kistefos as a result of the Refinancing that was announced by the Company on 23 October 2023. It is not assessed as probable that the disagreement between the shareholders and the board and CEO will lead to a liability or significant costs for the Company, and no provision for any liability has been made in the financial statements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__108": {
"value": "Book value of pledged assets: 2023 2022Bank deposits and cash equivalents 501,014 2,170,072Account receivables 312,428 1,232,487Vessels 1,297,543 17,603,721Pledged assets included as held for sale 12,474,140 402,979Total carrying value 14,585,126 21,409,259All owned vessels are placed as security for the mortgages.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__109-1": {
"value": "CovenantsSolstad 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 reflected 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 were 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. The maturity date for the underlying vessel financing in NISA Ltd was in 2023 extended until 15 December 2026. 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 were concluded during 2022. The exposure under these loan agreements is not guaranteed by the Company.The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment 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 Group\u2019s senior secured facilities, the loan agreements in Solstad Shipholding AS, Normand Ships AS and Solstad Superior AS are guaranteed by the Company. The loan agreement in Solstad Shipholding AS ended on 16 January 2024 through the refinancing (referance to Note 3). The loan agreement for Normand Superior matured on 31 March 2023, but extentions are given to 30 June 2024 (reference Note 30). The loan agreements in Normand Ships AS ended in 2023 through sale of all vessels in the entity. The loan agreements entered into in subsidiaries of Solstad Brasil Holding AS, Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda, is guaranteed by Solstad \u00c5lesund AS and Solship Invest 3 AS respectively. The loan agreements in NISA Ltd is not guaranteed. The Residual Claim agreements have restrictive covenants on the Company for i.a material adverse effect. Dividend from the Company is restricted and requires consent from Maximus Limited in accordance with the original agreement for the Residual Claim.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% Solstad Shipping Ltda 1. No applicable financial covenantsNormand Maximus Limited (BB Charterer) Company to covenant that Solstad Shipholding AS maintains: 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). Solstad Navegacao Maritimos Ltda 1. No applicable financial covenantsThere 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.In addition to the financial covenants the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions 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 2023.Borrowing cost and interest relief: 2023 2022Capitalization borrowing cost 7,022 36,585Capitalized borrowing costs included in Liabilities directly associated with the Assets held for sale - -Borrowing cost is presented net with the loans and is amortized until maturity of the loan. Borrowing costs of MNOK 74 has been incurred during 2023, relating to the Refinancing of the fleet loan in Solstad Maritime Holding AS and the Normand Maximus residual claim. The cost is booked as prepayment and will be reclassified to borrowing cost when the Refinancing is completed in 2024.Other non-current liabilitiesOther non-current liabilities of NOK 1 million (NOK 1 million in 2022) are mainly convertible loans from shareholders.Solstad Offshore ASA has issued a Parent Company Guarantee of MNOK 13,217.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2023adjustment Cash flows* Other**for sale2023Current interest bearing liabilities 2,460,689 - -8,146,167 17,065,998 - 11,380,520Non-current interest bearing liabilities 16,637,362 - - -16,006,775 - 630,587Current leasing obligations 147,113 - -148,075 1,988,495 -22,059 1,965,474Non-current leasing obligations 3,564,963 - - -1,668,820 -100,513 1,795,630Other non-current liabilities 1,046 - - - - 1,046Total liabilities from financing activities 22,811,173 - -8,294,242 1,378,897 -122,572 15,773,256*Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggregate in cash flow line Repayment of non-current debt** For leasing liabilities, other changes includes additions, currency effects and change in portion classified as non-current. It also includes intrests on Maximus residual claim which are not paid.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 Fair value 31 December 2022adjustment Cash flows* Other**2022Current interest bearing liabilities 446,592 - -294,993 2,309,089 2,460,689Non-current interest bearing liabilities 17,523,945 - -251,125 -635,459 16,637,362Current leasing obligations 2,466,321 - -204,979 -2,114,228 147,113Non-current leasing obligations 280,761 - - 3,284,202 3,564,963Other non-current liabilities 1,917 - - -871 1,046Total liabilities from financing activities 20,719,536 - -751,096 2,842,734 22,811,173Note 9: Property, Plant and EquipmentVessel Other assets TotalAcquisition cost 01.01.2023 30,094,706 212,130 30,306,836Acc. depreciation/ impairment 01.01.2023 -13,280,522 -183,747 -13,464,269Carrying value 01.01.2023 16,814,184 28,383 16,842,567Additions 157,512 9,123 166,636Disposals - -7,624 -7,624Transfer to asset held for sale -15,677,019 -6,433 -15,683,451Translation differences 12,775 1,403 14,178Cost price 31.12.2023 14,587,974 208,600 14,796,574Acc. depreciations/ impairment 31.12.2023 -13,407,168 -190,890 -13,598,058Carrying value 31.12.2023 1,180,806 17,709 1,198,515Depreciation current period -487,644 -6,717 -494,361Impairment current period 360,998 -425 360,572Vessel Other assets TotalAcquisition cost 01.01.2022 30,427,908 205,135 30,633,043Acc. depreciation/ impairment 01.01.2022 -13,041,408 -178,826 -13,220,234Carrying value 01.01.2022 17,386,500 26,309 17,412,809Additions 124,912 7,282 132,194Disposals -20,771 - -20,771Transfer to asset held for sale -471,725 - -471,725Translation differences 34,383 -288 34,095Cost price 31.12.2022 30,094,706 212,130 30,306,836Acc. depreciations/ impairment 31.12.2022 -13,280,522 -183,747 -13,464,269Carrying value 31.12.2022 16,814,184 28,383 16,842,567Depreciation current period -835,881 -4,921 -840,803Impairment current period 596,768 - 596,768Capitalized periodic maintenance 2023 2022Capitalized periodic maintenance at 01.01 789,537 677,518Additions this year 573,458 408,131Disposal this year - -13,077Transfer to asset held for sale -1,018,367 -Depreciation this year -213,726 -292,009Impairment this year -26,719 -Translation differences 12,555 8,974Capitalized periodic maintenance at 31.12 116,737 789,537Spesification of change in Assets held for sale for tangible fixed assets (Reference Note 5 Assets held for sale):Capitalized periodic Other Vesselsmaintenanceassets Total Opening balance 01.01.2023 402,979 9,073 - 412,052Additions PSV - Tidewater transaction 5,693,248 505,548 - 6,198,796Additions Solstad Maritime 9,898,380 512,819 6,433 10,417,631Additions other vessels 85,391 - - 85,391Sale PSV - Tidewater transaction -5,693,248 -505,548 - -6,198,796Sale other vessels -488,370 -9,073 - -497,443Closing balance 31.12.2023 9,898,380 512,819 6,433 10,417,631Each 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 market values/ brokers values in the beginning of the year. The brokers\u2019 values, sales related expenses deducted, are multiplied with a factor dependent on the vessels age. The factor is 50% for a new build, increasing to 100% 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 3 to 10 years. Vessels with a book value of MNOK 11,763, including vessels classified as held for sale, (MNOK 17,604 in 2022) are held as a guarantee for the Group\u2019s loans, see note 8 Mortage Debt and Other Liabilities. There is no capitalized interest in 2023 or 2022.Impairment Valuation of Fixed AssetsQuarterly, the Group assesses 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 three 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 (5 years). For a majority of the vessels, value in use was the basis for the recoverable amount.A valuation of the disposal group related to Solstad Maritime has also been done based on fair value less cost to sell against the equity for the group.The impairment has been allocated to non-current assets (mainly vessels) in accordance with IFRS 5.The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).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 rate is a pre-tax rate. The discounting rate used for 2023 is 11.5 %. 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 2024, while operating expense is adjusted for inflation by 2%. 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% 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% 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 14 years, with respectively 14 years average for both the CSV and AHTS vessels.Impairment TestingThe Group recognized total net impairments of MNOK 297 in Impairment of fixed assets for continuing operations, and a total net reversal of impairment of MNOK 614 for discontiuing operations in 2022. Continuing Discontinuing operationsoperationsLeased premisis - Right of use asset (1) 17,002 -CSV - vessels (2) -298,398 -PSV - vessels (4) - -613,834Solstad Maritime - Vessels (3) 551,234 -Solstad Maritime - Capitalized periodic maintenance (3) 26,719 -Other impairments - Other assets 425 -Total impairment /reversal of impairment (-) 296,983 -613,834(1) Impairment of MNOK 17 from continuing operations is related to leased premisis, further reference is made to Note 10 Right-of-use assets. (2) An impairment reversal of MNOK 298 has been booked for vessels related to the CSV segment in continuing operations. The market has continued to show improved commercial terms and high utilization during 2023. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 298 on 10 CSVs has been taken based on value in use-calculations. (3) An impairment of 578 MNOK has been booked on the Solstad Maritime group and the related assets held for sale. The impairment was allocated to non-current assets with MNOK 551 on vessels and MNOK 27 on periodic maintenance. (4) The net reversal of imairment of MNOK 614 from discontinuing operations is related to the 37 PSVs in the Tidewater transaction. The vessels were valued at the lower of book value and fair value less cost to sell, and prior year impairments were reversed. Sensitivity and Scenario CalculationsThe sensitivity of the value-in-use-calculations for the vessels with impairment or reversal of privously impaired assets, 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 a potential reduction in reversals of impairment of MNOK 17 and MNOK 69. A yearly change in utilization for the prognosis periode bringing the income down by 3-6%, indicates a potential reduction in reversals of impairment of MNOK 26 and MNOK 64, and an impairment of 11 MNOK. 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 and 2023 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, referance made to Note 2.Climate-Related MattersThe Company 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. It is however not expected to have any significant effect on the Groups opex, as higher fuel prices due to CO2 levies or the cost of green fuels will for the most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2023 no material effects are identified for the prognosis period.Changes in environmental requirements may impact the residual value and economical lifetime in the future. To effectively meet short-term sustainability goals, implementing measures to enhance operational energy efficiency stands out as the optimal solution for curbing emissions. Transitioning to green technologies, battery hybrid and/or shore power upgrade proves currently to be the most advantageous. It is expected that certain charterers will demand green investments in vessels for future contracts in the medium term (2-5 years), but this is expected to be supported by increased charter rates as well. The forecasts for the vessels do not include any green investments as of 31 December 2023.Long-term sustainability goals require newbuild programs and new technology to be in place. There are currently limited newbuild programs, but certain green technology has become available. It is assessed unlikely that significant additional capacity will be added in the market in short term. Rebuilding existing vessels to decarbonize and building new low-emission vessels come at an increased financial cost. We need support from our clients including long-term commitments to install new green technology for us and them to reach future emission reduction targets.The Group\u2019s vessels are high-end, large offshore vessels, and an increasingly worsened climate and weather are not expected to affect the usability of the existing fleet.Based on this, the Company assesses that residual values and economic lifetime of existing vessels are not materially reduced in today\u2019s market. This could however change in the future. The Company will adjust the key assumptions used in value-in-use calculations and sensitivities to relevant parameters should changes occur (Reference Note 2).Assets Held for Sale and Gain/Loss on Sale of AssetsAssets held for sale consist of the Solstad Maritime group as of 31 December 2023, which will be booked as an associates as of 16 January 2023. The balance of Solstad Maritime group includes a balance of MNOK 148 related to two AHTSs classified as held for sale. No impairment or reversal of impairment has been recognized for the two vessels in 2023. An impairment of 578 MNOK has been booked on the Solstad Maritime group and the related assets held for sale. The impairment was allocated to non-current assets with MNOK 551 on vessels and MNOK 27 on periodic maintenance (reference Note 2).The Group has sold three vessels in 2023, that was classified as held for sale in 2022 (One PSV, one AHTS and one CSV). In addition the group has sold 37 PSVs in the Tidewater transaction, and two additional AHTS during the year. A net gain of MNOK 518 has been booked to Net gain/-loss sale of assets for continuing operations. A gain of MNOK 13 has been booked in Net gain/loss in sale of assets for discontinuing operations in 2023, whereof a net loss of MNOK 44 is related to the Tidewater transaction.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__117-1": {
"value": "Impairment Valuation of Fixed AssetsQuarterly, the Group assesses 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 three 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 (5 years). For a majority of the vessels, value in use was the basis for the recoverable amount.A valuation of the disposal group related to Solstad Maritime has also been done based on fair value less cost to sell against the equity for the group.The impairment has been allocated to non-current assets (mainly vessels) in accordance with IFRS 5.The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).Impairment TestingThe Group recognized total net impairments of MNOK 297 in Impairment of fixed assets for continuing operations, and a total net reversal of impairment of MNOK 614 for discontiuing operations in 2022. Continuing Discontinuing operationsoperationsLeased premisis - Right of use asset (1) 17,002 -CSV - vessels (2) -298,398 -PSV - vessels (4) - -613,834Solstad Maritime - Vessels (3) 551,234 -Solstad Maritime - Capitalized periodic maintenance (3) 26,719 -Other impairments - Other assets 425 -Total impairment /reversal of impairment (-) 296,983 -613,834(1) Impairment of MNOK 17 from continuing operations is related to leased premisis, further reference is made to Note 10 Right-of-use assets. (2) An impairment reversal of MNOK 298 has been booked for vessels related to the CSV segment in continuing operations. The market has continued to show improved commercial terms and high utilization during 2023. For the CSVs this is assessed as an indicator of reversal of impairment, and a reversal of MNOK 298 on 10 CSVs has been taken based on value in use-calculations. (3) An impairment of 578 MNOK has been booked on the Solstad Maritime group and the related assets held for sale. The impairment was allocated to non-current assets with MNOK 551 on vessels and MNOK 27 on periodic maintenance. (4) The net reversal of imairment of MNOK 614 from discontinuing operations is related to the 37 PSVs in the Tidewater transaction. The vessels were valued at the lower of book value and fair value less cost to sell, and prior year impairments were reversed.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__127": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__126": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__125": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__124": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__123": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__122": {
"value": "Note 11: Financial itemsFinancial items 2023 2022Interest expense -1,683,318 -1,063,228Interest income 131,700 46,436Net currency loss -31,554 -529,863Income from investment in associates -4,824 722Gain/ loss (-) financial derivatives 1,500 5,800Impairment of shares - -86Dividends 900 900Gain fair value recognition of debt - 3,945Other financial income/ -expenses (-) -13,218 -26,988Net financial items -1,598,813 -1,562,363Other financial expenses of MNOK 45 consits of net currency loss of MNOK 32 and other financial income/expenses of MNOK 13. Currency gain and -loss is mainly related 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 repayment of loan.Gain fair value of warrants relates to the part of the refinanced debt specifically allocated to the non-core part of the fleet. Warrants are issued for this debt. The warrants are measured at the end of each accounting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__132-1": {
"value": "Note 12: Other expenses, wages, employees and distinctive contributionsOther operating expenses: 2023 2022Technical expenses 435,049 379,450Bunker and lube oil 172,948 144,424Insurance 110,074 84,999Project expenses 912,377 617,920IT, communications and other expenses 186,730 211,068Total other operating expenses 1,817,179 1,437,861Wages and personnel expenses:Employees, vessels 1,592,920 1,447,967Employees, administration 330,718 281,778Total employee expenses 1,923,638 1,729,745Wages and employee expenses:Wages 1,358,883 1,205,835Social security 237,362 167,954Pension expenses 31,209 42,434Other benefits 65,662 53,806Traveling expenses, courses and other personnel expenses 230,520 259,717Total employee expenses 1,923,638 1,729,745Average number of FTEs continuing operations 2,135 2,239Average number of FTEs discontinuing operations (not reflected in numbers above) 730 1,301Renumeration to Directors, Managing Director and Auditors2023 Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,458 2,729 210 122Kjetil Ramstad (CFO) 2,429 2,429 17 116Tor Johan Tveit (COO) 2,079 2,079 17 117Hans Knut Sk\u00e5r (CCO) 1,042 1,042 8 6111,008 8,279 252 4162022 Wages 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 340There 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.In October 2023, Jarsteinen AS, a company which is a close associate of the Chief Executive Officer, exercised its right to subscribe 5,038,187 shares in the Company at exercise price NOK 2.80 per share and issue price of NOK 26.90 per share.CEO owns 60 percent of Jarsteinen AS\u2019 shares. Refer to remuneration report for further details.There are no active warrants programs in the Company per 31 December 2023.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2023 2022Harald Espedal 622 592Frank O. Reite 440 419Ellen Solstad 325 309Peder Sortland 411 441Ingrid Kylstad 411 392Thorhild Widwey 325 260Note 21: 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, 2023, the pension plans have six active and 99 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.UKUKNORWAYNORWAYThe following assumptions are used:2023 2022 20232022Discounted interest 4.50 % 4.85% 3.10 % 3.00%Expected return 3.10 % 3.00%Regulation of salaries 3.35 % 3.45% 3.50 % 3.50%Regulation of base amount 3.25 % 3.25%Regulation of pension 2.85 % 2.85% 3.25 % 2.00%Changes in pension obligation: 2023 2022Estimated liability at beginning of the year 213,354 252,393Interest expense 8,378 4,567Annual pension earnings 1,458 1,464Curtailment / settlement - -Payroll tax employer contribution, assets -1,107 -709Benefits paid -15,595 -13,823Past service cost 2,422 877Actuarial (gain) / loss on the obligation 4,804 -31,416Estimated liability at year end 213,715 213,354Changes in plan assets:Opening value of plan assets 192,973 226,529Expected return 7,553 3,779Curtailment / settlement - -Payroll tax of employer contribution, assets -164 -156Contributions by employer 7,849 5,026Benefits paid -13,471 -11,629Actuarial gain / (loss) -890 -30,576Estimated plan assets at year end 193,850 192,973Net plan assets/liabilities: 2023 2022Pension liabilities 213,715 213,354Plan assets 193,850 192,973Net plan assets/ (liabilities) incl social security -19,865 -20,381Social security -2,455 -2,519Net plan assets/(liabilities) incl social security classified as Liabilities directly associated with the Assets held for sale -15,577 -Pension cost:Present value of pension obligation 1,057 1,014Interest expenses on obligation 8,378 4,567Expected return on plan assets -7,553 -3,779Administration expense 565 607Recognition of past service cost 2,422 877Settlement/curtailmen of net obligation - -Pension cost 4,869 3,286Payment on contribution plan 26,340 46,581Total pension cost 31,209 49,867Actual return on plan assets -6,663 26,797Acturial gain and loss (-)Total acturial gain / loss -2,427 840Currency - -Tax effect 1,155 107Acturial gain / loss booked on Other comprehensive income -1,272 947Pension liability for 2023 and 2022 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 0 million is included in the net liability above (NOK 2.1 million in 2022).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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__129": {
"value": "Note 12: Other expenses, wages, employees and distinctive contributionsOther operating expenses: 2023 2022Technical expenses 435,049 379,450Bunker and lube oil 172,948 144,424Insurance 110,074 84,999Project expenses 912,377 617,920IT, communications and other expenses 186,730 211,068Total other operating expenses 1,817,179 1,437,861Wages and personnel expenses:Employees, vessels 1,592,920 1,447,967Employees, administration 330,718 281,778Total employee expenses 1,923,638 1,729,745Wages and employee expenses:Wages 1,358,883 1,205,835Social security 237,362 167,954Pension expenses 31,209 42,434Other benefits 65,662 53,806Traveling expenses, courses and other personnel expenses 230,520 259,717Total employee expenses 1,923,638 1,729,745Average number of FTEs continuing operations 2,135 2,239Average number of FTEs discontinuing operations (not reflected in numbers above) 730 1,301",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__128": {
"value": "Note 12: Other expenses, wages, employees and distinctive contributionsOther operating expenses: 2023 2022Technical expenses 435,049 379,450Bunker and lube oil 172,948 144,424Insurance 110,074 84,999Project expenses 912,377 617,920IT, communications and other expenses 186,730 211,068Total other operating expenses 1,817,179 1,437,861Wages and personnel expenses:Employees, vessels 1,592,920 1,447,967Employees, administration 330,718 281,778Total employee expenses 1,923,638 1,729,745Wages and employee expenses:Wages 1,358,883 1,205,835Social security 237,362 167,954Pension expenses 31,209 42,434Other benefits 65,662 53,806Traveling expenses, courses and other personnel expenses 230,520 259,717Total employee expenses 1,923,638 1,729,745Average number of FTEs continuing operations 2,135 2,239Average number of FTEs discontinuing operations (not reflected in numbers above) 730 1,301Renumeration to Directors, Managing Director and Auditors2023 Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,458 2,729 210 122Kjetil Ramstad (CFO) 2,429 2,429 17 116Tor Johan Tveit (COO) 2,079 2,079 17 117Hans Knut Sk\u00e5r (CCO) 1,042 1,042 8 6111,008 8,279 252 4162022 Wages 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 340There 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.In October 2023, Jarsteinen AS, a company which is a close associate of the Chief Executive Officer, exercised its right to subscribe 5,038,187 shares in the Company at exercise price NOK 2.80 per share and issue price of NOK 26.90 per share.CEO owns 60 percent of Jarsteinen AS\u2019 shares. Refer to remuneration report for further details.There are no active warrants programs in the Company per 31 December 2023.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2023 2022Harald Espedal 622 592Frank O. Reite 440 419Ellen Solstad 325 309Peder Sortland 411 441Ingrid Kylstad 411 392Thorhild Widwey 325 2602023 2022Continuing Discontinuing Auditors EYoperationoperationsStatutory audit 13,553 8,319 11,823Other assurance services 3,836 2,222 2,839Other non-audit services 9,714 1,416 12,966Total 27,103 11,957 27,629Audit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__133": {
"value": "Renumeration to Directors, Managing Director and Auditors2023 Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,458 2,729 210 122Kjetil Ramstad (CFO) 2,429 2,429 17 116Tor Johan Tveit (COO) 2,079 2,079 17 117Hans Knut Sk\u00e5r (CCO) 1,042 1,042 8 6111,008 8,279 252 4162022 Wages 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 340There 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.In October 2023, Jarsteinen AS, a company which is a close associate of the Chief Executive Officer, exercised its right to subscribe 5,038,187 shares in the Company at exercise price NOK 2.80 per share and issue price of NOK 26.90 per share.CEO owns 60 percent of Jarsteinen AS\u2019 shares. Refer to remuneration report for further details.There are no active warrants programs in the Company per 31 December 2023.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2023 2022Harald Espedal 622 592Frank O. Reite 440 419Ellen Solstad 325 309Peder Sortland 411 441Ingrid Kylstad 411 392Thorhild Widwey 325 260",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__134": {
"value": "2023 2022Continuing Discontinuing Auditors EYoperationoperationsStatutory audit 13,553 8,319 11,823Other assurance services 3,836 2,222 2,839Other non-audit services 9,714 1,416 12,966Total 27,103 11,957 27,629Audit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__135": {
"value": "Note 13: Government Grants2023 2022Net pay scheme at NOR-vessels 138,430 180,805Grants for environmental measures (ENOVA) - 16,952Government grants* 138,430 197,757* Continued and discontinued operations",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__137-1": {
"value": "Note 14: Share in subsidiariesAs of 31.12.2022SOFF ASASolstad Shipholding ASSolstad Solstad Solstad Shipowning Operations Management Holding ASHolding ASHolding ASSolstad Farstad DESS NormandSolstadDESS RederiShippingCyprus Drift ASManagement MgmtASPte LtdLtdASLtd (CYP)Solstad Farstad Ship. Normand Solstad DESS Solstad SupplyCrew. Serv. Chartering73,34%Shipping Mgmt Pte Pte LtdMexico ASAS****AS*****ASLtd (SIP)Solstad DESS SolstadSolstad RemotaSOAPAC ConstructionPSV IVOffshore Australia Pty 33,33 %Holding ASPte LtdASLtd(UK) LtdLtdSolstad Farstad Norce Offshore Supply AS Offshore Singapore (UK)Pte Ltd Pte LtdNorce Solstad Offshore Offshore Pty Ltd Pty LtdNorce Off. Nor Offs. Thailand Labuan Pte 49,5 %LtdLtd Solstad Solstad Off.CrewROHQ Serv. Pte Philippines (Branch)Ltd25 %Solstad Off.Crew. Services Philip. Inc.Solstad NM Solship \u00c5lesund Solship ASShipholding AS Maximus LtdInvest 3 ASAS(new 3.3.21)Solstad Solstad Solship Brasil Subsea Invest 4 ASHolding ASHolding ASFarstad do DESS DESS Brazil Solstad Norm.SolstadInvest Ltd Finance 50,1 %NavegacaoBrasil ASInstaller Superior (CYP)Ltd (CYP)Ltda(SW) EXC)ASSolstad DESS PSV Farstad Solstad Off.CrewLtdShippingOffshoreNormand Normand Services (CYP)Ltda(EXC) *LtdaMax. Ltd Superior Ukraine Ltd(Sct)(EXC)AS (EXC)Dep Sea DESS PSV DESS Supply II LtdServ.Mar. (Malaysia)MgNorm.Maxmt. Sdn Bhd(CYP)Ltda ***SOFO Oper. LtdTonjer ASDeep Sea (Sct)(EXC)DESS PSV DESS Nav. Supply III LtdMari. Ltda1%Labuan III (CYP)(EXC) **Normand Ltd Ships ASDeep Sea Farstad 55%Supply Shipping LtdNormand SOFO Labuan II (UK)TonjerShips LtdISOperations Deep Sea ASDeep Sea Supply Supply Crew Labuan LtdCyprus LtdNormand 33,33 %WindstallerMaximus Alliance ASASDESS BTG Labuan LtdOmega Subsea 49,9 %Robotics ASNote: Condensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2022. Unless stated otherwise owner share is 100%.* Felipe Meira holds one share** Deep Sea Servicos Maritimos Ltda holds one share*** Deep Sea Supply Navegacao Maritima Ltda holds one share**** Solstad Supply AS: Vard Group 26,66%***** Normand Skarven AS: re-named Normand Chartering AS (OCY-leases)As of 31.12.2023SOFF ASASolstad Solstad Solstad MartimeShipholding Maritime ASHolding ASASSolstad Solstad Solstad Shipowning Operations Management Holding ASHolding ASHolding ASSolstad Farstad DESS NormandSolstadDESS RederiShippingCyprus Drift ASManagement MgmtASPte LtdLtdASLtd (CYP)Normand Solstad Farstad Ship. Solstad DESS 73,34%Solstad Chartering SupplyCrew. Serv. Shipping Mgmt Pte AS****Pte LtdMexico ASASASLtd (SIP)*****Solstad DESS Solstad33,33 %Solstad RemotaSOAPAC ConstructionPSV IVOffshore Australia Pty Holding ASPte LtdASLtd(UK) LtdLtdSolstad Farstad Management Supply AS Remota ASUSV ASAustalia Pty Ltd(UK)Solstad Solstad Management Norce Offshore Singapore Offshore Pte LtdSingapore Pte Pte Ltd Ltd49,5 %Norce Off. Nor Offs. Thailand Labuan LtdPte Ltd Solstad Solstad ROHQ Off.Crew Serv. Philippines Pte Ltd(Branch)25 %Solstad Off.Crew. Services Philip. Inc.Solstad NM Solship \u00c5lesund Solship ASShipholding AS Maximus LtdInvest 3 ASAS(new 3.3.21)Solstad Solstad Solship Brasil Subsea Invest 4 ASHolding ASHolding ASDESS DESS Solstad Solstad Norm.SolstadInvest Ltd Finance Shipping50,1 %Brasil ASInstaller Superior (CYP)Ltd (CYP)Ltda(EXC) (SW) EXC)ASDep Sea DESS PSV Solstad Solstad Supply LtdNormand (Malaysia)MgNav. Mari. OffshoreNormand Max. Ltd Superior mt. Sdn Bhd(CYP)Ltda (EXC) Ltda(Sct)(EXC)AS (EXC)DESS PSV Deep Sea II LtdSupply Norm.Max(CYP)SOFO Labuan III Oper. LtdTonjer ASLtd (Sct)(EXC)DESS PSV Deep Sea III Ltd1%Supply (CYP)Normand Labuan II Ships ASLtdFarstad Shipping LtdNormand 55%SOFO Deep Sea (UK)Ships TonjerSupply Operations ISLabuan LtdASDESS BTG Labuan LtdNormand 33,33 %WindstallerMaximus Alliance ASASOmega Subsea 49,9 %Robotics ASThe Refinancing implements a new group and ownership structureAker SOFF ASACapital ASinvestors~0-14%~41-55%AMSC ASASolstad ~27%~18%Maritime Holding ASSolstad Maritime ASSolstadSolstad Solstad ShipowningOperations Management Holding ASHolding ASHolding ASSolstad FarstadSolstadDESS NormandDESS Cyprus RederiShippingManagement ManagementDrift ASLtdASPte LtdASLtd (CYP)Solstad Farstad Shipping Solstad DESS Solstad Solstad SupplyCrewing Services Offshore (UK) ManagementMexico ASShipping ASAS*73.34 %Pte LtdLimitedPte Ltd (SIP)SolstadDESS Normand SolstadSolstad Remota Construction PSV IVChartering Offshore Asia Australia PtyHolding ASASLtdAS33.33%Pacific Pte LtdLtd33.33%FarstadSolstad Maximus WindstallerSupply AS Remota ASManagementShipping ASAlliance AS*(UK)Singapore Pte Solstad USV ASManagementAustralia Pty LNorce Solstad Offshore Pte Offshore Ltd Singapore Pte LtdNorce Offshore Pty Solstad Ltd **Offshore Pty Ltd **Solstad Maritime Solstad Offshore Norce Holding AS groupASA groupOffshore Thailand 49.5%Nor Offshore Labuan Pte Ltd*Ltd Group parentGroup parentSolstad Solstad Offshore ROHQ Crewing Services Philippines Pte Ltd(Branch)Vessel Vessel 25%owning entityowning entitySolstad Offshore Crewing Services Philippines Inc.*JV companyJV companySolstad Offshore ASASolstad NM Solship Invest Solstad Shipholding Solship ASShipholding Maximus Ltd3 AS\u00c5lesund ASASAS***Solstad Solship Invest Solstad Brasil Subsea 4 ASHolding ASHolding ASDESS Solstad Solstad DESS Invest Solstad Brasil NormandFinance Ltd ShippingSuperior Ltd (CYP)ASInstaller S.A.*50,1 %(CYP)LtdaASDep Sea Supply DESS PSV Solstad Solstad Normand Normand (Malaysia) Mgmt. LtdNavega\u00e7\u00e3o OffshoreMaximus Ltd Superior AS Sdn Bhd(CYP)Maritima LtdaLtdaNormand Deep Sea DESS PSV II MaximusSOFO TonjerSupply Labuan LtdOperations ASIII Ltd (CYP)LtdDeep Sea DESS PSV III 1%Normand Supply LtdShips ASLabuan II Ltd(CYP)Normand Deep Sea Farstad Ships 55%Supply Shipping LtdSOFO Operations Labuan Ltd(UK)TonjerASISDESS BTG Normand Labuan LtdMaximus ASOmega Subsea Robotics AS49,9 %* Solstad Supply AS: Vard Group holds 26.66% of shares* Norce Offshore Thailand Ltd: Wanchai Raksirivorakul holds 50.5% of shares* Solstad Offshore Crewing Services Philippines Inc.: ARA Marine Ventures holds 75% of shares* Windstaller Alliance AS: Aker Solutions AS and DeepOcean InvestCo 1 AS each holds 33.33% of shares* Normand Installer SA: SBM Holding Inc. S.A. holds 49% of shares** Company is deregistered with Australian Securities & Investments Commission but outstanding tax reporting obligation with Australian Taxation Office still pending*** Maximus lenders hold USD 1 option to sharesNote 15: Share in Join Ventures, Associates and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associates (AC):Date of Financial Place of Business OwnershipstatementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2023Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2023Solstad Offshore Crewing Services Philippines (SOCS) AC Manilla, Philippines 25% 31/12/2023Windstaller Alliance AS (WAAS)*** AC Oslo, Norway 33% 31/12/2023Remota Holding AS (REMO) AC Haugesund, Norway 33% 31/12/2023Maximus Limited AC Caymen 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 ROVs 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. Remota Holding AS is a company investing in unmanned vessels for offshore operations. Maximus Limited is the former owner of Normand Maximus, and is the owner of the Residual claim.All the above investments are strategic for the Group. Solstad Offshore Crewing Services Philippines and Remota Holding AS is classified as Assets held for sale as part of the Solstad Maritime group. Windstaller Alliance AS moved from Solstad Offshore to Solstad Maritime in January 2024, refer to page 94.Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__136-1": {
"value": "Note 14: Share in subsidiariesAs of 31.12.2022SOFF ASASolstad Shipholding ASSolstad Solstad Solstad Shipowning Operations Management Holding ASHolding ASHolding ASSolstad Farstad DESS NormandSolstadDESS RederiShippingCyprus Drift ASManagement MgmtASPte LtdLtdASLtd (CYP)Solstad Farstad Ship. Normand Solstad DESS Solstad SupplyCrew. Serv. Chartering73,34%Shipping Mgmt Pte Pte LtdMexico ASAS****AS*****ASLtd (SIP)Solstad DESS SolstadSolstad RemotaSOAPAC ConstructionPSV IVOffshore Australia Pty 33,33 %Holding ASPte LtdASLtd(UK) LtdLtdSolstad Farstad Norce Offshore Supply AS Offshore Singapore (UK)Pte Ltd Pte LtdNorce Solstad Offshore Offshore Pty Ltd Pty LtdNorce Off. Nor Offs. Thailand Labuan Pte 49,5 %LtdLtd Solstad Solstad Off.CrewROHQ Serv. Pte Philippines (Branch)Ltd25 %Solstad Off.Crew. Services Philip. Inc.Solstad NM Solship \u00c5lesund Solship ASShipholding AS Maximus LtdInvest 3 ASAS(new 3.3.21)Solstad Solstad Solship Brasil Subsea Invest 4 ASHolding ASHolding ASFarstad do DESS DESS Brazil Solstad Norm.SolstadInvest Ltd Finance 50,1 %NavegacaoBrasil ASInstaller Superior (CYP)Ltd (CYP)Ltda(SW) EXC)ASSolstad DESS PSV Farstad Solstad Off.CrewLtdShippingOffshoreNormand Normand Services (CYP)Ltda(EXC) *LtdaMax. Ltd Superior Ukraine Ltd(Sct)(EXC)AS (EXC)Dep Sea DESS PSV DESS Supply II LtdServ.Mar. (Malaysia)MgNorm.Maxmt. Sdn Bhd(CYP)Ltda ***SOFO Oper. LtdTonjer ASDeep Sea (Sct)(EXC)DESS PSV DESS Nav. Supply III LtdMari. Ltda1%Labuan III (CYP)(EXC) **Normand Ltd Ships ASDeep Sea Farstad 55%Supply Shipping LtdNormand SOFO Labuan II (UK)TonjerShips LtdISOperations Deep Sea ASDeep Sea Supply Supply Crew Labuan LtdCyprus LtdNormand 33,33 %WindstallerMaximus Alliance ASASDESS BTG Labuan LtdOmega Subsea 49,9 %Robotics ASNote: Condensed organization chart of Solstad Offshore ASA exclusive of dormant companies per 31.12.2022. Unless stated otherwise owner share is 100%.* Felipe Meira holds one share** Deep Sea Servicos Maritimos Ltda holds one share*** Deep Sea Supply Navegacao Maritima Ltda holds one share**** Solstad Supply AS: Vard Group 26,66%***** Normand Skarven AS: re-named Normand Chartering AS (OCY-leases)As of 31.12.2023SOFF ASASolstad Solstad Solstad MartimeShipholding Maritime ASHolding ASASSolstad Solstad Solstad Shipowning Operations Management Holding ASHolding ASHolding ASSolstad Farstad DESS NormandSolstadDESS RederiShippingCyprus Drift ASManagement MgmtASPte LtdLtdASLtd (CYP)Normand Solstad Farstad Ship. Solstad DESS 73,34%Solstad Chartering SupplyCrew. Serv. Shipping Mgmt Pte AS****Pte LtdMexico ASASASLtd (SIP)*****Solstad DESS Solstad33,33 %Solstad RemotaSOAPAC ConstructionPSV IVOffshore Australia Pty Holding ASPte LtdASLtd(UK) LtdLtdSolstad Farstad Management Supply AS Remota ASUSV ASAustalia Pty Ltd(UK)Solstad Solstad Management Norce Offshore Singapore Offshore Pte LtdSingapore Pte Pte Ltd Ltd49,5 %Norce Off. Nor Offs. Thailand Labuan LtdPte Ltd Solstad Solstad ROHQ Off.Crew Serv. Philippines Pte Ltd(Branch)25 %Solstad Off.Crew. Services Philip. Inc.Solstad NM Solship \u00c5lesund Solship ASShipholding AS Maximus LtdInvest 3 ASAS(new 3.3.21)Solstad Solstad Solship Brasil Subsea Invest 4 ASHolding ASHolding ASDESS DESS Solstad Solstad Norm.SolstadInvest Ltd Finance Shipping50,1 %Brasil ASInstaller Superior (CYP)Ltd (CYP)Ltda(EXC) (SW) EXC)ASDep Sea DESS PSV Solstad Solstad Supply LtdNormand (Malaysia)MgNav. Mari. OffshoreNormand Max. Ltd Superior mt. Sdn Bhd(CYP)Ltda (EXC) Ltda(Sct)(EXC)AS (EXC)DESS PSV Deep Sea II LtdSupply Norm.Max(CYP)SOFO Labuan III Oper. LtdTonjer ASLtd (Sct)(EXC)DESS PSV Deep Sea III Ltd1%Supply (CYP)Normand Labuan II Ships ASLtdFarstad Shipping LtdNormand 55%SOFO Deep Sea (UK)Ships TonjerSupply Operations ISLabuan LtdASDESS BTG Labuan LtdNormand 33,33 %WindstallerMaximus Alliance ASASOmega Subsea 49,9 %Robotics ASThe Refinancing implements a new group and ownership structureAker SOFF ASACapital ASinvestors~0-14%~41-55%AMSC ASASolstad ~27%~18%Maritime Holding ASSolstad Maritime ASSolstadSolstad Solstad ShipowningOperations Management Holding ASHolding ASHolding ASSolstad FarstadSolstadDESS NormandDESS Cyprus RederiShippingManagement ManagementDrift ASLtdASPte LtdASLtd (CYP)Solstad Farstad Shipping Solstad DESS Solstad Solstad SupplyCrewing Services Offshore (UK) ManagementMexico ASShipping ASAS*73.34 %Pte LtdLimitedPte Ltd (SIP)SolstadDESS Normand SolstadSolstad Remota Construction PSV IVChartering Offshore Asia Australia PtyHolding ASASLtdAS33.33%Pacific Pte LtdLtd33.33%FarstadSolstad Maximus WindstallerSupply AS Remota ASManagementShipping ASAlliance AS*(UK)Singapore Pte Solstad USV ASManagementAustralia Pty LNorce Solstad Offshore Pte Offshore Ltd Singapore Pte LtdNorce Offshore Pty Solstad Ltd **Offshore Pty Ltd **Solstad Maritime Solstad Offshore Norce Holding AS groupASA groupOffshore Thailand 49.5%Nor Offshore Labuan Pte Ltd*Ltd Group parentGroup parentSolstad Solstad Offshore ROHQ Crewing Services Philippines Pte Ltd(Branch)Vessel Vessel 25%owning entityowning entitySolstad Offshore Crewing Services Philippines Inc.*JV companyJV companySolstad Offshore ASASolstad NM Solship Invest Solstad Shipholding Solship ASShipholding Maximus Ltd3 AS\u00c5lesund ASASAS***Solstad Solship Invest Solstad Brasil Subsea 4 ASHolding ASHolding ASDESS Solstad Solstad DESS Invest Solstad Brasil NormandFinance Ltd ShippingSuperior Ltd (CYP)ASInstaller S.A.*50,1 %(CYP)LtdaASDep Sea Supply DESS PSV Solstad Solstad Normand Normand (Malaysia) Mgmt. LtdNavega\u00e7\u00e3o OffshoreMaximus Ltd Superior AS Sdn Bhd(CYP)Maritima LtdaLtdaNormand Deep Sea DESS PSV II MaximusSOFO TonjerSupply Labuan LtdOperations ASIII Ltd (CYP)LtdDeep Sea DESS PSV III 1%Normand Supply LtdShips ASLabuan II Ltd(CYP)Normand Deep Sea Farstad Ships 55%Supply Shipping LtdSOFO Operations Labuan Ltd(UK)TonjerASISDESS BTG Normand Labuan LtdMaximus ASOmega Subsea Robotics AS49,9 %* Solstad Supply AS: Vard Group holds 26.66% of shares* Norce Offshore Thailand Ltd: Wanchai Raksirivorakul holds 50.5% of shares* Solstad Offshore Crewing Services Philippines Inc.: ARA Marine Ventures holds 75% of shares* Windstaller Alliance AS: Aker Solutions AS and DeepOcean InvestCo 1 AS each holds 33.33% of shares* Normand Installer SA: SBM Holding Inc. S.A. holds 49% of shares** Company is deregistered with Australian Securities & Investments Commission but outstanding tax reporting obligation with Australian Taxation Office still pending*** Maximus lenders hold USD 1 option to sharesSubsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__146": {
"value": "Note 15: Share in Join Ventures, Associates and Other InvestmentsThe Group accounts consists of the following shares in joint ventures (JV) and associates (AC):Date of Financial Place of Business OwnershipstatementNormand Installer SA (NISA) JV Marly, Sveits 50% 31/12/2023Omega Subsea Robotics AS (OSRAS)* JV \u00d8len, Norway 50% 31/12/2023Solstad Offshore Crewing Services Philippines (SOCS) AC Manilla, Philippines 25% 31/12/2023Windstaller Alliance AS (WAAS)*** AC Oslo, Norway 33% 31/12/2023Remota Holding AS (REMO) AC Haugesund, Norway 33% 31/12/2023Maximus Limited AC Caymen 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 ROVs 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. Remota Holding AS is a company investing in unmanned vessels for offshore operations. Maximus Limited is the former owner of Normand Maximus, and is the owner of the Residual claim.All the above investments are strategic for the Group. Solstad Offshore Crewing Services Philippines and Remota Holding AS is classified as Assets held for sale as part of the Solstad Maritime group. Windstaller Alliance AS moved from Solstad Offshore to Solstad Maritime in January 2024, refer to page 94.Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__138": {
"value": "Joint ventures 2023 2022NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 7,484 9,115 1,631 - 1,631Acc result and adjustments 147,120 - 147,120 89,496 - 89,496Book value 01.01. 148,751 7,484 156,235 91,127 - 91,127Share of result 20,924 -989 19,935 20,418 - 20,418Other adjustments -21,510 33,995 12,485 37,206 7,484 44,690Book value 31.12. 148,164 40,490 188,655 148,751 7,484 156,235Balance sheet:Bank deposit and cash equivalents 22,958 69,539 92,497 20,563 14,969 35,532Current assets 46,835 4,628 51,464 86,969 1,147 88,116Non-current assets 539,654 50,216 589,871 552,930 62,250 615,180Current liabilities -78,062 -3,362 -81,424 -23,747 -14,102 -37,849Non-current financial liabilities -235,057 -40,000 -275,057 -339,214 -50,000 -389,214Net Assets 296,329 81,022 377,351 297,502 14,265 311,767Share of balance sheet: 148,165 40,511 188,675 148,751 7,132 155,8832023 2022NISA OSRAS Total NISA OSRAS TotalRevenues and profit:Revenues 177,709 32,497 210,206 166,115 1,147 167,262Operating expense -71,608 -18,294 -89,902 -67,314 -38 -67,352Depreciations -36,907 -12,861 -49,768 -37,335 -1,055 -38,390Financial income 1,970 271 2,241 1,295 - 1,295Interest expense -32,019 -3,418 -35,437 -21,925 -759 -22,684Result before tax 39,145 -1,805 37,340 40,835 -705 40,130Result 41,847 -1,408 40,439 40,835 -705 40,130Share of revenues and profit: 20,924 -704 20,220 20,418 - 20,418Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590Associates 2022SOCS WAAS TotalCost price 01.01. 385 - 385Acc result and adjustments 894 - 894Book value 01.01. 1,279 - 1,279Share of result 675 47 722Other adjustments 158 164 322Book value 31.12. 2,112 212 2,323Balance sheet:Current assets 6,435 359 6,435Non-current assets 373 - 373Current liablilities -5,692 -152 -5,692Non-current financial liabilities -4 - -4Net assets 1,112 207 1,112Share of revenues and profit:Revenues 3,198 174 3,372Operating expense -2,576 -113 -2,689Financial income 296 - 296Result before tax 918 61 978Taxes -235 -13 -249Result 682 47 729Financial assets at fair value - non-current 2023 2022Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) 29,54 % 2,991 29.54% 2,991Hafast AS (Classified as assets held for sale) 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 - current 2023 2022Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) 10 000 5,48 % 22,500 10,000 5.48% 21,000Total 22,500 21,000Investments available for sale are shares which have no fixed maturity or return.Shares are valued at fair value at year end. See note 7 Financial Market Risk, Financial Instruments for more information.Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__144": {
"value": "Associates 2023SOCS WAAS REMO TotalCost price 01.01. 385 164 - 549Acc result and adjustments 1,727 47 - 1,774Book value 01.01. 2,112 212 - 2,323Share of result 271 369 -5,202 -4,563Other adjustments -274 - 46,001 45,726Book value 31.12. 2,108 581 40,798 43,487Balance sheet:Current assets 5,143 359 3,036 8,538Non-current assets 692 - 45,970 46,662Current liablilities -4,234 -152 -7,622 -12,008Non-current financial liabilities - - - -Net assets 1,601 207 41,384 43,192Share of revenues and profit:Revenues 3,566 19,201 2,733 25,500Operating expense -3,173 -18,707 -7,979 -29,859Financial income 2 -21 -108 -126Result before tax 395 473 -5,354 -4,486Taxes -152 -104 152 -104Result 243 369 -5,202 -4,590",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__140": {
"value": "Subsidiaries with Significant 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):2023Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS (classified as Asset held for sale) Norway 27% 3,521 -29,737 -SOFO Tonjer IS Norway 44% 3,185 27,056 -2022Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSolstad Supply AS Norway 27% -10,010 -33,258 -SOFO Tonjer IS Norway 44% 5,222 23,871 -Capital has been called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 is contributed by minority interest.2023Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets - 80,016Current assets 88,111 39,481Total assets 88,111 119,497Non-current liabilities 813 -Current debt 42,078 16,824Total liabilities 42,891 16,824Income 21,708 51,238Result after tax 13,233 7,0092022Condensed financial statement Solstad Supply AS SOFO Tonjer ISNon-current assets 256,873 30,210Current assets 62,744 31,960Total assets 309,406 62,170Non-current liabilities 391,349 -Current debt 53,709 8,128Total liabilities 445,058 8,128Income 87,964 39,667Result after tax -37,545 11,866",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__147": {
"value": "Note 16: 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 (Continued and discontinued operations):2023 2022Received compensation 75,447 63,625Insurance deductible per damage is included in Other operating expenses. Charter revenue includes recognition of Loss of Hire-revenues of MNOK 75 and MNOK 62 for the two last years respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__151": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -01/01/2022 75,608,658 75,609 -Capital increase by convertion of debt 1,699,951 1,700 -31/12/2022 77,308,609 77,309 -Capital increase by private placement is related to the Chief Executive Officer exercice off warrants to purchase 5,038,187 shares, through Jarsteinen AS. In connection with the Restructuring in 2020, and on the basis of a resolution by the Company\u2019s shareholders\u2019 meeting, the Company\u2019s CEO, Lars Peder Solstad, and the Company entered into a warrant agreement whereby Lars Peder Solstad received 5,038,187 standalone rights to subscribe new shares in the Company. The warrants were exercised on 20 October 2023, increasing share capital to 82,346,796. Refer to statement of changes in equity and stock exchange announcement dated 24 October 2023.As part of the Refinancing agreement with Aker, Solstad Offshore has as of contract agreement, October 2023, issued warrants through its subsidiaries that were transferred to Solstad Maritime Group as a requirement for completion of the transaction. These warrants were only possible to exercise until the major part of the the Refinancing was completed on 16 January 2024, and are no longer possible to exercise. They will therefore not impact the equity or results of Solstad Offshore ASA and are not recognized by Solstad Offshore ASA.As of 31 December 2023 there are still warrants that could be exercised for any unsettled debt after disposal of vessels held for sale. As of 16 January 2024 all remaining debt on these vessels were repaid.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.The number of shareholders at 31.12.23 was 9,832.The number of shareholders at 31.12.22 was 10,919.The Chief Executive Officer holds 8,235,966 shares through Jarsteinen AS.As at 31.12.2023 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2023 Number of shares OwnershipAker Capital AS 27,089,493 32.90 %Kistefos AS 11,275,000 13.69 %Jarsteinen AS 8,235,966 10.00 %Interactive Brokers LLC 4,297,550 5.22 %Kistefos Investment AS 3,601,000 4.37 %Magnus Leonard Roth 1,500,000 1.82 %Songa Capital AS 1,411,040 1.71 %Olymic Group AS 871,224 1.06 %Espedal & Co AS 656,687 0.80 %Nesttun Invest AS 600,000 0.73 %Minority shareholders 22,808,836 27.70 %82,346,796 100 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__150": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -01/01/2022 75,608,658 75,609 -Capital increase by convertion of debt 1,699,951 1,700 -31/12/2022 77,308,609 77,309 -Capital increase by private placement is related to the Chief Executive Officer exercice off warrants to purchase 5,038,187 shares, through Jarsteinen AS. In connection with the Restructuring in 2020, and on the basis of a resolution by the Company\u2019s shareholders\u2019 meeting, the Company\u2019s CEO, Lars Peder Solstad, and the Company entered into a warrant agreement whereby Lars Peder Solstad received 5,038,187 standalone rights to subscribe new shares in the Company. The warrants were exercised on 20 October 2023, increasing share capital to 82,346,796. Refer to statement of changes in equity and stock exchange announcement dated 24 October 2023.As part of the Refinancing agreement with Aker, Solstad Offshore has as of contract agreement, October 2023, issued warrants through its subsidiaries that were transferred to Solstad Maritime Group as a requirement for completion of the transaction. These warrants were only possible to exercise until the major part of the the Refinancing was completed on 16 January 2024, and are no longer possible to exercise. They will therefore not impact the equity or results of Solstad Offshore ASA and are not recognized by Solstad Offshore ASA.As of 31 December 2023 there are still warrants that could be exercised for any unsettled debt after disposal of vessels held for sale. As of 16 January 2024 all remaining debt on these vessels were repaid.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.The number of shareholders at 31.12.23 was 9,832.The number of shareholders at 31.12.22 was 10,919.The Chief Executive Officer holds 8,235,966 shares through Jarsteinen AS.As at 31.12.2023 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2023 Number of shares OwnershipAker Capital AS 27,089,493 32.90 %Kistefos AS 11,275,000 13.69 %Jarsteinen AS 8,235,966 10.00 %Interactive Brokers LLC 4,297,550 5.22 %Kistefos Investment AS 3,601,000 4.37 %Magnus Leonard Roth 1,500,000 1.82 %Songa Capital AS 1,411,040 1.71 %Olymic Group AS 871,224 1.06 %Espedal & Co AS 656,687 0.80 %Nesttun Invest AS 600,000 0.73 %Minority shareholders 22,808,836 27.70 %82,346,796 100 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__149": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -01/01/2022 75,608,658 75,609 -Capital increase by convertion of debt 1,699,951 1,700 -31/12/2022 77,308,609 77,309 -Capital increase by private placement is related to the Chief Executive Officer exercice off warrants to purchase 5,038,187 shares, through Jarsteinen AS. In connection with the Restructuring in 2020, and on the basis of a resolution by the Company\u2019s shareholders\u2019 meeting, the Company\u2019s CEO, Lars Peder Solstad, and the Company entered into a warrant agreement whereby Lars Peder Solstad received 5,038,187 standalone rights to subscribe new shares in the Company. The warrants were exercised on 20 October 2023, increasing share capital to 82,346,796. Refer to statement of changes in equity and stock exchange announcement dated 24 October 2023.As part of the Refinancing agreement with Aker, Solstad Offshore has as of contract agreement, October 2023, issued warrants through its subsidiaries that were transferred to Solstad Maritime Group as a requirement for completion of the transaction. These warrants were only possible to exercise until the major part of the the Refinancing was completed on 16 January 2024, and are no longer possible to exercise. They will therefore not impact the equity or results of Solstad Offshore ASA and are not recognized by Solstad Offshore ASA.As of 31 December 2023 there are still warrants that could be exercised for any unsettled debt after disposal of vessels held for sale. As of 16 January 2024 all remaining debt on these vessels were repaid.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.The number of shareholders at 31.12.23 was 9,832.The number of shareholders at 31.12.22 was 10,919.The Chief Executive Officer holds 8,235,966 shares through Jarsteinen AS.As at 31.12.2023 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2023 Number of shares OwnershipAker Capital AS 27,089,493 32.90 %Kistefos AS 11,275,000 13.69 %Jarsteinen AS 8,235,966 10.00 %Interactive Brokers LLC 4,297,550 5.22 %Kistefos Investment AS 3,601,000 4.37 %Magnus Leonard Roth 1,500,000 1.82 %Songa Capital AS 1,411,040 1.71 %Olymic Group AS 871,224 1.06 %Espedal & Co AS 656,687 0.80 %Nesttun Invest AS 600,000 0.73 %Minority shareholders 22,808,836 27.70 %82,346,796 100 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__148": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -01/01/2022 75,608,658 75,609 -Capital increase by convertion of debt 1,699,951 1,700 -31/12/2022 77,308,609 77,309 -Capital increase by private placement is related to the Chief Executive Officer exercice off warrants to purchase 5,038,187 shares, through Jarsteinen AS. In connection with the Restructuring in 2020, and on the basis of a resolution by the Company\u2019s shareholders\u2019 meeting, the Company\u2019s CEO, Lars Peder Solstad, and the Company entered into a warrant agreement whereby Lars Peder Solstad received 5,038,187 standalone rights to subscribe new shares in the Company. The warrants were exercised on 20 October 2023, increasing share capital to 82,346,796. Refer to statement of changes in equity and stock exchange announcement dated 24 October 2023.As part of the Refinancing agreement with Aker, Solstad Offshore has as of contract agreement, October 2023, issued warrants through its subsidiaries that were transferred to Solstad Maritime Group as a requirement for completion of the transaction. These warrants were only possible to exercise until the major part of the the Refinancing was completed on 16 January 2024, and are no longer possible to exercise. They will therefore not impact the equity or results of Solstad Offshore ASA and are not recognized by Solstad Offshore ASA.As of 31 December 2023 there are still warrants that could be exercised for any unsettled debt after disposal of vessels held for sale. As of 16 January 2024 all remaining debt on these vessels were repaid.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.22 the Company\u2019s share capital represents 77,308,609 shares at NOK 1.The number of shareholders at 31.12.23 was 9,832.The number of shareholders at 31.12.22 was 10,919.The Chief Executive Officer holds 8,235,966 shares through Jarsteinen AS.As at 31.12.2023 and 31.12.2022 the Group had 139 treasury shares with cost price of MNOK 9.6.Top 10 as of 31.12.2023 Number of shares OwnershipAker Capital AS 27,089,493 32.90 %Kistefos AS 11,275,000 13.69 %Jarsteinen AS 8,235,966 10.00 %Interactive Brokers LLC 4,297,550 5.22 %Kistefos Investment AS 3,601,000 4.37 %Magnus Leonard Roth 1,500,000 1.82 %Songa Capital AS 1,411,040 1.71 %Olymic Group AS 871,224 1.06 %Espedal & Co AS 656,687 0.80 %Nesttun Invest AS 600,000 0.73 %Minority shareholders 22,808,836 27.70 %82,346,796 100 %",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__152": {
"value": "Note 18: Earnings per ShareEarnings per share are calculated by dividing the Group majority result by the average number of shares as of 31.12, adjusted for the average stock of treasury shares. There are no dilutive instruments as of 31 December 2023.2023 2022Majority result from net profit for continuing operations for the year 285,152 -446,933Majority result from net profit for discontinuing operations for the year 115,278 -666,083Majority result from net profit for the year 400,430 -1,113,016Result from net profit for the year 407,136 -1,117,803Average number of shares 78,302,443 76,935,022Average number of Treasury shares 139 139Average number of shares to calculate earnings per share 78,302,304 76,934,883Earnings per share (basic and diluted) from continuing operations - majority (NOK) 3.64 -5.81 Earnings per share (basic and diluted) from discontinuing operations - majority (NOK) 1.47 -8.66 Earnings per share (basic and diluted) - majority (NOK) 5.11 -14.47",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__153": {
"value": "Note 19: Transactions with Related PartiesIn addition to general management services, the Group has the following transactions with related parties:Income Expenses Receivables Payables2023 2022 2023 2022 2023 2022 2023 2022Joint venture companiesNormand Installer SA - - - - 63,453 56,141 - -Omega Subsea Robotics AS - - 14,615 - - - 3,435 -Other related partiesIvan Eiendom - - 11,272 11,684 - - - -American Shipping Company - - 320,730 77,772 - - - 75,957Windstaller 25,654 - - - 273 - - -The Group\u2019s Affiliation with Related Parties:Normand Installer SA is a joint venture company in which the Group has a 50% share. Receivable relates to a shareholders loan.The Group leases 2 ROVs from Omega Subsea Robotics. a joint venture company. The Group leases offices and a warehouse at market price from om a company controlled by a related party.The Group also has one vessel on bareboat from American Shipping Company (\u201cAMSC\u201d)(company owned 19.1% by one of the larger shareholders). The Group is part of the Windstaller alliance, and vessels utilized on contracts have revenues on time charter contracts with the alliance. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__156": {
"value": "Note 20: Taxes2023 2022Taxes payable 57,180 56,896Under/over accrual of tax payable - 37,637Change in deferred taxes 2,234 10,146Tax on result from continuing operations 56,641 104,679Tax on result from discontinued operations 2,773 -Tax on ordinary result 59,414 104,679Apportionment of tax on ordinary resultNorwegian tax 2,234 10,146Foreign 57,180 94,533Total tax 59,414 104,679Temporary differences:Fixed assets (vessels and other non-current assets) 3,992,764 5,205,848Receivables (current assets) -700,414 -31,144Other current assets - -Other accruals 626,799 -22,790Pension -19,763 -20,381Tax position related to sold assets 1,826,543 -718,640Shares/ownership (current assets) 684 -Interest deductions carried forward -1,338,902 -1,338,246Unrecovered loss carried forward -21,616,171 -21,100,343Total temporary differences -17,229,829 -18,025,696Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 878,408 1,145,287Receivables (current assets) -154,091 -6,852Other current assets - -Other accruals 137,896 -5,014Pension -4,348 -4,484Tax position related to sold assets 401,839 -158,101Interest deductions carried forward -294,558 -294,414Unrecovered loss carried forward -4,755,558 -4,642,075Deferred tax asset not recognised 3,784,445 3,961,302Tax on result from continuing operations -2,117 -4,351Tax on result from discontinued operations -4,000 -Net deferred tax/ deferred tax asset (-) -6,117 -4,3512023 2022Changes in deferred tax in the balance sheetOpening balance deferred tax -4,351 -14,497Booked to profit and loss 2,234 10,146Charged to equity (change pension) - -Translation adjustment - -End balance deferred tax/ deferred tax asset (-) -2,117 -4,351Payable tax in the balance sheet consist ofOther payable corporation tax 24,715 228,409Other payable corporation tax recognized in Assets held for sale 152,335 -Total payable tax in the balance sheet 177,050 228,409Analysis of effective tax rate22% of pre-tax result 102,641 -222,887Effect of deferred tax asset not recognised -176,857 149,107Correction of previous years 0 37,637Differential in tax rates foreign entities 29,498 -1,094Permanent differences 104,132 141,916Estimated tax 59,414 104,679Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associates 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. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.At year end the Entity has included accrual for expected taxes related to operations in foreign waters. The accounts reflects the Entity\u2019s best estimate for contingent liabilities at the end of the year. Se note 29 for further information.In total an amount of 288 million in non-deducted interest carried forward has not been recognized. Expiration date for 14 million is in 2027, 7 million in 2028, 19 million in 2029, 54 million in 2030, 64 million in 2031 and 130 million in 2032. Unrecorded loss carry forward amounts to NOK 21.6 billion per year end 2023 (NOK 21.1 billion in 2022). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__155": {
"value": "Note 20: Taxes2023 2022Taxes payable 57,180 56,896Under/over accrual of tax payable - 37,637Change in deferred taxes 2,234 10,146Tax on result from continuing operations 56,641 104,679Tax on result from discontinued operations 2,773 -Tax on ordinary result 59,414 104,679Apportionment of tax on ordinary resultNorwegian tax 2,234 10,146Foreign 57,180 94,533Total tax 59,414 104,679Temporary differences:Fixed assets (vessels and other non-current assets) 3,992,764 5,205,848Receivables (current assets) -700,414 -31,144Other current assets - -Other accruals 626,799 -22,790Pension -19,763 -20,381Tax position related to sold assets 1,826,543 -718,640Shares/ownership (current assets) 684 -Interest deductions carried forward -1,338,902 -1,338,246Unrecovered loss carried forward -21,616,171 -21,100,343Total temporary differences -17,229,829 -18,025,696Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 878,408 1,145,287Receivables (current assets) -154,091 -6,852Other current assets - -Other accruals 137,896 -5,014Pension -4,348 -4,484Tax position related to sold assets 401,839 -158,101Interest deductions carried forward -294,558 -294,414Unrecovered loss carried forward -4,755,558 -4,642,075Deferred tax asset not recognised 3,784,445 3,961,302Tax on result from continuing operations -2,117 -4,351Tax on result from discontinued operations -4,000 -Net deferred tax/ deferred tax asset (-) -6,117 -4,3512023 2022Changes in deferred tax in the balance sheetOpening balance deferred tax -4,351 -14,497Booked to profit and loss 2,234 10,146Charged to equity (change pension) - -Translation adjustment - -End balance deferred tax/ deferred tax asset (-) -2,117 -4,351Payable tax in the balance sheet consist ofOther payable corporation tax 24,715 228,409Other payable corporation tax recognized in Assets held for sale 152,335 -Total payable tax in the balance sheet 177,050 228,409Analysis of effective tax rate22% of pre-tax result 102,641 -222,887Effect of deferred tax asset not recognised -176,857 149,107Correction of previous years 0 37,637Differential in tax rates foreign entities 29,498 -1,094Permanent differences 104,132 141,916Estimated tax 59,414 104,679Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associates 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. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.At year end the Entity has included accrual for expected taxes related to operations in foreign waters. The accounts reflects the Entity\u2019s best estimate for contingent liabilities at the end of the year. Se note 29 for further information.In total an amount of 288 million in non-deducted interest carried forward has not been recognized. Expiration date for 14 million is in 2027, 7 million in 2028, 19 million in 2029, 54 million in 2030, 64 million in 2031 and 130 million in 2032. Unrecorded loss carry forward amounts to NOK 21.6 billion per year end 2023 (NOK 21.1 billion in 2022). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__154": {
"value": "Note 20: Taxes2023 2022Taxes payable 57,180 56,896Under/over accrual of tax payable - 37,637Change in deferred taxes 2,234 10,146Tax on result from continuing operations 56,641 104,679Tax on result from discontinued operations 2,773 -Tax on ordinary result 59,414 104,679Apportionment of tax on ordinary resultNorwegian tax 2,234 10,146Foreign 57,180 94,533Total tax 59,414 104,679Temporary differences:Fixed assets (vessels and other non-current assets) 3,992,764 5,205,848Receivables (current assets) -700,414 -31,144Other current assets - -Other accruals 626,799 -22,790Pension -19,763 -20,381Tax position related to sold assets 1,826,543 -718,640Shares/ownership (current assets) 684 -Interest deductions carried forward -1,338,902 -1,338,246Unrecovered loss carried forward -21,616,171 -21,100,343Total temporary differences -17,229,829 -18,025,696Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 878,408 1,145,287Receivables (current assets) -154,091 -6,852Other current assets - -Other accruals 137,896 -5,014Pension -4,348 -4,484Tax position related to sold assets 401,839 -158,101Interest deductions carried forward -294,558 -294,414Unrecovered loss carried forward -4,755,558 -4,642,075Deferred tax asset not recognised 3,784,445 3,961,302Tax on result from continuing operations -2,117 -4,351Tax on result from discontinued operations -4,000 -Net deferred tax/ deferred tax asset (-) -6,117 -4,3512023 2022Changes in deferred tax in the balance sheetOpening balance deferred tax -4,351 -14,497Booked to profit and loss 2,234 10,146Charged to equity (change pension) - -Translation adjustment - -End balance deferred tax/ deferred tax asset (-) -2,117 -4,351Payable tax in the balance sheet consist ofOther payable corporation tax 24,715 228,409Other payable corporation tax recognized in Assets held for sale 152,335 -Total payable tax in the balance sheet 177,050 228,409Analysis of effective tax rate22% of pre-tax result 102,641 -222,887Effect of deferred tax asset not recognised -176,857 149,107Correction of previous years 0 37,637Differential in tax rates foreign entities 29,498 -1,094Permanent differences 104,132 141,916Estimated tax 59,414 104,679Deferred tax asset is based on a tax rate of 22%.Deferred tax on deviating values in associates 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. The accounts reflect the Groups best estimate for contingent liabilities at the end of the year.At year end the Entity has included accrual for expected taxes related to operations in foreign waters. The accounts reflects the Entity\u2019s best estimate for contingent liabilities at the end of the year. Se note 29 for further information.In total an amount of 288 million in non-deducted interest carried forward has not been recognized. Expiration date for 14 million is in 2027, 7 million in 2028, 19 million in 2029, 54 million in 2030, 64 million in 2031 and 130 million in 2032. Unrecorded loss carry forward amounts to NOK 21.6 billion per year end 2023 (NOK 21.1 billion in 2022). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__164": {
"value": "Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__163": {
"value": "Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__159": {
"value": "Note 22: Cash and Cash Equivalents2023 2022Cash and cash equivalents 501,014 2,170,072Cash and cash equivalents classified as Assets held for sale 1,381,956 -Total cash and cash equivalents 1,882,971 2,170,072The Group\u2019s tied deposits total MNOK 29 (MNOK 37 in 2022) of which all is employee tax withheld.The tied deposits are classified as Assets held for sale. As part of the restructuring of the Group\u2019s debt effective from 20 October 2020, the total bank deposits are pledged.As a part of the restructuring on 20 October 2020, a MNOK 1,500 Super Senior Credit Facility (SSCF) was made available for the Group. Available funds under the SSCF is classified as ordinary bank deposits. Per 31 December 2023 the SSCF was fully repaid through vessel sales during the year. Per 31 December 2022 the available funds under the SSCF bank deposits was MNOK 1,502 and the outstanding credit facility was MNOK 1,302. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__166": {
"value": "Note 24: Paid out and Proposed Dividend2023 2022 2021Approved 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": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__169-1": {
"value": "Note 25: Non-Current Receivables2023 2022Sellers credit* - 29,572Loan to other companies - 536Other receivables 32,179 27,429Total other non-current assets 32,179 57,536Classified as Assets held for sale 11,669 -* Reference Note 7 Financial Market Risk, Financial InstrumentsNote 26: Accounts Receivable and Other Current Receivables2023 2022Accounts receivable 312,428 1,228,901Receivable from associates and joint venture companies - 3,586Total accounts receivable 312,428 1,232,487Classified as assets held for sale* 1,193,804 -* MNOK 55 is receivables from associates and joint venture companies.Contract assets 319,617 222,193Classified as assets held for sale 221,002 -Prepaid expenses 23,443 143,611VAT/ WHT receivable 86,415 19,946Costs to fulfil a contract - 70,477Other current receivables 120,048 241,914Receivable from associates and joint venture companies - -Total current receivables 229,906 475,948Classified as Assets held for sale 365,096 -Contract assets are earned, not invoiced revenues. Costs to fulfill a contract are costs incurred in advance of a contract to be abel to fulfill performance obligations under the contract. The costs are recorded over the contract period. Other current receivables are mainly refundable insurance claims, government grants and prepaid docking expenses. Other current receivables included in assets held for sale consists of prepayments of MNOK 28, VAT/WHT receivables of MNOK 32, costs for fulfill a contract of MNOK 45, prepaid borrowing costs of MNOK 73, prepaid equity cost of MNOK 18 and other items of MNOK 169.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__168": {
"value": "Note 25: Non-Current Receivables2023 2022Sellers credit* - 29,572Loan to other companies - 536Other receivables 32,179 27,429Total other non-current assets 32,179 57,536Classified as Assets held for sale 11,669 -* Reference Note 7 Financial Market Risk, Financial Instruments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__167": {
"value": "Note 25: Non-Current Receivables2023 2022Sellers credit* - 29,572Loan to other companies - 536Other receivables 32,179 27,429Total other non-current assets 32,179 57,536Classified as Assets held for sale 11,669 -* Reference Note 7 Financial Market Risk, Financial Instruments",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__173": {
"value": "Note 26: Accounts Receivable and Other Current Receivables2023 2022Accounts receivable 312,428 1,228,901Receivable from associates and joint venture companies - 3,586Total accounts receivable 312,428 1,232,487Classified as assets held for sale* 1,193,804 -* MNOK 55 is receivables from associates and joint venture companies.Contract assets 319,617 222,193Classified as assets held for sale 221,002 -Prepaid expenses 23,443 143,611VAT/ WHT receivable 86,415 19,946Costs to fulfil a contract - 70,477Other current receivables 120,048 241,914Receivable from associates and joint venture companies - -Total current receivables 229,906 475,948Classified as Assets held for sale 365,096 -Contract assets are earned, not invoiced revenues. Costs to fulfill a contract are costs incurred in advance of a contract to be abel to fulfill performance obligations under the contract. The costs are recorded over the contract period. Other current receivables are mainly refundable insurance claims, government grants and prepaid docking expenses. Other current receivables included in assets held for sale consists of prepayments of MNOK 28, VAT/WHT receivables of MNOK 32, costs for fulfill a contract of MNOK 45, prepaid borrowing costs of MNOK 73, prepaid equity cost of MNOK 18 and other items of MNOK 169.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__174": {
"value": "Note 27: InventoryStock consists of provisions, bunkers and lube oil on the Group\u2019s vessels:2023 2022Bunkers 14,454 104,426Lube oil 8,223 40,638Other 417 83,133Total inventory 23,095 228,197Classified as asset held for sale 77,730 -Other stocks is mainly critical spare parts and dry docking work-in-progres. From 2023 this is classified as fixed assets.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__177": {
"value": "Note 28: Other Current Liabilites2023 2022Contract liabilites - 3,597Classified as Liabilities directly associated to the Assets held for sale 11,560 -Accrued salaries, related taxes and VAT payable 155,486 293,720Costs to fulfill a contract - -Other current liabilities 228,477 201,736Total current liabilities 383,963 495,456Classified as Liabilities directly associated to the Assets held for sale 844,399 -Contract liabilites are invoiced revenues, but where the performance obligation is not fulfilled.Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.Total other current liabilites included in liabilities directly associated with the assets held for sale consists of accrued salaries, related taxes and VAT with MNOK 207, costs to fulfill a contract with MNOK 28 and other current liabilites of MNOK 609.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__176": {
"value": "Note 28: Other Current Liabilites2023 2022Contract liabilites - 3,597Classified as Liabilities directly associated to the Assets held for sale 11,560 -Accrued salaries, related taxes and VAT payable 155,486 293,720Costs to fulfill a contract - -Other current liabilities 228,477 201,736Total current liabilities 383,963 495,456Classified as Liabilities directly associated to the Assets held for sale 844,399 -Contract liabilites are invoiced revenues, but where the performance obligation is not fulfilled.Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.Total other current liabilites included in liabilities directly associated with the assets held for sale consists of accrued salaries, related taxes and VAT with MNOK 207, costs to fulfill a contract with MNOK 28 and other current liabilites of MNOK 609.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__175": {
"value": "Note 28: Other Current Liabilites2023 2022Contract liabilites - 3,597Classified as Liabilities directly associated to the Assets held for sale 11,560 -Accrued salaries, related taxes and VAT payable 155,486 293,720Costs to fulfill a contract - -Other current liabilities 228,477 201,736Total current liabilities 383,963 495,456Classified as Liabilities directly associated to the Assets held for sale 844,399 -Contract liabilites are invoiced revenues, but where the performance obligation is not fulfilled.Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.Total other current liabilites included in liabilities directly associated with the assets held for sale consists of accrued salaries, related taxes and VAT with MNOK 207, costs to fulfill a contract with MNOK 28 and other current liabilites of MNOK 609.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"s6_notes__6__181": {
"value": "Note 30: Subsequent Events\u2022 With reference to Company\u2019s stock exchange message on 23 October 2023 \u2018Refinancing of Solstad Offshore\u2019, a financing solution supported by Aker Capital AS, AMSC ASA, DNB Bank ASA and Eksportfinans Norge AS was announced (the \u201cRefinancing\u201d). The major part of the Refinancing was completed on 16 January 2024. Solstad Offshore ASA will have 27% direct ownership of Solstad Maritime. Solstad Maritime will be reflected as an investment in associates and accounted for using the equity method in line with IAS 28. During 4Q 2023 impairments of MNOK 578 has been booked against non-current assets held for sale following the Refinancing. The transaction is exposed to and will be impacted by revaluation of debt in foreign currency and net result from operations from 1 January 2024 to 16 January 2024, to be reflected in 1Q 2024.\u2022 The Company is in the process of refinancing the mortgage debt towards \u201cNormand Superior\u201d. The maturity under the current financing has been extended to 30 June 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}