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"value": "Note 1: Accounting Policies InformationCorporate InformationThe Group, Solstad Offshore ASA (\u201cSolstad Offshore\u201d, \u201cSolstad\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway. 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 agreement for refinancing of Solstad Offshore ASA announced on 23 October 2023 between Solstad Shipholding AS, Aker Capital AS, and AMSC ASA (the \u201cFinancing\u201d) was completed on 16 January 2024. Solstad Maritime Holding AS group (Solstad Maritime) was deconsolidated and recognized as an associate from the same date. See note 2 and 3 for further information.The financial statements were approved by the Board of Directors on 1 April 2025 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 adopted 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 (NOK). 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 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 2024. The main portion of the Solstad Offshore\u2019s external debt matures in 2027.The Company has seen continued strengthening of the market during 2024. Furthermore, with an expected continued positive outlook in the energy market, and the high focus on energy transition, the Company also expects an active offshore marked in the coming period. Solstad experienced an increase in expenses due to inflation and increased interest expenses for the Company.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 2024.The following updates were implemented:\u2022 Amendments to IAS 7 Statement of Cash Flows\u2022 Amendments to IFSR 7 Financial Instruments: Disclosures\u2022 Amendments to IAS 1 Presentation of financial statementsThe implementations of IAS 7 and IFRS 7 did not have any impact on the financial statements. The Group has adobted the amendments to IAS 1 Classification of liabilities as current or non-current and non-current liabilities with covenants for the first time in 2024. The amendements did not have any impact on the amounts recognized in the current or prior period, and are not expected to significantly affect future periods. 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. IFRS 18 is assessed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.IFRS 18 Presentation and Disclosure in Financial StatementsIASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued. The Group has made a early analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. \u2022 Reclassification of income from associates and income from joint ventures from operating result and finance result into the new category investing. \u2022 Parts of agio and disagio will be reclassified from financing result to operating and investing. \u2022 Interest income from banks will be reclassified from financing to investing. IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APM Adjusted EBITDA currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18. The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.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 % of the voting shares results in control. Subsidiaries are consolidated 100 % line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of 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 one associate, Solstad Maritime Holding AS. 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 associates 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 as part of financial items. 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. 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 subgroup Solstad Maritime Holding and its subsidiaries on 16 January 2024 was 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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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). 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. This loan was repaid on 16 January 2024. 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 a significant part of the subsidiaries was changed from NOK to USD with effect from 1 January 2024, reference to Note 2 Significant Judgements, Accounting Estimates and Assessments for further details. 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 NOK. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.24 14.209 11.353 11.789 1.825 7.035Per 31.12.23 12.934 10.172 11.241 2.096 6.912Segment 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 separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following three segments:\u2022 AHTS: Anchor handling tug supply vessels\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support.\u2022 Other: Other income and costs not allocated to the three segmentsFor each segment the revenues are reported as either renewable or oil and gas.The 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. Solstad Services is a new segment in 2024 delivering other services such as ROV, tooling and project personnel. The Group focuses on the renewable market, and as a consequence revenues from contracts that are taxonomy eligible is reported separately for each segment. The previous PSV segment was classified as discontinued operations in 2023. 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 (Other). 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. 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 the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement. After initial recognition, the right of use asset is recognised to cost, less depreciation and impairment losses.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 commencement 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 by jurisdiction.Pension Obligations The Group had 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. Following the deconsolidation of Solstad Maritime and Skansekaia Drift in 2024, there are two remaining defined benefit plans in the Group related to former employees in UK.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 Solstad. Charter revenue is recorded net after deduction for direct, contract-related charter expenses. Any loss on contracts is accrued when a loss is probable. Income relating to ROVs and gangways are based on the number of days. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts, and ROV- and gangway 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 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 expenses.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.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.",
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"value": "Corporate InformationThe Group, Solstad Offshore ASA (\u201cSolstad Offshore\u201d, \u201cSolstad\u201d or \u201cthe Company\u201d), operates a shipping business from its head office in Nesavegen 39, 4280 Skudeneshavn, Norway. 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 agreement for refinancing of Solstad Offshore ASA announced on 23 October 2023 between Solstad Shipholding AS, Aker Capital AS, and AMSC ASA (the \u201cFinancing\u201d) was completed on 16 January 2024. Solstad Maritime Holding AS group (Solstad Maritime) was deconsolidated and recognized as an associate from the same date. See note 2 and 3 for further information.The financial statements were approved by the Board of Directors on 1 April 2025 and will be presented for approval by the Annual General Meeting.",
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"value": "Nesavegen 39, 4280 Skudeneshavn, Norway",
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"value": "Norway",
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"value": "main activities are the operation of offshore service and construction vessels.",
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"value": "The financial statements were approved by the Board of Directors on 1 April 2025 and will be presented for approval by the Annual General Meeting.",
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"value": "Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted 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 (NOK). 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.",
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"value": "Statement of Compliance and Basis for PreparationThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted 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 (NOK). 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.",
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"value": "Going ConcernThe annual accounts are prepared on the assumption of a going concern. 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 2024. The main portion of the Solstad Offshore\u2019s external debt matures in 2027.The Company has seen continued strengthening of the market during 2024. Furthermore, with an expected continued positive outlook in the energy market, and the high focus on energy transition, the Company also expects an active offshore marked in the coming period. Solstad experienced an increase in expenses due to inflation and increased interest expenses for the Company.There is no significant uncertainty with respect to going concern.",
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"f1__s6__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 2024.The following updates were implemented:\u2022 Amendments to IAS 7 Statement of Cash Flows\u2022 Amendments to IFSR 7 Financial Instruments: Disclosures\u2022 Amendments to IAS 1 Presentation of financial statementsThe implementations of IAS 7 and IFRS 7 did not have any impact on the financial statements. The Group has adobted the amendments to IAS 1 Classification of liabilities as current or non-current and non-current liabilities with covenants for the first time in 2024. The amendements did not have any impact on the amounts recognized in the current or prior period, and are not expected to significantly affect future periods. 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. IFRS 18 is assessed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.IFRS 18 Presentation and Disclosure in Financial StatementsIASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued. The Group has made a early analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. \u2022 Reclassification of income from associates and income from joint ventures from operating result and finance result into the new category investing. \u2022 Parts of agio and disagio will be reclassified from financing result to operating and investing. \u2022 Interest income from banks will be reclassified from financing to investing. IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APM Adjusted EBITDA currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18. The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.",
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},
"f1__s6__6__19": {
"value": "Changes in Accounting PoliciesThe Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2024.The following updates were implemented:\u2022 Amendments to IAS 7 Statement of Cash Flows\u2022 Amendments to IFSR 7 Financial Instruments: Disclosures\u2022 Amendments to IAS 1 Presentation of financial statementsThe implementations of IAS 7 and IFRS 7 did not have any impact on the financial statements. The Group has adobted the amendments to IAS 1 Classification of liabilities as current or non-current and non-current liabilities with covenants for the first time in 2024. The amendements did not have any impact on the amounts recognized in the current or prior period, and are not expected to significantly affect future periods. 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. IFRS 18 is assessed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.IFRS 18 Presentation and Disclosure in Financial StatementsIASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued. The Group has made a early analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. \u2022 Reclassification of income from associates and income from joint ventures from operating result and finance result into the new category investing. \u2022 Parts of agio and disagio will be reclassified from financing result to operating and investing. \u2022 Interest income from banks will be reclassified from financing to investing. IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APM Adjusted EBITDA currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18. The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 % of the voting shares results in control. Subsidiaries are consolidated 100 % line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 % of the voting shares results in control. Subsidiaries are consolidated 100 % line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__21": {
"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 % of the voting shares results in control. Subsidiaries are consolidated 100 % line by line in the group accounts. Subsidiaries are consolidated from the date on which control is transferred to the Group and cease to be consolidated from the date on which control is transferred out of the Group. Acquisitions of 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 one associate, Solstad Maritime Holding AS. 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 associates 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 as part of financial items. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 one associate, Solstad Maritime Holding AS. 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 associates 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 as part of financial items. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__24": {
"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 one associate, Solstad Maritime Holding AS. 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 associates 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 as part of financial items. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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. 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 subgroup Solstad Maritime Holding and its subsidiaries on 16 January 2024 was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__27": {
"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. 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 subgroup Solstad Maritime Holding and its subsidiaries on 16 January 2024 was 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__35-1": {
"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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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). 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. This loan was repaid on 16 January 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__33": {
"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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__30": {
"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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__29-1": {
"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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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). 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. This loan was repaid on 16 January 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__34-1": {
"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). 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. This loan was repaid on 16 January 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__32": {
"value": "Impairment of Financial AssetsFor trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in calculating ECLs. Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime estimated credit losses (ECLs) at each reporting date, based on its historical credit loss experience. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__31-1": {
"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. For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__38": {
"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). 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. This loan was repaid on 16 January 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__37": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__42": {
"value": "Foreign Currency TranslationThe functional currency for Solstad Offshore ASA and a significant part of the subsidiaries was changed from NOK to USD with effect from 1 January 2024, reference to Note 2 Significant Judgements, Accounting Estimates and Assessments for further details. 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 NOK. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.24 14.209 11.353 11.789 1.825 7.035Per 31.12.23 12.934 10.172 11.241 2.096 6.912",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__41": {
"value": "Foreign Currency TranslationThe functional currency for Solstad Offshore ASA and a significant part of the subsidiaries was changed from NOK to USD with effect from 1 January 2024, reference to Note 2 Significant Judgements, Accounting Estimates and Assessments for further details. 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 NOK. The Group\u2019s most used currencies had the following exchange rates at the balance sheet date:GBP USD EUR BRL AUDPer 31.12.24 14.209 11.353 11.789 1.825 7.035Per 31.12.23 12.934 10.172 11.241 2.096 6.912",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__43": {
"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 separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following three segments:\u2022 AHTS: Anchor handling tug supply vessels\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support.\u2022 Other: Other income and costs not allocated to the three segmentsFor each segment the revenues are reported as either renewable or oil and gas.The 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. Solstad Services is a new segment in 2024 delivering other services such as ROV, tooling and project personnel. The Group focuses on the renewable market, and as a consequence revenues from contracts that are taxonomy eligible is reported separately for each segment. The previous PSV segment was classified as discontinued operations in 2023. 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 (Other). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__47": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__46": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__45": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__44": {
"value": "Property, Plant and Equipment - Impairment Charges and DepreciationProperty, plant and equipment acquired by Group companies are stated at historical cost. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__49": {
"value": "LeasesRight-of-use-assetsRight-of-use-assets are recognized at cost at the commence date. The cost of the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement. After initial recognition, the right of use asset is recognised to cost, less depreciation and impairment losses.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 commencement 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__51": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__50": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__52": {
"value": "InventoriesInventories consist mainly of bunkers onboard the vessels.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__53": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__55": {
"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 by jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__54": {
"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 by jurisdiction.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__56": {
"value": "Pension Obligations The Group had 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. Following the deconsolidation of Solstad Maritime and Skansekaia Drift in 2024, there are two remaining defined benefit plans in the Group related to former employees in UK.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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__57-1": {
"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 Solstad. Charter revenue is recorded net after deduction for direct, contract-related charter expenses. Any loss on contracts is accrued when a loss is probable. Income relating to ROVs and gangways are based on the number of days. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts, and ROV- and gangway 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__59": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__60": {
"value": "Government GrantsGrants related to the net tax agreement and crew subsides are recorded as a reduction in expenses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__61": {
"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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__62": {
"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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__65": {
"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 JudgementsRefinancing and Loss of ControlWith reference to the agreement signed 23 October 2023 (Reference to Note 3), Solstad Maritime Holding AS, which was initially set up as a subgroup in Solstad Offshore, has received equity contribution from Aker Capital AS (MNOK 2.250) and AMSC ASA (MNOK 1.000) on 16 January 2024. The impact of the equity contribution was that Solstad Offshore effectively lost control of Solstad Maritime Holding AS, and retained a 31.6% stake in the associated company Solstad Maritime, which is now recognised using the equity method. The ownership share was reduced to 27.3% following the equity contribution from Solstad Offshore\u2019s shareholders of MNOK 750 completed on 19 June2024. Solstad Offshore has derecognized Solstad Maritime as of transaction date 16 January 2024, and has recognized an investment in associate at the same time. Solstad Offshore\u2019s share in Solstad Maritime was assessed to have a fair value less cost to sell of NOK 1.620 million, which was recognized as the carrying value of the associate on 16 January 2024.In 2023 the Group made an assessment regarding classifying 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 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 operationlly (and for CODM decision making purposes) not clearly distinguishable from the rest of Solstad Group. There is no change to this assessment in 2024.Solstad Maritime had six vessels on bareboat charters to Solstad Offshore as of 16 January 2024. Solstad Offshore 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 principle to use IFRS10.25 (derecognition/sale of subsidiary) for these types of transactions. The leases has been recognized as a new lease as of transaction date for those vessels that are not short-term leases (leases with lease term of 12 months or less at the commencement date and do not contain a purchase option) in accordance with IFRS 16. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.Functional CurrencyThe Group has made an assessment of the functional currency for the subsidiaries in the Group and concluded that the functional currency has shifted over time from NOK to USD. Both primary and secondary factors have been assessed in accordance with IAS 21. The functional currency was changed to USD with effect from 01 January 2024.As a result of amongst others reorganizations of the ownership of vessles, eternal sales and change in market conditions, there has been indicators that an increasing share of the revenues are in USD, shifting from AUD, GBP and NOK. In general USD is the also the currency that drives the shipping market, especially for vessels operating in the oil and gas industry. The financing of the Group has historically been in NOK and USD, and as of 31 December 2023 the allocation was 74% USD and 26% NOK. Following the refinancing during 2024 the allocation is 100% USD as of 31 December 2024.Maximus SettlementWith reference to the agreement signed 22 November 2024 (Reference to Note 3), Solstad Offshore, the Maximus lenders and MYF Maximus Limited (MYF) entered into an agreement to settle the Residual Claim. The agreement involved a payment of MUSD 91.4 to MYF and MNOK 200 to the Maximus lenders, and a forgiveness of the remaining claim. The Residual Claim has been treated as part of the lease liability together with the lease on the vessel Normand Maximus, and this was considered as a modification of the current lease in 2022. The settlement of the Residual Claim involves a change in the timing of repayment and the total amount to be repaid, but there is no change in the scope of the lease. It has been assessed that this should be treated as a lease modification in accordance with IFSR 16. The Group gained control over Maximus Limited as a result of the settlement, and the net value of the Company beeing consolidated to the group has been set of against the payments for the residual claim in the lease modification calculation (MNOK 64). Reference to note 3, note 8, note 10 and note 15 for further details on the transactions and accounting effects.Normand MaximusA dispute with a client has lead to assessments with regards to recognition of revenue and subsequent measurement of the receivables. The Group has assed that the performance obligations has been fulfilled, and that revenue should be recognized in accordance with IFRS 15 for the service element, and in accordance with IFSR 16 for the lease element of the agreement. Reference to note 29. Accounting EstimatesVesselThe carrying amount of the Group\u2019s vessels represents 54 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 has been that useful life is 20 years during 2024. During the process of updating the forecasts in the five-year plan in December 2024 the useful life of the vessels was reassessed and changed to 25 years, with prospective effect from January 2025 for the depreciations. 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 25 (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. Residual value used in impairment calculations as of year-end 2024 is reflecting the change in useful life from December 2024 (reference note 9). 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 with impairment or reversal indicators 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. Discount RateThe discount 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 discount 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 discount rate used for 2024 is a post tax rate of 13.5%. 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 2024 no material effects are identified for the prognosis period.Please also refer to Note 9 Property, Plant and Equipment.",
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"f1__s6__6__64": {
"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 JudgementsRefinancing and Loss of ControlWith reference to the agreement signed 23 October 2023 (Reference to Note 3), Solstad Maritime Holding AS, which was initially set up as a subgroup in Solstad Offshore, has received equity contribution from Aker Capital AS (MNOK 2.250) and AMSC ASA (MNOK 1.000) on 16 January 2024. The impact of the equity contribution was that Solstad Offshore effectively lost control of Solstad Maritime Holding AS, and retained a 31.6% stake in the associated company Solstad Maritime, which is now recognised using the equity method. The ownership share was reduced to 27.3% following the equity contribution from Solstad Offshore\u2019s shareholders of MNOK 750 completed on 19 June2024. Solstad Offshore has derecognized Solstad Maritime as of transaction date 16 January 2024, and has recognized an investment in associate at the same time. Solstad Offshore\u2019s share in Solstad Maritime was assessed to have a fair value less cost to sell of NOK 1.620 million, which was recognized as the carrying value of the associate on 16 January 2024.In 2023 the Group made an assessment regarding classifying 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 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 operationlly (and for CODM decision making purposes) not clearly distinguishable from the rest of Solstad Group. There is no change to this assessment in 2024.Solstad Maritime had six vessels on bareboat charters to Solstad Offshore as of 16 January 2024. Solstad Offshore 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 principle to use IFRS10.25 (derecognition/sale of subsidiary) for these types of transactions. The leases has been recognized as a new lease as of transaction date for those vessels that are not short-term leases (leases with lease term of 12 months or less at the commencement date and do not contain a purchase option) in accordance with IFRS 16. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.Functional CurrencyThe Group has made an assessment of the functional currency for the subsidiaries in the Group and concluded that the functional currency has shifted over time from NOK to USD. Both primary and secondary factors have been assessed in accordance with IAS 21. The functional currency was changed to USD with effect from 01 January 2024.As a result of amongst others reorganizations of the ownership of vessles, eternal sales and change in market conditions, there has been indicators that an increasing share of the revenues are in USD, shifting from AUD, GBP and NOK. In general USD is the also the currency that drives the shipping market, especially for vessels operating in the oil and gas industry. The financing of the Group has historically been in NOK and USD, and as of 31 December 2023 the allocation was 74% USD and 26% NOK. Following the refinancing during 2024 the allocation is 100% USD as of 31 December 2024.Maximus SettlementWith reference to the agreement signed 22 November 2024 (Reference to Note 3), Solstad Offshore, the Maximus lenders and MYF Maximus Limited (MYF) entered into an agreement to settle the Residual Claim. The agreement involved a payment of MUSD 91.4 to MYF and MNOK 200 to the Maximus lenders, and a forgiveness of the remaining claim. The Residual Claim has been treated as part of the lease liability together with the lease on the vessel Normand Maximus, and this was considered as a modification of the current lease in 2022. The settlement of the Residual Claim involves a change in the timing of repayment and the total amount to be repaid, but there is no change in the scope of the lease. It has been assessed that this should be treated as a lease modification in accordance with IFSR 16. The Group gained control over Maximus Limited as a result of the settlement, and the net value of the Company beeing consolidated to the group has been set of against the payments for the residual claim in the lease modification calculation (MNOK 64). Reference to note 3, note 8, note 10 and note 15 for further details on the transactions and accounting effects.Normand MaximusA dispute with a client has lead to assessments with regards to recognition of revenue and subsequent measurement of the receivables. The Group has assed that the performance obligations has been fulfilled, and that revenue should be recognized in accordance with IFRS 15 for the service element, and in accordance with IFSR 16 for the lease element of the agreement. Reference to note 29. Accounting EstimatesVesselThe carrying amount of the Group\u2019s vessels represents 54 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 has been that useful life is 20 years during 2024. During the process of updating the forecasts in the five-year plan in December 2024 the useful life of the vessels was reassessed and changed to 25 years, with prospective effect from January 2025 for the depreciations. 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 25 (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. Residual value used in impairment calculations as of year-end 2024 is reflecting the change in useful life from December 2024 (reference note 9). 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 with impairment or reversal indicators 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. Discount RateThe discount 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 discount 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 discount rate used for 2024 is a post tax rate of 13.5%. 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 2024 no material effects are identified for the prognosis period.Please also refer to Note 9 Property, Plant and Equipment.",
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"f1__s6__6__63-1": {
"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 JudgementsRefinancing and Loss of ControlWith reference to the agreement signed 23 October 2023 (Reference to Note 3), Solstad Maritime Holding AS, which was initially set up as a subgroup in Solstad Offshore, has received equity contribution from Aker Capital AS (MNOK 2.250) and AMSC ASA (MNOK 1.000) on 16 January 2024. The impact of the equity contribution was that Solstad Offshore effectively lost control of Solstad Maritime Holding AS, and retained a 31.6% stake in the associated company Solstad Maritime, which is now recognised using the equity method. The ownership share was reduced to 27.3% following the equity contribution from Solstad Offshore\u2019s shareholders of MNOK 750 completed on 19 June2024. Solstad Offshore has derecognized Solstad Maritime as of transaction date 16 January 2024, and has recognized an investment in associate at the same time. Solstad Offshore\u2019s share in Solstad Maritime was assessed to have a fair value less cost to sell of NOK 1.620 million, which was recognized as the carrying value of the associate on 16 January 2024.In 2023 the Group made an assessment regarding classifying 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 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 operationlly (and for CODM decision making purposes) not clearly distinguishable from the rest of Solstad Group. There is no change to this assessment in 2024.Solstad Maritime had six vessels on bareboat charters to Solstad Offshore as of 16 January 2024. Solstad Offshore 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 principle to use IFRS10.25 (derecognition/sale of subsidiary) for these types of transactions. The leases has been recognized as a new lease as of transaction date for those vessels that are not short-term leases (leases with lease term of 12 months or less at the commencement date and do not contain a purchase option) in accordance with IFRS 16. Lease payments on short-term leases are recognized as expense on a straight-line basis over the lease term.Functional CurrencyThe Group has made an assessment of the functional currency for the subsidiaries in the Group and concluded that the functional currency has shifted over time from NOK to USD. Both primary and secondary factors have been assessed in accordance with IAS 21. The functional currency was changed to USD with effect from 01 January 2024.As a result of amongst others reorganizations of the ownership of vessles, eternal sales and change in market conditions, there has been indicators that an increasing share of the revenues are in USD, shifting from AUD, GBP and NOK. In general USD is the also the currency that drives the shipping market, especially for vessels operating in the oil and gas industry. The financing of the Group has historically been in NOK and USD, and as of 31 December 2023 the allocation was 74% USD and 26% NOK. Following the refinancing during 2024 the allocation is 100% USD as of 31 December 2024.Maximus SettlementWith reference to the agreement signed 22 November 2024 (Reference to Note 3), Solstad Offshore, the Maximus lenders and MYF Maximus Limited (MYF) entered into an agreement to settle the Residual Claim. The agreement involved a payment of MUSD 91.4 to MYF and MNOK 200 to the Maximus lenders, and a forgiveness of the remaining claim. The Residual Claim has been treated as part of the lease liability together with the lease on the vessel Normand Maximus, and this was considered as a modification of the current lease in 2022. The settlement of the Residual Claim involves a change in the timing of repayment and the total amount to be repaid, but there is no change in the scope of the lease. It has been assessed that this should be treated as a lease modification in accordance with IFSR 16. The Group gained control over Maximus Limited as a result of the settlement, and the net value of the Company beeing consolidated to the group has been set of against the payments for the residual claim in the lease modification calculation (MNOK 64). Reference to note 3, note 8, note 10 and note 15 for further details on the transactions and accounting effects.Normand MaximusA dispute with a client has lead to assessments with regards to recognition of revenue and subsequent measurement of the receivables. The Group has assed that the performance obligations has been fulfilled, and that revenue should be recognized in accordance with IFRS 15 for the service element, and in accordance with IFSR 16 for the lease element of the agreement. Reference to note 29. Accounting EstimatesVesselThe carrying amount of the Group\u2019s vessels represents 54 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 has been that useful life is 20 years during 2024. During the process of updating the forecasts in the five-year plan in December 2024 the useful life of the vessels was reassessed and changed to 25 years, with prospective effect from January 2025 for the depreciations. 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 25 (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. Residual value used in impairment calculations as of year-end 2024 is reflecting the change in useful life from December 2024 (reference note 9). 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 with impairment or reversal indicators 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. Discount RateThe discount 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 discount 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 discount rate used for 2024 is a post tax rate of 13.5%. 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 2024 no material effects are identified for the prognosis period.Please also refer to Note 9 Property, Plant and Equipment.UKUKNORWAYNORWAYThe following assumptions are used:2024 2023 20242023Discounted interest 5.5 % 4.50 % - 3.10 %Expected return - - - 3.10 %Regulation of salaries 3.5 % 3.35 % - 3.50 %Regulation of base amount - - - 3.25 %Regulation of pension 3.0 % 2.85 % - 3.25 %",
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"f1__s6__6__66-1": {
"value": "Note 3: Major Transactions / EventsMajor Transactions / Events in 2024Company RefinancingThe agreement for refinancing of the group announced on 23 October 2023 between Solstad Shipholding AS, Aker Capital AS, and AMSC ASA (the \u201cFinancing\u201d) was completed on 16 January 2024. The Financing secured new equity of MNOK 3,250 and refinancing of a majority of Solstad Offshore ASA\u2019s outstanding secured debt of about BNOK 11.3 by a new long-term financing of about BNOK 9.5 to Solstad Maritime AS.The impact of the equity contribution was that Solstad Offshore effectively lost control of Solstad Maritime Holding AS, and retained a 31.6% stake in the associated company Solstad Maritime, which is now recognised using the equity method. The ownership share was reduced to 27.3% following the equity contribution from Solstad Offshore\u2019s shareholders of MNOK 750 completed in June 2024. Following completion of this share issue and by year-end 2024, Solstad Maritime Holding AS is owned approximately 42.0% by Aker Capital AS, 19.6% by AMSC ASA (this includes share subscribed pursuant to subscription rights purchased in the market), 27.3% by Solstad Shipholding AS a subsidiary of Solstad Offshore ASA and 11.1 % by eligible Solstad Offshore ASA shareholders and investors (other than AMSC ASA) that had been granted or had purchased subscription rights in Solstad Maritime Holding AS.Maximus SettlementOn 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim.The agreement with MYF involved that MYF waived any claim and rights in Maximus Limited and the Residual Claim. The litigation in Cayman and Norway was discontinued and the judgment by the Oslo District Court of 7 July 2023 in favour of the Lenders is final. A payment was made by the Company to MYF in an amount of MUSD 91.45. The payment discharged the Residual Claim in full. The litigation was initiated against the lenders that had originally provided bank financing for the acquisition of \u201cNormand Maximus\u201d in 2016 (the \u201cLenders\u201d). The Company and the Lenders entered into an agreement which discharges the rights and interests that the Lenders had in Maximus Limited and the Residual Claim pursuant to agreements entered into between the Company and the Lenders by a payment of MNOK 200 pluss MNOK 25 in cost coverage. The maturity date for the Residual Claim was originally 31 March 2024, but was postponed to 16 January 2027 in connection with the refinancing of the group announced 23 October 2023. As part of the refinancing, a subsidiary of the Company was granted an option to purchase the Residual Claim against payment of MNOK 200. The payment from the Company to the Lenders under the agreement now entered into is equal to the purchase option price of MNOK 200. This payment was also considered a payment of the Residual Claim to Maximus Limited. In addition MNOK 25 was paid to the Lenders as cost coverage.Major 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 Eksportfinansiering Norge 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 was the implementation of an offering of gross proceeds of MNOK 750 that the board of Solstad Maritime Holding had 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 had guaranteed for the MNOK 750 offering. After the Refinancing Solstad Offshore ASA has a direct ownership of Solstad Maritime Holding of 27 percent.Note 23: Environmental ConditionsAll of the company\u2019s vessels comply with current environmental requirements. In 2024, 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 ISM 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 ISO 9001:2015, ISO 14001:2015, ISO 45001:2018 and ISO 50001:2018.Reference is made to note 2 Significant Judgements, Accounting Estimates and Assessments.",
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"f1__s6__6__68-1": {
"value": "Note 4: Discontinued OperationsIn 2023 the discontinued operations are related to the Tidewater transaction, where The 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 was determined to constitute discontinued operations as all PSVs were disposed of in the transaction, and the net result for the operation was presented on a single line effective 1Q 2023. Below is the Net result for discontinued operations presented. The full Net result for discontinued operations in 2023 relates to the PSV segment. There are no discontinued operations in 2024.Amounts in NOK 1,0002024 2023Discontinuing operationsCharter income - 1,133,833Other operating income - 14,369Total operating income - 1,148,202Personnel costs - -446,431Administrative expenses - -147,173Other operating expenses - -310,918Operating expenses - -904,522Net gain/-loss on sale of assets - 12,713Operating result before depreciation and impairment - 256,393Depreciation - -23,696Depreciation capitalised periodic maintenance - -28,552Impairment fixed assets - 613,834Income from investment in joint ventures - -Operating result - 817,979Income from investments in associates - -Interest income - -305Other financial income - -Interest charges - -351,134Other financial expenses - -344,967Net financial items - -696,407Result before taxes - 121,572Tax on result - -2,773Net result from discontinuing operations - 118,799Net cash flows generated/(incurred) by discontinuing operations:Amounts in NOK 1,0002024 2023Operating - 160,916 Investing - -279,422 Financing - -603,090 Net cash inflow/outflow - -721,596 Net cash flows generated/(incurred) from the sale of discontinued operations:Amounts in NOK 1,0002024 2023Cash received from sale of the discontinued operations* - 6,172,838Cash 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 2024 is the Group\u2019s share of Omega Subsea Robotics AS. In November 2024 a letter of intent was agreed on purchasing an additional minor interest in Omega Subsea Robotics AS and subsequently use Omega Subsea Robotics as capital injection into Omega Subsea AS to restructure this as a fully owned subsidiary of Omega Subsea AS. The purchase agreement was signed on 19 December 2024, and the transaction was completed on 16 January 2025. It is considered that the carrying amount of the shares would be recovered by sale and not by continued operations, and that the completion of the transaction was considered highly probable as of 19 December 2024, and as such the JV share is classified as an asset held for sale in accordance with IFRS 5. The asset is valued at fair value less cost to sell as of 31 December 2024, and an impairment of 3 MNOK has been booked as Impairment and reversal of impairment (reference note 15). The transaction is considered to have a business substance, with a strengthening of Solstad Offshores position in the subsea services segment, going from an investments in ROVs to a full project organization for subsea operations. As at completion of the transaction on 16 January 2025 an investment in associate of Omega Subsea AS with 35.8% has been booked with a net book value of MNOK 137, including the shares in Omega Subsea Robotics with MNOK 58 and capital injections of MNOK 79. A minor accounting loss was recognized. No goodwill has been recognized in the PPA.Assets held for sale as of 31 December 2023 are assets and liabilities related to Solstad Maritime (reference to Note 2).Below is a specification of the balances that constitute the Assets held for sale and Liabilities directly associated with the assets held for sale in the Consolidated statement of Financial Position:Amounts in NOK 1,000ASSETS 2024 2023 NoteNon-current assetsDeferred tax assets - 4,000 Vessels - 9,898,380 9Right-of use-assets - 116,724 10Capitalized periodic maintenance - 512,819 9Other tangible fixed assets - 6,433 9Investments in joint ventures 58,737 - 15Investments in associates 42,906 15Investments in stocks and shares - 2,991 15Other non-current receivables - 11,669 25Total non-current assets 58,737 10,595,921Current assetsInventory - 77,730 27Account receivables - 1,341,090 26Contract assets - 73,716 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 58,737 13,858,010 LIABILITIESNon-current liabilitiesPension liabilities - 15,577 21Other financial liabilities - 1,669Interest 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 2024 2023 NoteActuarial 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 1,0002023Balance sheet:Cash and cash equivalents 1,381,956Current assets 2,300,952Non-current assets 10,891,703Current liablilities -12,398,486Non-current financial liabilities -117,759Net assets 2,058,366Profit and loss:Continuing operations:Revenues 5,096,266Operating expense -2,789,497Net gain/loss on sale of assets 76,351Depreciations -699,356Impairment 189,848Net financial items -1,389,305Result before taxes 484,307Taxes -57,075Net result continuing operations 427,232Discontinued operations:Net result discontinuing operations 195,140Net result 622,372Comprehensive income:Translation adjustments foreign currency -333,285Acturial gain/ (loss) 1,944Comprehensive income -331,341Total comprehensive income 291,031",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__67": {
"value": "Note 4: Discontinued OperationsIn 2023 the discontinued operations are related to the Tidewater transaction, where The 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 was determined to constitute discontinued operations as all PSVs were disposed of in the transaction, and the net result for the operation was presented on a single line effective 1Q 2023. Below is the Net result for discontinued operations presented. The full Net result for discontinued operations in 2023 relates to the PSV segment. There are no discontinued operations in 2024.Amounts in NOK 1,0002024 2023Discontinuing operationsCharter income - 1,133,833Other operating income - 14,369Total operating income - 1,148,202Personnel costs - -446,431Administrative expenses - -147,173Other operating expenses - -310,918Operating expenses - -904,522Net gain/-loss on sale of assets - 12,713Operating result before depreciation and impairment - 256,393Depreciation - -23,696Depreciation capitalised periodic maintenance - -28,552Impairment fixed assets - 613,834Income from investment in joint ventures - -Operating result - 817,979Income from investments in associates - -Interest income - -305Other financial income - -Interest charges - -351,134Other financial expenses - -344,967Net financial items - -696,407Result before taxes - 121,572Tax on result - -2,773Net result from discontinuing operations - 118,799Net cash flows generated/(incurred) by discontinuing operations:Amounts in NOK 1,0002024 2023Operating - 160,916 Investing - -279,422 Financing - -603,090 Net cash inflow/outflow - -721,596 Net cash flows generated/(incurred) from the sale of discontinued operations:Amounts in NOK 1,0002024 2023Cash received from sale of the discontinued operations* - 6,172,838Cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__69": {
"value": "Note 5: Assets Held for SaleAssets held for sale as of 31 December 2024 is the Group\u2019s share of Omega Subsea Robotics AS. In November 2024 a letter of intent was agreed on purchasing an additional minor interest in Omega Subsea Robotics AS and subsequently use Omega Subsea Robotics as capital injection into Omega Subsea AS to restructure this as a fully owned subsidiary of Omega Subsea AS. The purchase agreement was signed on 19 December 2024, and the transaction was completed on 16 January 2025. It is considered that the carrying amount of the shares would be recovered by sale and not by continued operations, and that the completion of the transaction was considered highly probable as of 19 December 2024, and as such the JV share is classified as an asset held for sale in accordance with IFRS 5. The asset is valued at fair value less cost to sell as of 31 December 2024, and an impairment of 3 MNOK has been booked as Impairment and reversal of impairment (reference note 15). The transaction is considered to have a business substance, with a strengthening of Solstad Offshores position in the subsea services segment, going from an investments in ROVs to a full project organization for subsea operations. As at completion of the transaction on 16 January 2025 an investment in associate of Omega Subsea AS with 35.8% has been booked with a net book value of MNOK 137, including the shares in Omega Subsea Robotics with MNOK 58 and capital injections of MNOK 79. A minor accounting loss was recognized. No goodwill has been recognized in the PPA.Assets held for sale as of 31 December 2023 are assets and liabilities related to Solstad Maritime (reference to Note 2).Below is a specification of the balances that constitute the Assets held for sale and Liabilities directly associated with the assets held for sale in the Consolidated statement of Financial Position:Amounts in NOK 1,000ASSETS 2024 2023 NoteNon-current assetsDeferred tax assets - 4,000 Vessels - 9,898,380 9Right-of use-assets - 116,724 10Capitalized periodic maintenance - 512,819 9Other tangible fixed assets - 6,433 9Investments in joint ventures 58,737 - 15Investments in associates 42,906 15Investments in stocks and shares - 2,991 15Other non-current receivables - 11,669 25Total non-current assets 58,737 10,595,921Current assetsInventory - 77,730 27Account receivables - 1,341,090 26Contract assets - 73,716 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 58,737 13,858,010 LIABILITIESNon-current liabilitiesPension liabilities - 15,577 21Other financial liabilities - 1,669Interest 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 2024 2023 NoteActuarial 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 1,0002023Balance sheet:Cash and cash equivalents 1,381,956Current assets 2,300,952Non-current assets 10,891,703Current liablilities -12,398,486Non-current financial liabilities -117,759Net assets 2,058,366Profit and loss:Continuing operations:Revenues 5,096,266Operating expense -2,789,497Net gain/loss on sale of assets 76,351Depreciations -699,356Impairment 189,848Net financial items -1,389,305Result before taxes 484,307Taxes -57,075Net result continuing operations 427,232Discontinued operations:Net result discontinuing operations 195,140Net result 622,372Comprehensive income:Translation adjustments foreign currency -333,285Acturial gain/ (loss) 1,944Comprehensive income -331,341Total comprehensive income 291,031",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__75": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels (including additional services such as ROVs) 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 (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 10 for more information related to the lease element.Some of the contracts also include victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income 2024 2023Service element from contracts with day rate 1,381,546 1,818,926Management fees* 2,440 36,054Additional services 306,886 232,707Revenue from contracts with customers 1,690,872 2,087,687Lease element from contracts with day rate (Note 10) 1,098,541 4,891,292Other operating income 1,301 -Total operating income 2,790,715 6,978,977* Management fees in 2023 is mainly related to management of vessels for Tidewater following the sale of the PSVs (MNOK 27)2023Included in assets Revenue related receivables 2024held for saleTrade receiveables from charters (Note 26) 750,653 613,735 1,341,090 Contract assets - 18,310 73,716Contract liabilities - - 11,560 Costs to fulfill a contract - - 17,334 For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the year amounts to MNOK 11.56 (MNOK 3.6 in 2023).The Group had three customers with more than 10% of total revenue in 2024. The group had three customer with more than 10% of the revenue in 2023. In 2024 the two most significant customers contributed to 65% of the revenues, and the Group is exposed to the Brazilian market and the two key klients. The revenue is a significant part of all operating segments.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__74": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels (including additional services such as ROVs) 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 (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 10 for more information related to the lease element.Some of the contracts also include victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income 2024 2023Service element from contracts with day rate 1,381,546 1,818,926Management fees* 2,440 36,054Additional services 306,886 232,707Revenue from contracts with customers 1,690,872 2,087,687Lease element from contracts with day rate (Note 10) 1,098,541 4,891,292Other operating income 1,301 -Total operating income 2,790,715 6,978,977* Management fees in 2023 is mainly related to management of vessels for Tidewater following the sale of the PSVs (MNOK 27)2023Included in assets Revenue related receivables 2024held for saleTrade receiveables from charters (Note 26) 750,653 613,735 1,341,090 Contract assets - 18,310 73,716Contract liabilities - - 11,560 Costs to fulfill a contract - - 17,334 For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the year amounts to MNOK 11.56 (MNOK 3.6 in 2023).The Group had three customers with more than 10% of total revenue in 2024. The group had three customer with more than 10% of the revenue in 2023. In 2024 the two most significant customers contributed to 65% of the revenues, and the Group is exposed to the Brazilian market and the two key klients. The revenue is a significant part of all operating segments.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.",
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"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__73-1": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels (including additional services such as ROVs) 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 (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 10 for more information related to the lease element.Some of the contracts also include victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income 2024 2023Service element from contracts with day rate 1,381,546 1,818,926Management fees* 2,440 36,054Additional services 306,886 232,707Revenue from contracts with customers 1,690,872 2,087,687Lease element from contracts with day rate (Note 10) 1,098,541 4,891,292Other operating income 1,301 -Total operating income 2,790,715 6,978,977* Management fees in 2023 is mainly related to management of vessels for Tidewater following the sale of the PSVs (MNOK 27)2023Included in assets Revenue related receivables 2024held for saleTrade receiveables from charters (Note 26) 750,653 613,735 1,341,090 Contract assets - 18,310 73,716Contract liabilities - - 11,560 Costs to fulfill a contract - - 17,334 For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the year amounts to MNOK 11.56 (MNOK 3.6 in 2023).The Group had three customers with more than 10% of total revenue in 2024. The group had three customer with more than 10% of the revenue in 2023. In 2024 the two most significant customers contributed to 65% of the revenues, and the Group is exposed to the Brazilian market and the two key klients. The revenue is a significant part of all operating segments.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.Note 10: Right-of-use AssetsRight-of-use assetsLease Vessels Equipment Office TotalliabilitiesOpening balance 01.01.2024 2,699,030 - 90,317 2,789,346 3,761,103Other adjustments (1) -576,192 - 8,024 -568,168 -440,769 Additions (2) 1,098,823 72,439 5,209 1,176,470 1,176,470 Disposals (3) - - -94,724 -94,724 -127,458 Translation differences 318,087 826 10,684 329,596 336,745 Depreciation -738,977 -14,067 -15,630 -768,675 - Impairment (4) 534,303 - - 534,303 - Interest expense - - - - 419,173 Lease payments (5) - - - - -1,893,445 Closing balance 31.12.2024 3,335,073 59,197 3,878 3,398,149 3,231,820Right-of-use assetsLease 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 3,761,103The following are the amounts recognised in profit or loss: 2024 2023Depreciation expense of right-of-use assets 768,674 447,496Interest expense on lease liabilities 419,173 438,658Variable lease payments expensed in the period* - 68,890Operating expenses in the period related to current leases 216,214 225Total lease expenses included in other operating expenses 1,404,062 955,270*The Group had two vessels on lease with variable lease payments in 2023.The Group had total cash outflows for leases of MNOK 1,893 in 2024 (MNOK 382 in 2023).(1) Other adjustments include an adjustment of the Right of Use asset of Normand Maximus of MNOK 932 following the Maximus Settlement and forgivenes of the remaining amount of the Residual Claim. Reference to note 2 and 3.(2) Additions of MNOK 1,176 is related to leases of vessels from Solstad Maritime to the Group following the deconsolidation of Solstad Maritime with MNOK 1,099 and leases of two ROVs on Maximus of MNOK 72. The remaining amount of MNOK 5 is related to a new lease of offices in Brazil. (3) The disposal on Right of use office of MNOK 95 and lease liability of MNOK 127 is related to the leased offices in \u00c5lesund, due to the deconsolidation of Skansekaia Drift AS following the bankruptcy of the company in November 2024. The net amount of negative MNOK 33 is also the main part of the gain recognized from deconsolidation of the company, reference note 9.(4) Reversal of impairment of MNOK 534 is related to Normand Maximus, reference note 9, due to new contract confirming the forecasts in the five-year model.(5) Lease payments of MNOK 1,214 is payment of the Residual claim following the Maximus Settlement, reference note 8.Impairment Testing of Right-of-Use AssetsNo impairment indicators has been identified by the Company related to the right of use assets. A reversal indicator was identified for the Maximus lease related to securing firm contracts for future periods, confirming the forecasts for the vessel. Based on value-in-use-calculation for the vessel a reversal of impairment of MNOK 534 was recognised in 2024. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,241 (MNOK 2,699 in 2023) and lease liability is MNOK 1,952 (MNOK 3,625 in 2023). The net decrease in right of use asset is related to reversal of impairment of MNOK 534, offset by the right of use adjustment of negative MNOK 932 and depreciations and revaluations in the period. The net decrease in the lease liability is related to payment of the residual claim of MNOK 1,213, installments of the lease of MNOK 148, debt foregivness of MNOK 865 and remaining effects related to interests of the residual claim of MNOK 152 (increase the liabiliyt) and revaluation. The residual claim is included in the lease obligation with MNOK 0 (MNOK 1,833 in 2023). Reference is made to Note 8 - Mortgage Debt and Other Liabilities. GuaranteeVessel lease liability related to the residual claim was guaranteed by the Parent Company with MUSD 161 plus accumulated interests, but as part of the Maximus settlement in November 2024, the Parent company was released from the guarantee, further reference is made to Note 3.Variable Lease PaymentsThe Company had no vessels on lease with variable lease payment in 2024, as the contract for the two vessels on lease with variable lease payments was terminated in November 2023. The total payments for 2023 was MNOK 68.9.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). The Company owns a gangway that is leased out to customers on a daily rate. The leases has been short term in 2024, and the lease is treated as an operational lease. For the future minimum rentals receivable under non-cancellable operating leases, see note 6.Note 12: Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses: 2024 2023Technical expenses 137,218 435,049Bunker and lube oil 18,217 172,948Insurance 3,456 110,074Project expenses 254,219 912,377IT, communications and other expenses 155,535 186,730Total other operating expenses 568,645 1,817,179Wages and personnel expenses:Employees, vessels 640,690 1,592,920Employees, administration 76,222 330,718Total employee expenses 716,912 1,923,638Wages and employee expenses:Wages 499,822 1,358,883Social security 103,550 237,362Pension expenses 43,876 31,209Other benefits 44,175 65,662Traveling expenses, courses and other personnel expenses 25,488 230,520Total employee expenses 716,912 1,923,638Average number of FTEs continuing operations* 569 2,135Average number of FTEs discontinuing operations (not reflected in numbers above) - 730* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.Remuneration to Directors, Managing Director and AuditorsFollowing the refinancing and deconsolidation of Solstad Maritime, the Group has hired executive managment from Solstad Maritime. The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Offshore ASA with 75% for CEO and 14% for CFO, COO and CCO. The variable bonus remuneration is allocated with 30% to Solstad Offshore ASA.2024 (100% basis) Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,804 1,933 213 133Kjetil Ramstad (CFO) 2,583 1,291 18 126Tor Johan Tveit (COO) 2,211 1,106 21 127Hans Knut Sk\u00e5r (CCO) 2,216 1,108 19 13312,818 5,440 271 5192023 (100% basis) 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 416There 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 Group\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.There are no active warrants programs in the Company per 31 December 2024.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2024 2023Harald Espedal 790 622Frank O. Reite 487 440Ellen Solstad 423 325Peder Sortland 498 411Ingrid Kylstad 514 411Thorhild Widwey - 3252024 2023Continuing Discontinuing Continuing Discontinuing Auditors EYoperationoperationsoperationoperationsStatutory audit 14,576 - 13,553 8,319Other assurance services 1,300 - 3,836 2,222Other non-audit services 8,826 - 9,714 1,416Total 24,702 - 27,103 11,957Audit 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.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__72": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels (including additional services such as ROVs) 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 (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 10 for more information related to the lease element.Some of the contracts also include victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income 2024 2023Service element from contracts with day rate 1,381,546 1,818,926Management fees* 2,440 36,054Additional services 306,886 232,707Revenue from contracts with customers 1,690,872 2,087,687Lease element from contracts with day rate (Note 10) 1,098,541 4,891,292Other operating income 1,301 -Total operating income 2,790,715 6,978,977* Management fees in 2023 is mainly related to management of vessels for Tidewater following the sale of the PSVs (MNOK 27)2023Included in assets Revenue related receivables 2024held for saleTrade receiveables from charters (Note 26) 750,653 613,735 1,341,090 Contract assets - 18,310 73,716Contract liabilities - - 11,560 Costs to fulfill a contract - - 17,334 For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the year amounts to MNOK 11.56 (MNOK 3.6 in 2023).The Group had three customers with more than 10% of total revenue in 2024. The group had three customer with more than 10% of the revenue in 2023. In 2024 the two most significant customers contributed to 65% of the revenues, and the Group is exposed to the Brazilian market and the two key klients. The revenue is a significant part of all operating segments.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.",
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"f1__s6__6__71-1": {
"value": "Note 6: Operating Income, Reporting by Segments and Geographical MarketsOperating IncomeThe Group\u2019s revenues mainly derive from offering vessels (including additional services such as ROVs) 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 (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 10 for more information related to the lease element.Some of the contracts also include victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, mentioned above, are recognized over time, as the performance obligation is satisfied over time.Operating income 2024 2023Service element from contracts with day rate 1,381,546 1,818,926Management fees* 2,440 36,054Additional services 306,886 232,707Revenue from contracts with customers 1,690,872 2,087,687Lease element from contracts with day rate (Note 10) 1,098,541 4,891,292Other operating income 1,301 -Total operating income 2,790,715 6,978,977* Management fees in 2023 is mainly related to management of vessels for Tidewater following the sale of the PSVs (MNOK 27)2023Included in assets Revenue related receivables 2024held for saleTrade receiveables from charters (Note 26) 750,653 613,735 1,341,090 Contract assets - 18,310 73,716Contract liabilities - - 11,560 Costs to fulfill a contract - - 17,334 For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.Revenue recognised in 2024 that was included in the contract liability balance at the beginning of the year amounts to MNOK 11.56 (MNOK 3.6 in 2023).The Group had three customers with more than 10% of total revenue in 2024. The group had three customer with more than 10% of the revenue in 2023. In 2024 the two most significant customers contributed to 65% of the revenues, and the Group is exposed to the Brazilian market and the two key klients. The revenue is a significant part of all operating segments.Operating LeaseSome of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operational leases.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.Note 12: Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses: 2024 2023Technical expenses 137,218 435,049Bunker and lube oil 18,217 172,948Insurance 3,456 110,074Project expenses 254,219 912,377IT, communications and other expenses 155,535 186,730Total other operating expenses 568,645 1,817,179Wages and personnel expenses:Employees, vessels 640,690 1,592,920Employees, administration 76,222 330,718Total employee expenses 716,912 1,923,638Wages and employee expenses:Wages 499,822 1,358,883Social security 103,550 237,362Pension expenses 43,876 31,209Other benefits 44,175 65,662Traveling expenses, courses and other personnel expenses 25,488 230,520Total employee expenses 716,912 1,923,638Average number of FTEs continuing operations* 569 2,135Average number of FTEs discontinuing operations (not reflected in numbers above) - 730* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.Remuneration to Directors, Managing Director and AuditorsFollowing the refinancing and deconsolidation of Solstad Maritime, the Group has hired executive managment from Solstad Maritime. The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Offshore ASA with 75% for CEO and 14% for CFO, COO and CCO. The variable bonus remuneration is allocated with 30% to Solstad Offshore ASA.2024 (100% basis) Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,804 1,933 213 133Kjetil Ramstad (CFO) 2,583 1,291 18 126Tor Johan Tveit (COO) 2,211 1,106 21 127Hans Knut Sk\u00e5r (CCO) 2,216 1,108 19 13312,818 5,440 271 5192023 (100% basis) 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 416There 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 Group\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.There are no active warrants programs in the Company per 31 December 2024.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2024 2023Harald Espedal 790 622Frank O. Reite 487 440Ellen Solstad 423 325Peder Sortland 498 411Ingrid Kylstad 514 411Thorhild Widwey - 3252024 2023Continuing Discontinuing Continuing Discontinuing Auditors EYoperationoperationsoperationoperationsStatutory audit 14,576 - 13,553 8,319Other assurance services 1,300 - 3,836 2,222Other non-audit services 8,826 - 9,714 1,416Total 24,702 - 27,103 11,957Audit 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.",
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"f1__s6__6__76-1": {
"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.31.12.2024 31.12.2023Present value Present value Minimum minimum Minimum minimum paymentpaymentpayment*paymentNext year 2,612,139 2,548,428 4,245,780 4,142,224Year 2 2,000,519 1,904,123 1,648,757 1,569,311Year 3 790,045 733,635 757,611 703,517Year 4 302,451 274,006 310,896 281,657Year 5 - - 182,126 160,973Over 5 years - - 386,468 333,250Finance cost - 244,962 - 340,707Total minimum lease payment 5,705,154 5,705,154 7,531,639 7,531,639*Backlog 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 vessels 100 percent owned by the Group after the Refinancing (Reference Note 8 Mortgage Debt and Other Liabilities)Note 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.Note 10: Right-of-use AssetsRight-of-use assetsLease Vessels Equipment Office TotalliabilitiesOpening balance 01.01.2024 2,699,030 - 90,317 2,789,346 3,761,103Other adjustments (1) -576,192 - 8,024 -568,168 -440,769 Additions (2) 1,098,823 72,439 5,209 1,176,470 1,176,470 Disposals (3) - - -94,724 -94,724 -127,458 Translation differences 318,087 826 10,684 329,596 336,745 Depreciation -738,977 -14,067 -15,630 -768,675 - Impairment (4) 534,303 - - 534,303 - Interest expense - - - - 419,173 Lease payments (5) - - - - -1,893,445 Closing balance 31.12.2024 3,335,073 59,197 3,878 3,398,149 3,231,820Right-of-use assetsLease 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 3,761,103The following are the amounts recognised in profit or loss: 2024 2023Depreciation expense of right-of-use assets 768,674 447,496Interest expense on lease liabilities 419,173 438,658Variable lease payments expensed in the period* - 68,890Operating expenses in the period related to current leases 216,214 225Total lease expenses included in other operating expenses 1,404,062 955,270*The Group had two vessels on lease with variable lease payments in 2023.The Group had total cash outflows for leases of MNOK 1,893 in 2024 (MNOK 382 in 2023).(1) Other adjustments include an adjustment of the Right of Use asset of Normand Maximus of MNOK 932 following the Maximus Settlement and forgivenes of the remaining amount of the Residual Claim. Reference to note 2 and 3.(2) Additions of MNOK 1,176 is related to leases of vessels from Solstad Maritime to the Group following the deconsolidation of Solstad Maritime with MNOK 1,099 and leases of two ROVs on Maximus of MNOK 72. The remaining amount of MNOK 5 is related to a new lease of offices in Brazil. (3) The disposal on Right of use office of MNOK 95 and lease liability of MNOK 127 is related to the leased offices in \u00c5lesund, due to the deconsolidation of Skansekaia Drift AS following the bankruptcy of the company in November 2024. The net amount of negative MNOK 33 is also the main part of the gain recognized from deconsolidation of the company, reference note 9.(4) Reversal of impairment of MNOK 534 is related to Normand Maximus, reference note 9, due to new contract confirming the forecasts in the five-year model.(5) Lease payments of MNOK 1,214 is payment of the Residual claim following the Maximus Settlement, reference note 8.Impairment Testing of Right-of-Use AssetsNo impairment indicators has been identified by the Company related to the right of use assets. A reversal indicator was identified for the Maximus lease related to securing firm contracts for future periods, confirming the forecasts for the vessel. Based on value-in-use-calculation for the vessel a reversal of impairment of MNOK 534 was recognised in 2024. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,241 (MNOK 2,699 in 2023) and lease liability is MNOK 1,952 (MNOK 3,625 in 2023). The net decrease in right of use asset is related to reversal of impairment of MNOK 534, offset by the right of use adjustment of negative MNOK 932 and depreciations and revaluations in the period. The net decrease in the lease liability is related to payment of the residual claim of MNOK 1,213, installments of the lease of MNOK 148, debt foregivness of MNOK 865 and remaining effects related to interests of the residual claim of MNOK 152 (increase the liabiliyt) and revaluation. The residual claim is included in the lease obligation with MNOK 0 (MNOK 1,833 in 2023). Reference is made to Note 8 - Mortgage Debt and Other Liabilities. GuaranteeVessel lease liability related to the residual claim was guaranteed by the Parent Company with MUSD 161 plus accumulated interests, but as part of the Maximus settlement in November 2024, the Parent company was released from the guarantee, further reference is made to Note 3.Variable Lease PaymentsThe Company had no vessels on lease with variable lease payment in 2024, as the contract for the two vessels on lease with variable lease payments was terminated in November 2023. The total payments for 2023 was MNOK 68.9.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). The Company owns a gangway that is leased out to customers on a daily rate. The leases has been short term in 2024, and the lease is treated as an operational lease. For the future minimum rentals receivable under non-cancellable operating leases, see note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s6__6__77": {
"value": "Reporting by Segments and Geographical MarketsThe Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions.Internally the Company reports and monitors it\u2019s operation in the following segments\u2022 AHTS: Anchor handling tug supply vessels.\u2022 CSV: Construction support vessels operating subsea construction contracts\u2022 Services: Additional services across vessel spreads, i.e. ROVs, tooling, project personnel, engineering support. New segment in 2024.\u2022 Other: Other income and costs not allocated to the three segments.\u2022 All income is classified as Renewable or Oil & Gas from 2024. In 2023 renewable was a separat segment, and the 2023 segment numbers are restated to reflect the change in 2024. Administrative expenses are allocated to the segments based on total operating income. The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. There is a separate process for following up the result of the associates and joint ventures (reference note 15). 2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalAHTSTotal operation income - 559,184 559,184 - 1,994,086 1,994,086 Total operating expenses - -335,400 -335,400 - -1,267,522 -1,267,522 Gain/-loss on sale of assets - 6,021 6,021 - 67,901 67,901 Operating result before depreciations and impairment (1) - 229,805 229,805 - 794,464 794,464 Assets and liabilitiesFixed assets 704,787 3,558,686Total segment assets 704,787 3,558,686Interest bearing liabilities 212,133 3,702,527Leasing liabilities 363,729 -Total segment liabilities 575,862 3,702,527Other segment informationInvestment in tangible fixed assets 364 11,164Addition of periodic maintenance 43,286 97,158Depreciations and write-downs (2) 100,989 257,640CSVTotal operation income 253,224 1,605,762 1,858,986 1,801,137 3,156,552 4,957,689 Total operating expenses -261,158 -544,004 -805,162 -825,311 -1,740,276 -2,565,587 Gain/-loss on sale of assets 2,895 18,732 21,627 - 449 666 449,666 Operating result before depreciations and impairment (1) -5,039 1,080,491 1,075,451 975,826 1,865,942 2,841,768 Assets and liabilitiesFixed assets 4,052,091 10,776,195Total segment assets 4,052,091 10,776,195Interest bearing liabilities 998,548 8,351,367Leasing liabilities 2,809,272 3,625,162Total segment liabilities 3,807,820 11,976,529Other segment informationInvestment in tangible fixed assets 4,845 36,778Addition of periodic maintenance 37,111 163,724Depreciations and write-downs (2) 193,564 704,9472024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalServicesTotal operation income 76,935 248,796 325,731 - - -Total operating expenses -57,100 -201,643 -258,743 - - -Gain/-loss on sale of assets 880 2,845 3,725 - - -Operating result before depreciations and impairment (1) 20,715 49,998 70,713 - - -Assets and liabilitiesFixed assets 83,205 -Total segment assets 83,205 -Interest bearing liabilities - -Leasing liabilities 55,562 -Total segment liabilities 55,562 -Other segment informationInvestment in tangible fixed assets 8,227 -Addition of periodic maintenance - -Depreciations and write-downs (2) 17,468 -OtherTotal operation income - 46,813 46,813 - 27,202 27,202Total operating expenses - -42,492 -42,492 - -339,320 -339,320Gain/-loss on sale of assets - -240 -240 - - -Operating result before depreciations and impairment (1) - 4,081 4,081 - -312,118 -312,118Assets and liabilitiesFixed assets - -Total segment assets - -Interest bearing liabilities - -Leasing liabilities - -Total segment liabilities - -Other segment informationInvestment in tangible fixed assets - -Addition of periodic maintenance - -Depreciations and write-downs (2) - -2024 2023Renewable Oil & Gas Total Renewable Oil & Gas TotalTotalTotal operation income 330,158 2,460,556 2,790,715 1,801,137 5,177,840 6,978,977Total operating expenses -318,257 -1,123,540 -1,441,797 -825,311 -3,347,119 -4,172,429Gain/-loss on sale of assets 3,775 27,358 31,133 - 517,567 517,568Operating result before depreciations and impairment (1) 15,676 1,364,375 1,380,051 975,826 2,348,288 3,324,115Assets and liabilitiesFixed assets segments 4,840,083 14,334,881Unallocated assets 4,141,813 5,300,460Total assets 8,981,895 19,635,341Interest bearing liabilities segments 1,210,681 12,053,894Leasing liabilities segments 3,228,564 3,625,162Unallocated liabilities 1,274,041 2,131,735Total liabilities 5,713,285 17,810,791Other segment informationInvestment in tangible fixed assets 13,437 47,942Addition of periodic maintenance 80,397 260,882Depreciations and write-downs (2) 312,022 962,587(1) The segment result is presented exclusive depreciations/impairments,interests, currency gain/ loss and other financial items.(2) Depreciation includes both ordinary depreciation and depreciation of periodic maintenance.Reconciliation of Profit2024 2023Operating segment result before depreciations and impairment (1) 1,380,051 3,324,115Depreciation -818,037 -918,101Depreciation capitalised periodic maintenance -44,991 -185,174Impairment fixed assets 528,561 -296,983Income from investment in joint ventures 90,482 19,935Income from investment in associated companies 600,234 -4,824Interest income 79,110 131,700Other financial income 184,400 2,400Interest charges -569,890 -1,683,318Other finance costs -77,215 -44,771Ordinary result before taxes from continuing operations 1,352,705 344,979The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on charter income.Revenues are allocated to the following areas based on operating continental shelf:2024 2023North Sea 9 % 239,378 35 % 2,431,579North- and Central America 0 % - 2 % 131,203Mediterranean/remaining part of Europe 13 % 361,481 9 % 615,419Africa 6 % 178,878 16 % 1,124,306South America 70 % 1,945,617 26 % 1,785,798Australia 1 % 33,593 5 % 376,306Asia 1 % 31,766 7 % 514,366Total 100 % 2,790,715 100 % 6,978,977The Group\u2019s vessels generally operate in more than one geographical region during the year. Therefore assets can not be allocated per geographical segment in accordance with IFRS 8.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Interest 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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage 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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
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"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Interest 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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage 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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Interest 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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage 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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 25: Non-Current Receivables2024 2023Sellers credit - -Loan to other companies - -Other receivables 37,695 32,179Total other non-current assets 37,695 32,179Classified as Assets held for sale - 11,669Note 26: Accounts Receivable and Other Current Receivables2024 2023Accounts receivable 716,563 613,735Receivable from associates and joint venture companies 34,090 -Total accounts receivable 750,653 613,735Classified as assets held for sale* - 1,341,090* MNOK 55 is receivables from associates and joint venture companies in 2023.Contract assets - 18,310Classified as assets held for sale - 73,716Prepaid expenses 641 23,443VAT/ WHT receivable 117,850 86,415Costs to fulfil a contract - -Other current receivables 31,058 120,048Other current receivable associates and joint venture companies 97,566 -Total current receivables 247,115 229,906Classified as Assets held for sale - 365,096Contract assets are revenues related to performance obligations related to mobilization and demobilization of vessels, where the revenue is not invoiced. Costs to fulfill a contract are costs incurred in advance of a contract to be able 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Interest 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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage 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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Interest 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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage 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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.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, Switzerland 50 % 31/12/2024Omega Subsea Robotics AS (OSRAS) JV \u00d8len, Norway 50 % 31/12/2024Skudesneshavn, Solstad Maritime Holding AS (SMH)* ACNorway 27.3 % 31/12/2024* included as associate from 16 January 2024Normand Installer SA owns one construction 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 Maritime Holding AS main activities are the operation of offshore service and construction vessels. All the above investments are strategic for the Group.Solstad Maritime Holding AS was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time, reference note 2 and 3. Maximus Limited is consolidated in the Group as of November, reference note 2 and 3. Solstad Offshore Crewing Services Philippines and Remota Holding AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS (reference to note 2 and 3). Windstaller Alliance AS was sold to Solstad Maritime Holding AS on 15 January 2024. Omega Subsea Robotics AS is classified as Assets held for sale, reference note 5 Assets held for sale. Deconsolidation and aquisition Solstad MaritimeThe effects of deconsolidating Solstad Maritime is specified in the table below:TotalFair value of Solstad Maritime 1,619,727Derecognition book value of net assets related to Solstad Maritime -1,649,997Derecognition book value of non-controlling interests related to Solstad Maritime 30,510Net loss from deconsolidation of Solstad Maritime 16 January 2024 -240A net loss of MNOK 0.2 has been recognized, mainly related to foreign exchange movement and accounting impacts from repayment of secured debt before maturity date.The fair value of the transaction is MNOK 1,620. No additional values has been identified through the performed PPA. An impairment of MNOK 578 was recognized in 2023, and allocated to the vessels. Following the transaction, Solstad Maritime has recognized reversal of impairments of MNOK 531, which has not been taken into account in SOFF\u2019s share of Solstad Maritimes result. These adjustments leads to adjusted depreciations in the Goroups share of result, with MUSD 3,042 adjusted for in 2024. Consolidation Maximus LimitedFollowing the Maximus Settlement (reference note 3) Maximus Limited was consolidated into the Group, as the Group gained full control of the company. The effect of gaining control is payment to the lenders of MNOK 200 less the fair value of the company after the settlement set to MNOK 64, which is the book value of equity (mainly cash), net of taxes following the transaction.Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202Financial assets at fair value - non-current2024 2023Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) - - 29,54 % 2,991Hafast AS (Classified as assets held for sale) - - 2,64 % -Total - 2,991The shares in Bleivik SIM Holding AS and Hagast AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Investments in shares - current2024 2023Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) - - - 10 000 5,48 % 22,500Total - 22,500The shares in Reach Subsea ASA was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Subsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
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"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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for sale",
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"f1__s6__6__86-1": {
"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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29Note 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__85": {
"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 concentration 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. The following table shows the ageing of account receivables:0 -1 month 1 - 3 months Older than 3 per 31.12.2024 Not yet dueover dueover duemonths TotalNet carrying amount 591,025 68,102 88,481 3,045 750,653Net carrying amount 591,025 68,102 88,481 3,045 750,6530 -1 month 1 - 3 months Older than 3 per 31.12.2023 Not yet dueover dueover duemonths TotalNet carrying amount 1,590,574 259,685 49,923 54,642 1,954,825Net carrying amount classified as Asset held for sale -1,009,353 -227,182 -49,923 -54,631 -1,341,090Net carrying amount 581,221 32,503 - 11 613,735Set out below is the movement in the allowance for expected credit losses of trade receivables:2024 2023As at 1 January -858 27 275Provision for expected credit losses* 85,123 -24 026Foreign exchange movement 1,817 -1 626Assets held for sale - -2 482As at 31 December 86,081 -858* Reference note 29",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__83": {
"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 31.12.2024 and 31.12.2023 there are no fixed-interest contracts. As per 31.12.2024, 36.15% (2023 5.3%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through CIRR financing. The remaining debt had floating interest rates. The significant increase is due to the repayment of the fleet loan with floating interests on 16 January 2024. Per 31 December 2024 and 31 December 2023 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 2024 + / - 34,069+ / - 300 2023 + / - 342,644Foreign 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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__87": {
"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, but the functional currency is mainly USD, and was changed in 2024 to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100 % USD as at 31 December 2024. (In 2023 the corresponding allocation was NOK 26% and USD 74%). With the change in functional currency from NOK/BRL to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals will be significantly reduced in the P&L. A reasonable change in the currency of NOK and BRL versus USD of 10% would have an estimated effect on equity of MNOK 68 (MNOK 874 in 2023). The effect in 2024 is calculated based on net assets nominated in NOK and BRL.The effect in 2023 is calculated based on Interest bearing liabilities.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__88": {
"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 involved repayment of the outstanding BNOK 11.3 under the secured loan agreement that was entered into in connection with the 2020 restructuring and refinancing of the Group. The Maximus Settlement involved payment of MNOK 1,014 (MUSD 91.45) and MNOK 200 of the Residual Claim, and forgiveness of the remaining claim of approximately MNOK 865. A new facility was drawn of BNOK 1.1 (MUSD 100), and the Superior loan was also refinanced under this facility (Reference to note 8 for further detail). The remaining debt in the Group follows ordinary repayment structures, and the majority of the debt matures in November 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 31.12.20243 monthsmonthsyearsyearsyears TotalInterest bearing liabilities 9,112 254,405 1,132,176 103,736 280,461 1,779,890Lease obligations 181,962 515,445 2,421,349 113,065 - 3,231,820Account payables 201,925 - - - - 201,925Interest payments 78,197 306,703 506,250 37,540 12,180 940,870471,197 1,076,553 4,059,775 254,340 292,641 6,154,505Less 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 17,560,514(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 Mortgage Debt and Other Liabilities. (2) Lease obligation for Normand Maximus of MNOK 1,950 is classified as current liability in 2023. MNOK 1.833 is related to the Residual Claim which is falling due on 31 March 2024. Reference to Note 8 Mortgage Debt and Other Liabilities.",
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"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__89": {
"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 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024. 31.12.2024 31.12.2023Total equity 3,268,610 1,824,550Total assets 8,981,895 19,635,341Equity ratio 36% 9%",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__92-1": {
"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s6__6__91-1": {
"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.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, Switzerland 50 % 31/12/2024Omega Subsea Robotics AS (OSRAS) JV \u00d8len, Norway 50 % 31/12/2024Skudesneshavn, Solstad Maritime Holding AS (SMH)* ACNorway 27.3 % 31/12/2024* included as associate from 16 January 2024Normand Installer SA owns one construction 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 Maritime Holding AS main activities are the operation of offshore service and construction vessels. All the above investments are strategic for the Group.Solstad Maritime Holding AS was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time, reference note 2 and 3. Maximus Limited is consolidated in the Group as of November, reference note 2 and 3. Solstad Offshore Crewing Services Philippines and Remota Holding AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS (reference to note 2 and 3). Windstaller Alliance AS was sold to Solstad Maritime Holding AS on 15 January 2024. Omega Subsea Robotics AS is classified as Assets held for sale, reference note 5 Assets held for sale. Deconsolidation and aquisition Solstad MaritimeThe effects of deconsolidating Solstad Maritime is specified in the table below:TotalFair value of Solstad Maritime 1,619,727Derecognition book value of net assets related to Solstad Maritime -1,649,997Derecognition book value of non-controlling interests related to Solstad Maritime 30,510Net loss from deconsolidation of Solstad Maritime 16 January 2024 -240A net loss of MNOK 0.2 has been recognized, mainly related to foreign exchange movement and accounting impacts from repayment of secured debt before maturity date.The fair value of the transaction is MNOK 1,620. No additional values has been identified through the performed PPA. An impairment of MNOK 578 was recognized in 2023, and allocated to the vessels. Following the transaction, Solstad Maritime has recognized reversal of impairments of MNOK 531, which has not been taken into account in SOFF\u2019s share of Solstad Maritimes result. These adjustments leads to adjusted depreciations in the Goroups share of result, with MUSD 3,042 adjusted for in 2024. Consolidation Maximus LimitedFollowing the Maximus Settlement (reference note 3) Maximus Limited was consolidated into the Group, as the Group gained full control of the company. The effect of gaining control is payment to the lenders of MNOK 200 less the fair value of the company after the settlement set to MNOK 64, which is the book value of equity (mainly cash), net of taxes following the transaction.Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202Financial assets at fair value - non-current2024 2023Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) - - 29,54 % 2,991Hafast AS (Classified as assets held for sale) - - 2,64 % -Total - 2,991The shares in Bleivik SIM Holding AS and Hagast AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Investments in shares - current2024 2023Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) - - - 10 000 5,48 % 22,500Total - 22,500The shares in Reach Subsea ASA was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Subsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
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"value": "Financing Risk The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:Average Drawn Maturity interval Interest intervalinterestLoan, fixed interest 642,714 10.11.2026 10.03.2031 3,63% 6,32% 5,49%Loan, floating interest 1,135,637 10.11.2026 10.12.2027 9,24% 13,25% 12,24%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%Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for saleNote 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.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, Switzerland 50 % 31/12/2024Omega Subsea Robotics AS (OSRAS) JV \u00d8len, Norway 50 % 31/12/2024Skudesneshavn, Solstad Maritime Holding AS (SMH)* ACNorway 27.3 % 31/12/2024* included as associate from 16 January 2024Normand Installer SA owns one construction 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 Maritime Holding AS main activities are the operation of offshore service and construction vessels. All the above investments are strategic for the Group.Solstad Maritime Holding AS was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time, reference note 2 and 3. Maximus Limited is consolidated in the Group as of November, reference note 2 and 3. Solstad Offshore Crewing Services Philippines and Remota Holding AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS (reference to note 2 and 3). Windstaller Alliance AS was sold to Solstad Maritime Holding AS on 15 January 2024. Omega Subsea Robotics AS is classified as Assets held for sale, reference note 5 Assets held for sale. Deconsolidation and aquisition Solstad MaritimeThe effects of deconsolidating Solstad Maritime is specified in the table below:TotalFair value of Solstad Maritime 1,619,727Derecognition book value of net assets related to Solstad Maritime -1,649,997Derecognition book value of non-controlling interests related to Solstad Maritime 30,510Net loss from deconsolidation of Solstad Maritime 16 January 2024 -240A net loss of MNOK 0.2 has been recognized, mainly related to foreign exchange movement and accounting impacts from repayment of secured debt before maturity date.The fair value of the transaction is MNOK 1,620. No additional values has been identified through the performed PPA. An impairment of MNOK 578 was recognized in 2023, and allocated to the vessels. Following the transaction, Solstad Maritime has recognized reversal of impairments of MNOK 531, which has not been taken into account in SOFF\u2019s share of Solstad Maritimes result. These adjustments leads to adjusted depreciations in the Goroups share of result, with MUSD 3,042 adjusted for in 2024. Consolidation Maximus LimitedFollowing the Maximus Settlement (reference note 3) Maximus Limited was consolidated into the Group, as the Group gained full control of the company. The effect of gaining control is payment to the lenders of MNOK 200 less the fair value of the company after the settlement set to MNOK 64, which is the book value of equity (mainly cash), net of taxes following the transaction.Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202Financial assets at fair value - non-current2024 2023Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) - - 29,54 % 2,991Hafast AS (Classified as assets held for sale) - - 2,64 % -Total - 2,991The shares in Bleivik SIM Holding AS and Hagast AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Investments in shares - current2024 2023Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) - - - 10 000 5,48 % 22,500Total - 22,500The shares in Reach Subsea ASA was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Subsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
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"value": "Fair ValueEstimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to NOK. 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 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueCash to bank 22 381,835 381,835 501,014 501,014Investments in shares (non-current) 15 - - 581 581Loans to joint ventures 67,672 67,672 63,141 63,141Accounts receivable 750,653 750,653 613,735 613,735Other current receivables 246,474 246,474 224,773 224,773Total financial assets 1,446,635 1,446,635 1,403,244 1,403,244Classified as Assets held for sale - - 3,187,350 3,187,350Financial liabilities 2024 2023Carrying Carrying Noteamounts Fair valueamounts Fair valueMortgage loan with floating interests 8 1,136,205 1,136,205 11,342,661 11,342,661Mortgage loan with fixed interests 8 642,714 642,714 669,491 669,491Trade and other payables 201,925 201,925 138,762 138,762Other current liabilities 489,203 489,203 408,678 408,678Total financial liabilities 2,470,046 2,470,046 12,559,592 12,559,592Hereof current part of non-current debt 276,782 276,782 11,380,520 11,380,520Classified as Liabilities directly associated with the assets held for sale - - 865,368 865,368Fair 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 15 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 15 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. The following table show book value of financial instruments according to the hierarchy above:2024 2023Current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in listed shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 22,5002024 2023Non current financial assets Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Investment in shares - - - - - -Total per level - - - - - -Total all levels - -Classified as assets held for sale - 2,9912024 2023Current financial liabilities Level 1 Level 2 Level 3 Level 1 Level 2 Level 3Debt to credit institutions - - - - - 139,501Total per level - - - - - 139,501Total all levels - 139,501Financial assets and financial liabilities measured at amortized cost, but for which fair value is disclosed, are valued at level 2 (Cash to bank and Mortgage 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 31.12.2024or lossprofit or lossthrough OCIamortized cost TotalsaleAssetsEquity instrumentsMarket based shares - - - - - -Investments in stocks and shares - - - - - -Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 67,672 67,672 -Accounts receivable - - - 750,653 750,653 -Other current receivables - - - 246,474 246,474 -Cash and cash equivalents - - - 381,835 381,835 -Total Financial assets - - - 1,446,635 1,446,635 -LiabilitiesInterest bearing loans and borrowingsInterest bearing liabilities - - - 1,778,918 1,778,918 -Other non-current liabilities - - - - - -Other financial liabilitiesTrade and other payables - - - 201,925 201,925 -Other current liabilities - - - 489,203 489,203Total financial liabilities - - - 2,470,046 2,470,046 -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 - 581 3,572 2,991Debt instrumentsOther non-current receivables - - - - - -Loans to joint ventures - - - 63,141 63,141 -Accounts receivable - - - 1,954,825 1,954,825 1,341,090 Other current receivables - - - 663,586 663,586 438,813Cash and cash equivalents - - - 1,882,971 1,882,971 1,381,956 Total Financial assets - 25,491 - 4,565,103 4,590,595 3,187,350LiabilitiesInterest bearing loans and borrowingsInterest 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 Other current liabilities - - - 938,343 938,343 529,665Total financial liabilities - 139,501 - 13,285,459 13,424,960 865,368 *Classified as Assets held for sale",
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"f1__s6__6__105": {
"value": "Note 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__98": {
"value": "Note 8: Mortgage Debt and Other Liabilities2024 2023Interest bearing liabilities 1,502,136 630,587Other non-current liabilities - 1,046Leasing liabilities 2,534,443 1,795,630Total non-current debt 4,036,579 2,427,263Current portion of non-current debt 974,159 13,345,993Non-current debt classified as Liabilities directly associated with the Assets held for sale - 122,572For maturity profile reference is made to Note 7 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments.The reinstated debt to credit institutions from October 2020 was recognized at its fair value in 2020. When the fleet loanin Solstad Shipholding was repaid on 16 January 2024 the remaining of the balance was booked with MNOK 47 as Otherfinancial expenses and MNOK 32 as Interest charges. Initial recognition 20.10.2020 -1,066,639Fair value adjustment 01.01.2024* -77,350Amortization 2024 80,320Unrealised currency loss -2,969Fair value adjustment 31.12.2024 -* Classified as current interest bearing liabilitiesMaximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__112-1": {
"value": "Maximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All 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\u2019 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 and gas tax regime (REPETRO). There are several cases where Brazilian Tax Authorities claim to have identified procedural error, and where large fines are imposed.The Company\u2019s subsidiaries in Brazil; Solstad Shipping Ltda., Solstad Navegac\u00e3o Mar\u00edtima Ltda. and Solstad Offshore Ltda. have all received claims related 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 reliably. The total potential claim amounts to approximately MNOK 345 (MNOK 365). The decrease in 2024 is due to currency MNOK 48 offset by increased interest and surcharges MNOK 19. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 7.9 (MNOK 17.6 in 2023). Legal fees are expensed as incurred.Normand MaximusThe vessel has been rented out on a charter party to a customer from November 2023 with redelivery in May 2024. During the full time period the vessel was detained by the authorities. During the detention period total hire and other costs has been invoiced the charterer of MUSD 24, in which the charter has denied liability. The Group has made an assessment with regards to satisfaction of the performance obligations in accordance with IFRS 15 and recognition of lease revenues in accordance with IFRS 16, and find that the revenue should be recognized. The conclusion is also supported by the Group\u2019s legal advisors. The parties has initiated arbitration proceedings in order to resolve the dispute. The Group assesses that they are likely to succeed and be awarded their claims under the charter party against the charterers. This assessment is also supported by the legal advisors. Should the final ruling of the arbitration be in the customers favour, the impact would be a MNOK 265 loss. The arbitration is scheduled to April 2026. As of 31 December 2024 a net revenue of MNOK 265 has been recognized. An additional amount of MNOK 85 is invoiced and a corresponding loss recognition of MNOK 85 is taken related to invoiced additional services and interest for late payments. 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 2024 was MNOK 1.Kistefos ASOn 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of the Group, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in the Group resulting from the Refinancing. The main hearing is scheduled to commence in the Oslo District Court in October 2025. This might require the Company to allocate resources, both financial and human, to address the lawsuit, potentially diverting management and board members from their daily tasks and strategic objectives. Such a diversion might lead to a decline in efficiency and decision-making within the Company. Additionally, the lawsuit could negatively impact the Company\u2019s reputation, especially if it receives public attention, which may affect the Company\u2019s relationships with customers, suppliers, and investors. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__111-1": {
"value": "Maximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All 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\u2019 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 and gas tax regime (REPETRO). There are several cases where Brazilian Tax Authorities claim to have identified procedural error, and where large fines are imposed.The Company\u2019s subsidiaries in Brazil; Solstad Shipping Ltda., Solstad Navegac\u00e3o Mar\u00edtima Ltda. and Solstad Offshore Ltda. have all received claims related 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 reliably. The total potential claim amounts to approximately MNOK 345 (MNOK 365). The decrease in 2024 is due to currency MNOK 48 offset by increased interest and surcharges MNOK 19. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 7.9 (MNOK 17.6 in 2023). Legal fees are expensed as incurred.Normand MaximusThe vessel has been rented out on a charter party to a customer from November 2023 with redelivery in May 2024. During the full time period the vessel was detained by the authorities. During the detention period total hire and other costs has been invoiced the charterer of MUSD 24, in which the charter has denied liability. The Group has made an assessment with regards to satisfaction of the performance obligations in accordance with IFRS 15 and recognition of lease revenues in accordance with IFRS 16, and find that the revenue should be recognized. The conclusion is also supported by the Group\u2019s legal advisors. The parties has initiated arbitration proceedings in order to resolve the dispute. The Group assesses that they are likely to succeed and be awarded their claims under the charter party against the charterers. This assessment is also supported by the legal advisors. Should the final ruling of the arbitration be in the customers favour, the impact would be a MNOK 265 loss. The arbitration is scheduled to April 2026. As of 31 December 2024 a net revenue of MNOK 265 has been recognized. An additional amount of MNOK 85 is invoiced and a corresponding loss recognition of MNOK 85 is taken related to invoiced additional services and interest for late payments. 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 2024 was MNOK 1.Kistefos ASOn 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of the Group, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in the Group resulting from the Refinancing. The main hearing is scheduled to commence in the Oslo District Court in October 2025. This might require the Company to allocate resources, both financial and human, to address the lawsuit, potentially diverting management and board members from their daily tasks and strategic objectives. Such a diversion might lead to a decline in efficiency and decision-making within the Company. Additionally, the lawsuit could negatively impact the Company\u2019s reputation, especially if it receives public attention, which may affect the Company\u2019s relationships with customers, suppliers, and investors. 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.",
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"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__110-1": {
"value": "Maximus Settlement On 22 November 2024 the Group entered into an agreement with MYF Maximus Limited related to settlement of the Residual Claim, reference to note 2. The Maximus Settlement involved a repayment of the Residual Claim with MUSD 91.45 and MNOK 200, and forgiveness of the remaining MNOK 868 of the total claim. The Residual Claim has been classified and booked as a leasing liability in accordance with IFRS 16. The debt forgiveness of MNOK 868 was booked as a reduction of the Right of Use asset on the vessel.Solstad Offshore 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 1,952 (MNOK 3,625 in 2023), where the full amout is related to the leasing agreement. Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All 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\u2019 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 and gas tax regime (REPETRO). There are several cases where Brazilian Tax Authorities claim to have identified procedural error, and where large fines are imposed.The Company\u2019s subsidiaries in Brazil; Solstad Shipping Ltda., Solstad Navegac\u00e3o Mar\u00edtima Ltda. and Solstad Offshore Ltda. have all received claims related 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 reliably. The total potential claim amounts to approximately MNOK 345 (MNOK 365). The decrease in 2024 is due to currency MNOK 48 offset by increased interest and surcharges MNOK 19. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MNOK 7.9 (MNOK 17.6 in 2023). Legal fees are expensed as incurred.Normand MaximusThe vessel has been rented out on a charter party to a customer from November 2023 with redelivery in May 2024. During the full time period the vessel was detained by the authorities. During the detention period total hire and other costs has been invoiced the charterer of MUSD 24, in which the charter has denied liability. The Group has made an assessment with regards to satisfaction of the performance obligations in accordance with IFRS 15 and recognition of lease revenues in accordance with IFRS 16, and find that the revenue should be recognized. The conclusion is also supported by the Group\u2019s legal advisors. The parties has initiated arbitration proceedings in order to resolve the dispute. The Group assesses that they are likely to succeed and be awarded their claims under the charter party against the charterers. This assessment is also supported by the legal advisors. Should the final ruling of the arbitration be in the customers favour, the impact would be a MNOK 265 loss. The arbitration is scheduled to April 2026. As of 31 December 2024 a net revenue of MNOK 265 has been recognized. An additional amount of MNOK 85 is invoiced and a corresponding loss recognition of MNOK 85 is taken related to invoiced additional services and interest for late payments. 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 2024 was MNOK 1.Kistefos ASOn 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of the Group, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in the Group resulting from the Refinancing. The main hearing is scheduled to commence in the Oslo District Court in October 2025. This might require the Company to allocate resources, both financial and human, to address the lawsuit, potentially diverting management and board members from their daily tasks and strategic objectives. Such a diversion might lead to a decline in efficiency and decision-making within the Company. Additionally, the lawsuit could negatively impact the Company\u2019s reputation, especially if it receives public attention, which may affect the Company\u2019s relationships with customers, suppliers, and investors. 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.",
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"f1__s6__6__106": {
"value": "Book value of pledged assets: 2024 2023Bank deposits and cash equivalents 381,835 501,014Account receivables 750,653 312,428Vessels 1,446,439 1,297,543Pledged assets included as held for sale - 12,474,140Total carrying value 2,578,928 14,585,126All owned vessels are placed as security for the mortgages.",
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"value": "CovenantsSolstad Offshore ASA is subject to various financial covenants under its prevailing financing agreements. The maturity date for the Solstad Offshore ASA Refinancing related to the discharge of the Residual Claim are 19 November 2027 and 21 November 2029 respectively for the term and revolving credit facility with DNB Bank ASA (MNOK 1,135 outstanding). The maturity date for the underlying vessel financing in Normand Intstaller SA with ING is 15 December 2026 (not consolidated). The Group\u2019s financing of four vessels financed with the Brazilian development bank, BNDES, is financed under four cross collateralised loan agreements with cash sweep mechanism, following amendments to these financing agreements in 2022. Maturity is November 2026, June 2027, December 2027 and March 2031 respectively (MNOK 642 outstanding). 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 and Solstad Superior AS was guaranteed by the Company. The Company\u2019s guarantee liabilities for the 2020 fleet loan were released on completion of the refinancing of the Solstad Maritime group 16 January 2024, and on 22 November for the Solstad Superior AS financing. The loan agreements entered into in Solstad Shipping Ltda is guaranteed by Solstad Shipholding AS, while the facility agreement in Solstad Navegacao Maritimos Ltda is guaranteed by both Solstad Shipholding and Solship Invest 3 AS. The loan agreements in NISA Ltd is not guaranteed.Solstad Offshore ASA (consolidated level - quarterly measurement)1. Positive working capital 2. Min free liquidity: Available Cash min MUSD 30 including undrawn part of Revolving Credit Facility (MUSD 20) 3. Leverage ratio < 3.50x (first time measured 30 June 2025) 4. Market Capitalisation > MUSD 1205. FMV for allocated vessel(s) > MUSD50 Normand Installer SA (company level - quarterly measurement) (50.1%) 1. Positive working capital2. Minimum free liquidity MUSD 0.253. Minimum MVC 200% Solstad Shipping Ltda and 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 2024, and expect to be in compliance for the next 12 months.Borrowing cost and interest relief: 2024 2023Capitalization borrowing cost 12,326 7,022Capitalized 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 cost of MNOK 13 has been incurred during 2024, relating to the Maximus settlement and refinancing of the residual claim.Other non-current liabilitiesOther non-current liabilities is MNOK 0 (MNOK 1 in 2023). The convertible loans are no longer relevant due to the refinancing on 16 January 2024, and the loans were set to zero and a gain of MNOK 1 was booked as other financial income. Solstad Offshore ASA has not issued any Parent Company Guarantees.Changes in liabilities arising from financing activitiesIncluded as Liabilites directly associated with the 1 January Fair value assets held 31 December 2024adjustment Cash flows* Other**for sale2024Current interest bearing liabilities*** 11,380,520 - -11,636,175 532,438 - 276,782Non-current interest bearing liabilities 630,587 - 1,095,412 -223,862 - 1,502,136Current leasing obligations 1,965,474 - -1,637,689 369,593 - 697,377Non-current leasing obligations 1,795,630 - - 738,814 - 2,534,443Other non-current liabilities 1,046 - - -1,046 - -Total liabilities from financing activities 15,773,256 - -12,178,453 1,415,936 - 5,010,739* 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.*** A cash inflow of BNOK 11.3 was received from Solstad Maritime following the deconsolidation of that group on 16 January 2024. All vessels included in the fleet loan was part of the Solstad Maritime group, but the fleet loan remaind in Solstad Offshore. An internal loan between SOFF and Solstad Maritime existed but was eliminated in the Group before the deconsolidation. Following the deconsolidation the loan was repaid by Solstad Maritime and the funds used to repay the external fleet loan.Included 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.Note 9: Property, Plant and EquipmentVessel Other assets TotalAcquisition cost 01.01.2024 14,587,974 208,600 14,796,574Acc. depreciation/ impairment 01.01.2024 -13,407,168 -190,890 -13,598,058Carrying value 01.01.2024 1,180,806 17,710 1,198,516Additions 13,997 1,750 15,746Disposals - -2,237 -2,237Transfer to asset held for sale - - -Translation differences 133,898 7,786 141,684Cost price 31.12.2024 14,735,869 215,899 14,951,767Acc. depreciations/ impairment 31.12.2024 -13,450,649 -202,512 -13,653,161Carrying value 31.12.2024 1,285,220 13,386 1,298,606Depreciation current period -43,481 -5,880 -49,361Impairment current period - -5,742 -5,742Vessel 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 -425 360,572Capitalized periodic maintenance 2024 2023Capitalized periodic maintenance at 01.01 116,737 789,537Additions this year 80,397 573,458Disposal this year - -Transfer to asset held for sale - -1,018,367Depreciation this year -44,991 -213,726Impairment this year - -26,719Translation differences 9,076 12,555Capitalized periodic maintenance at 31.12 161,220 116,737Specification 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 01.01.2024 9,898,380 512,819 6,433 10,417,631Deconsolidation Solstad Maritime -9,898,380 -512,819 -6,433 -10,417,631Closing balance 31.12.2024 - - - -Each part of a fixed asset that is significant to the total cost 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 for Solstad is 20 years (will be changed to 25 years with prospective effect from Janaury 2025). The useful life of a vessel is adjusted if there are factors indicating increased timeframe for utilization of the vessel. 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 1,446 (MNOK 11,763 in 2023) are held as a guarantee for the Group\u2019s loans, see note 8 Mortgage Debt and Other Liabilities. There is no capitalized interest in 2024 or 2023.Impairment Valuation of PPEQuarterly, 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. Budget and forecasts for the next five years (2025-2029) show continued high activity and stabilization of the market at a strong level, especially in the CSV/renewable segment. For the CSVs there are indicators that reversal of impairment could be done. The AHTS vessels in the fleet are increasing in age, and extensive CapEx investments would be necessary the next years. Also the rate level for these vessels have been adjusted to a lower level than prior forecasts.These factors indicate the need for revaluation of the AHTS 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 with impairment indicators, and for vessels where a reversal of impairment could be relevant. 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 the vessels tested, value in use was the basis for the recoverable amount.The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).Discount RateThe discount rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the 10-year USD 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 discount 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 post-tax rate. The discount rate used for 2024 is 13.5%. 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 in the vessels assumed operational area over the prognosis period. Day rates 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 independent third parties. InflationNo inflation of income in 2025, 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, but has been adjusted to reflect the change to 25 year useful life. Initially the value is set to 37.5% 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 25 years old. It is assumed that the vessels are disposed after 25 years in operation. Average life of the core fleet is 15 years, with respectively 19 years average for the AHTS vessels and 12 years for the CSV vessels.Impairment TestingThe Group tested 3 AHTS vessels for impairment, and one CSV for reversal of impairment. A total net reversal of impairments of MNOK 529 has been recognized in Impairment of fixed assets in 2024. TotalNormand Maximus - Right of use asset (1) -534,303Other impairments - Other assets (2) 5,742Total impairment /reversal of impairment (-) -528,561(1) Reversal of impairment of MNOK 534 is related to the Right of Use asset of Normand Maximus. The vessel has showed solid operating results over time, and the updated five year plan supports continued strong operating results. The charter rates in the forecast are supported by firm contracts until end of 2026. Further reference is made to Note 10 Right-of-use assets. (2) An impairment of MNOK 6 has been booked for Other assets related to the leased office in \u00c5lesund (Skansekaia). The company having the long term lease of the building filed for bankruptcy in November 2024. All Other assets related to building were impaired. The right of use asset was deconsolidated in November 2024 following the bankruptcy.Sensitivity and Scenario CalculationsThe sensitivity of the value-in-use-calculations for the vessels with impairment or reversal of previously 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 impairment between MNOK 34-39. A yearly change in utilization for the prognosis period bringing the income down by 3-6%, indicates a potential impairment between MNOK 46-63. The Group has recognized significant reversal of impairments in the years 2022-2024 due to continued improved market conditions. As of 31 December 2024 remaining room for reversal of prior year impairments exists for the AHTS vessels at around MNOK 80. For the CSVs there are no prior year impairments to be reversed. If rates/utilization increases more rapidly than Group\u2019s expectations the vessel values are sensitive to further reversals of previous year\u2019s impairment, reference made to Note 2.Climate-Related MattersThe Group constantly monitors the latest regulatory changes in relation to climate-related matters. A climate scenario analysis has been conducted during 2024 to assess the resilience of the Groups strategy and business model. The climate scenarios are compatible with the assumptions made in the financial statements. 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 Group\u2019s OpEx, as higher fuel prices due to CO levies or the cost of green fuels will for the 2most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2024 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 boar approved forecasts for the vessels do not include green investments as of 31 December 2024. 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 consisted of the Solstad Maritime group as of 31 December 2023, which was deconsolidated and booked as an associate as of 16 January 2024. No Property, plant and equipment are held for sale as of 31 December 2024 (reference note 5).The Group has recognized a total gain of MNOK 31 on Gain/-loss on sale of assets. This is mainly related to two deconsolidations during the year. Only minor other assets are sold during the year. 2024Deconsolidation Solstad Maritime (reference note 15) -240Deconsolidation Skansekaia Drift (reference note 10) 31,066Minor gains/losses (-) 307Total gains/losses (-) 31,133",
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"f1__s6__6__115-1": {
"value": "Note 9: Property, Plant and EquipmentVessel Other assets TotalAcquisition cost 01.01.2024 14,587,974 208,600 14,796,574Acc. depreciation/ impairment 01.01.2024 -13,407,168 -190,890 -13,598,058Carrying value 01.01.2024 1,180,806 17,710 1,198,516Additions 13,997 1,750 15,746Disposals - -2,237 -2,237Transfer to asset held for sale - - -Translation differences 133,898 7,786 141,684Cost price 31.12.2024 14,735,869 215,899 14,951,767Acc. depreciations/ impairment 31.12.2024 -13,450,649 -202,512 -13,653,161Carrying value 31.12.2024 1,285,220 13,386 1,298,606Depreciation current period -43,481 -5,880 -49,361Impairment current period - -5,742 -5,742Vessel 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 -425 360,572Capitalized periodic maintenance 2024 2023Capitalized periodic maintenance at 01.01 116,737 789,537Additions this year 80,397 573,458Disposal this year - -Transfer to asset held for sale - -1,018,367Depreciation this year -44,991 -213,726Impairment this year - -26,719Translation differences 9,076 12,555Capitalized periodic maintenance at 31.12 161,220 116,737Specification 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 01.01.2024 9,898,380 512,819 6,433 10,417,631Deconsolidation Solstad Maritime -9,898,380 -512,819 -6,433 -10,417,631Closing balance 31.12.2024 - - - -Each part of a fixed asset that is significant to the total cost 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 for Solstad is 20 years (will be changed to 25 years with prospective effect from Janaury 2025). The useful life of a vessel is adjusted if there are factors indicating increased timeframe for utilization of the vessel. 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 1,446 (MNOK 11,763 in 2023) are held as a guarantee for the Group\u2019s loans, see note 8 Mortgage Debt and Other Liabilities. There is no capitalized interest in 2024 or 2023.Impairment Valuation of PPEQuarterly, 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. Budget and forecasts for the next five years (2025-2029) show continued high activity and stabilization of the market at a strong level, especially in the CSV/renewable segment. For the CSVs there are indicators that reversal of impairment could be done. The AHTS vessels in the fleet are increasing in age, and extensive CapEx investments would be necessary the next years. Also the rate level for these vessels have been adjusted to a lower level than prior forecasts.These factors indicate the need for revaluation of the AHTS 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 with impairment indicators, and for vessels where a reversal of impairment could be relevant. 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 the vessels tested, value in use was the basis for the recoverable amount.The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).Discount RateThe discount rate is based on a weighted average cost of capital (WACC) for the Group. The cost of equity is derived from the 10-year USD 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 discount 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 post-tax rate. The discount rate used for 2024 is 13.5%. 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 in the vessels assumed operational area over the prognosis period. Day rates 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 independent third parties. InflationNo inflation of income in 2025, 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, but has been adjusted to reflect the change to 25 year useful life. Initially the value is set to 37.5% 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 25 years old. It is assumed that the vessels are disposed after 25 years in operation. Average life of the core fleet is 15 years, with respectively 19 years average for the AHTS vessels and 12 years for the CSV vessels.Impairment TestingThe Group tested 3 AHTS vessels for impairment, and one CSV for reversal of impairment. A total net reversal of impairments of MNOK 529 has been recognized in Impairment of fixed assets in 2024. TotalNormand Maximus - Right of use asset (1) -534,303Other impairments - Other assets (2) 5,742Total impairment /reversal of impairment (-) -528,561(1) Reversal of impairment of MNOK 534 is related to the Right of Use asset of Normand Maximus. The vessel has showed solid operating results over time, and the updated five year plan supports continued strong operating results. The charter rates in the forecast are supported by firm contracts until end of 2026. Further reference is made to Note 10 Right-of-use assets. (2) An impairment of MNOK 6 has been booked for Other assets related to the leased office in \u00c5lesund (Skansekaia). The company having the long term lease of the building filed for bankruptcy in November 2024. All Other assets related to building were impaired. The right of use asset was deconsolidated in November 2024 following the bankruptcy.Sensitivity and Scenario CalculationsThe sensitivity of the value-in-use-calculations for the vessels with impairment or reversal of previously 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 impairment between MNOK 34-39. A yearly change in utilization for the prognosis period bringing the income down by 3-6%, indicates a potential impairment between MNOK 46-63. The Group has recognized significant reversal of impairments in the years 2022-2024 due to continued improved market conditions. As of 31 December 2024 remaining room for reversal of prior year impairments exists for the AHTS vessels at around MNOK 80. For the CSVs there are no prior year impairments to be reversed. If rates/utilization increases more rapidly than Group\u2019s expectations the vessel values are sensitive to further reversals of previous year\u2019s impairment, reference made to Note 2.Climate-Related MattersThe Group constantly monitors the latest regulatory changes in relation to climate-related matters. A climate scenario analysis has been conducted during 2024 to assess the resilience of the Groups strategy and business model. The climate scenarios are compatible with the assumptions made in the financial statements. 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 Group\u2019s OpEx, as higher fuel prices due to CO levies or the cost of green fuels will for the 2most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2024 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 boar approved forecasts for the vessels do not include green investments as of 31 December 2024. 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 consisted of the Solstad Maritime group as of 31 December 2023, which was deconsolidated and booked as an associate as of 16 January 2024. No Property, plant and equipment are held for sale as of 31 December 2024 (reference note 5).The Group has recognized a total gain of MNOK 31 on Gain/-loss on sale of assets. This is mainly related to two deconsolidations during the year. Only minor other assets are sold during the year. 2024Deconsolidation Solstad Maritime (reference note 15) -240Deconsolidation Skansekaia Drift (reference note 10) 31,066Minor gains/losses (-) 307Total gains/losses (-) 31,133Note 10: Right-of-use AssetsRight-of-use assetsLease Vessels Equipment Office TotalliabilitiesOpening balance 01.01.2024 2,699,030 - 90,317 2,789,346 3,761,103Other adjustments (1) -576,192 - 8,024 -568,168 -440,769 Additions (2) 1,098,823 72,439 5,209 1,176,470 1,176,470 Disposals (3) - - -94,724 -94,724 -127,458 Translation differences 318,087 826 10,684 329,596 336,745 Depreciation -738,977 -14,067 -15,630 -768,675 - Impairment (4) 534,303 - - 534,303 - Interest expense - - - - 419,173 Lease payments (5) - - - - -1,893,445 Closing balance 31.12.2024 3,335,073 59,197 3,878 3,398,149 3,231,820Right-of-use assetsLease 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 3,761,103The following are the amounts recognised in profit or loss: 2024 2023Depreciation expense of right-of-use assets 768,674 447,496Interest expense on lease liabilities 419,173 438,658Variable lease payments expensed in the period* - 68,890Operating expenses in the period related to current leases 216,214 225Total lease expenses included in other operating expenses 1,404,062 955,270*The Group had two vessels on lease with variable lease payments in 2023.The Group had total cash outflows for leases of MNOK 1,893 in 2024 (MNOK 382 in 2023).(1) Other adjustments include an adjustment of the Right of Use asset of Normand Maximus of MNOK 932 following the Maximus Settlement and forgivenes of the remaining amount of the Residual Claim. Reference to note 2 and 3.(2) Additions of MNOK 1,176 is related to leases of vessels from Solstad Maritime to the Group following the deconsolidation of Solstad Maritime with MNOK 1,099 and leases of two ROVs on Maximus of MNOK 72. The remaining amount of MNOK 5 is related to a new lease of offices in Brazil. (3) The disposal on Right of use office of MNOK 95 and lease liability of MNOK 127 is related to the leased offices in \u00c5lesund, due to the deconsolidation of Skansekaia Drift AS following the bankruptcy of the company in November 2024. The net amount of negative MNOK 33 is also the main part of the gain recognized from deconsolidation of the company, reference note 9.(4) Reversal of impairment of MNOK 534 is related to Normand Maximus, reference note 9, due to new contract confirming the forecasts in the five-year model.(5) Lease payments of MNOK 1,214 is payment of the Residual claim following the Maximus Settlement, reference note 8.Impairment Testing of Right-of-Use AssetsNo impairment indicators has been identified by the Company related to the right of use assets. A reversal indicator was identified for the Maximus lease related to securing firm contracts for future periods, confirming the forecasts for the vessel. Based on value-in-use-calculation for the vessel a reversal of impairment of MNOK 534 was recognised in 2024. Further reference is made to Note 9 Property, Plant and Equipment.Normand MaximusThe right of use asset for Maximus is MNOK 2,241 (MNOK 2,699 in 2023) and lease liability is MNOK 1,952 (MNOK 3,625 in 2023). The net decrease in right of use asset is related to reversal of impairment of MNOK 534, offset by the right of use adjustment of negative MNOK 932 and depreciations and revaluations in the period. The net decrease in the lease liability is related to payment of the residual claim of MNOK 1,213, installments of the lease of MNOK 148, debt foregivness of MNOK 865 and remaining effects related to interests of the residual claim of MNOK 152 (increase the liabiliyt) and revaluation. The residual claim is included in the lease obligation with MNOK 0 (MNOK 1,833 in 2023). Reference is made to Note 8 - Mortgage Debt and Other Liabilities. GuaranteeVessel lease liability related to the residual claim was guaranteed by the Parent Company with MUSD 161 plus accumulated interests, but as part of the Maximus settlement in November 2024, the Parent company was released from the guarantee, further reference is made to Note 3.Variable Lease PaymentsThe Company had no vessels on lease with variable lease payment in 2024, as the contract for the two vessels on lease with variable lease payments was terminated in November 2023. The total payments for 2023 was MNOK 68.9.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). The Company owns a gangway that is leased out to customers on a daily rate. The leases has been short term in 2024, and the lease is treated as an operational lease. For the future minimum rentals receivable under non-cancellable operating leases, see note 6.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__116-1": {
"value": "Impairment Valuation of PPEQuarterly, 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. Budget and forecasts for the next five years (2025-2029) show continued high activity and stabilization of the market at a strong level, especially in the CSV/renewable segment. For the CSVs there are indicators that reversal of impairment could be done. The AHTS vessels in the fleet are increasing in age, and extensive CapEx investments would be necessary the next years. Also the rate level for these vessels have been adjusted to a lower level than prior forecasts.These factors indicate the need for revaluation of the AHTS 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 with impairment indicators, and for vessels where a reversal of impairment could be relevant. 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 the vessels tested, value in use was the basis for the recoverable amount.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 tested 3 AHTS vessels for impairment, and one CSV for reversal of impairment. A total net reversal of impairments of MNOK 529 has been recognized in Impairment of fixed assets in 2024. TotalNormand Maximus - Right of use asset (1) -534,303Other impairments - Other assets (2) 5,742Total impairment /reversal of impairment (-) -528,561(1) Reversal of impairment of MNOK 534 is related to the Right of Use asset of Normand Maximus. The vessel has showed solid operating results over time, and the updated five year plan supports continued strong operating results. The charter rates in the forecast are supported by firm contracts until end of 2026. Further reference is made to Note 10 Right-of-use assets. (2) An impairment of MNOK 6 has been booked for Other assets related to the leased office in \u00c5lesund (Skansekaia). The company having the long term lease of the building filed for bankruptcy in November 2024. All Other assets related to building were impaired. The right of use asset was deconsolidated in November 2024 following the bankruptcy.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__126": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__125": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__124": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__123": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__122": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__121": {
"value": "Note 11: Financial ItemsFinancial items 2024 2023Interest expense -569,890 -1,683,318Interest income 79,110 131,700Net currency gain/ loss (-) 182,438 -31,554Income from investment in associates 600,234 -4,824Income from investment in joint ventures 90,482 19,935Gain/ loss (-) financial derivatives - 1,500Gain sale of shares 914 -Impairment of shares -3,171 -Dividends - 900Gain fair value warrants 1,048 -Other financial income/ -expenses (-) -74,044 -13,218Net financial items 307,121 -1,578,879Other financial income of MNOK 184 consists mainly of MNOK 182 in net currency gain. Net currency gain is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan. Other financial expenses of MNOK 77 consits of IFRS 9 fair value adjustment remaining balance of MNOK 47 (the remaining balance of MNOK 32 was booked as interest cost). MNOK 3 is booked as impairment of shares in Omega Subsea Robotic, following the \u201cOmega agreement\u201d, reference note 15. Other financial income/expenses are MNOK 27. Gain on fair value warrants is relating to gain on warrants from the 2020 refinancing not exercised.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__132-1": {
"value": "Note 12: Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses: 2024 2023Technical expenses 137,218 435,049Bunker and lube oil 18,217 172,948Insurance 3,456 110,074Project expenses 254,219 912,377IT, communications and other expenses 155,535 186,730Total other operating expenses 568,645 1,817,179Wages and personnel expenses:Employees, vessels 640,690 1,592,920Employees, administration 76,222 330,718Total employee expenses 716,912 1,923,638Wages and employee expenses:Wages 499,822 1,358,883Social security 103,550 237,362Pension expenses 43,876 31,209Other benefits 44,175 65,662Traveling expenses, courses and other personnel expenses 25,488 230,520Total employee expenses 716,912 1,923,638Average number of FTEs continuing operations* 569 2,135Average number of FTEs discontinuing operations (not reflected in numbers above) - 730* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.Remuneration to Directors, Managing Director and AuditorsFollowing the refinancing and deconsolidation of Solstad Maritime, the Group has hired executive managment from Solstad Maritime. The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Offshore ASA with 75% for CEO and 14% for CFO, COO and CCO. The variable bonus remuneration is allocated with 30% to Solstad Offshore ASA.2024 (100% basis) Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,804 1,933 213 133Kjetil Ramstad (CFO) 2,583 1,291 18 126Tor Johan Tveit (COO) 2,211 1,106 21 127Hans Knut Sk\u00e5r (CCO) 2,216 1,108 19 13312,818 5,440 271 5192023 (100% basis) 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 416There 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 Group\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.There are no active warrants programs in the Company per 31 December 2024.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2024 2023Harald Espedal 790 622Frank O. Reite 487 440Ellen Solstad 423 325Peder Sortland 498 411Ingrid Kylstad 514 411Thorhild Widwey - 325Note 21: PensionThe Group has defined benefit pension plans for seafaring personnel in United Kingdom. The defined benefit pension plan for some of the administrative personnel in Norway was deconsolidated as part of Solstad Maritime on 16 January 2024. The pension plans are insurance based. As of 31 December 2024, the pension plans have 0 active and 60 pensioners as members.The Group has a contribution plan for the majority of the seafaring personnel and administrative staff in Brazil. The Group do not have any employees in Norway. UKUKNORWAYNORWAYThe following assumptions are used:2024 2023 20242023Discounted interest 5.5 % 4.50 % - 3.10 %Expected return - - - 3.10 %Regulation of salaries 3.5 % 3.35 % - 3.50 %Regulation of base amount - - - 3.25 %Regulation of pension 3.0 % 2.85 % - 3.25 %Changes in pension obligation: 2024 2023Estimated liability at beginning of the year 213,715 213,354Interest expense 4,732 8,378Annual pension earnings - 1,458Curtailment / settlement - -Payroll tax employer contribution, assets - -1,107Benefits paid -8,739 -15,595Past service cost - 2,422Actuarial (gain) / loss on the obligation 5,616 4,804Deconsolidation of Solstad Maritime/Skansekaia Drift -113,799 -Estimated liability at year-end 101,525 213,715Changes in plan assets:Opening value of plan assets 193,850 192,973Expected return 4,561 7,553Curtailment / settlement - -Payroll tax of employer contribution, assets - -164Contributions by employer - 7,849Benefits paid -8,739 -13,471Actuarial gain / (loss) 5,786 -890Deconsolidation of Solstad Maritime/Skansekaia Drift -93,934 -Estimated plan assets at year-end 101,525 193,850Net plan assets/liabilities: 2024 2023Pension liabilities 101,525 213,715Plan assets 101,525 193,850Net plan assets/ (liabilities) incl social security - -19,865Social security - -2,455Net plan assets/(liabilities) incl social security classified as Liabilities directly associated with the Assets held for sale - -15,577Pension cost:Present value of pension obligation - 1,057Interest expenses on obligation 4,732 8,378Expected return on plan assets -4,561 -7,553Administration expense 497 565Recognition of past service cost -497 2,422Settlement/curtailmen of net obligation - -Pension cost 171 4,869Payment on contribution plan 43,706 26,340Total pension cost 43,876 31,209Actual return on plan assets 10,347 -6,663Acturial gain and loss (-)Total actaurial gain / loss 171 -2,427Currency -171 -Tax effect - 1,155Actuarial gain / loss booked on Other comprehensive income - -1,272Pension liability for 2024 is based on table S2IA for UK.Pension liability for 2023 is based on table K2013 for Norway and S2IA for UK.Individual Pension AgreementsFrom the merger with Farstad, the Group had an individual pension obligation for four former employees and one former Chairman of the Board. Skansekaia Drift AS was deconsolidated in November 2024, where the individual pension obigation was booked. A total liability of NOK 0 million is included in the net liability above (NOK 0 million in 2023).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.Prior year, for 2023 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__128": {
"value": "Note 12: Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses: 2024 2023Technical expenses 137,218 435,049Bunker and lube oil 18,217 172,948Insurance 3,456 110,074Project expenses 254,219 912,377IT, communications and other expenses 155,535 186,730Total other operating expenses 568,645 1,817,179Wages and personnel expenses:Employees, vessels 640,690 1,592,920Employees, administration 76,222 330,718Total employee expenses 716,912 1,923,638Wages and employee expenses:Wages 499,822 1,358,883Social security 103,550 237,362Pension expenses 43,876 31,209Other benefits 44,175 65,662Traveling expenses, courses and other personnel expenses 25,488 230,520Total employee expenses 716,912 1,923,638Average number of FTEs continuing operations* 569 2,135Average number of FTEs discontinuing operations (not reflected in numbers above) - 730* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__127": {
"value": "Note 12: Other Expenses, Wages, Employees and Distinctive ContributionsOther operating expenses: 2024 2023Technical expenses 137,218 435,049Bunker and lube oil 18,217 172,948Insurance 3,456 110,074Project expenses 254,219 912,377IT, communications and other expenses 155,535 186,730Total other operating expenses 568,645 1,817,179Wages and personnel expenses:Employees, vessels 640,690 1,592,920Employees, administration 76,222 330,718Total employee expenses 716,912 1,923,638Wages and employee expenses:Wages 499,822 1,358,883Social security 103,550 237,362Pension expenses 43,876 31,209Other benefits 44,175 65,662Traveling expenses, courses and other personnel expenses 25,488 230,520Total employee expenses 716,912 1,923,638Average number of FTEs continuing operations* 569 2,135Average number of FTEs discontinuing operations (not reflected in numbers above) - 730* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.Remuneration to Directors, Managing Director and AuditorsFollowing the refinancing and deconsolidation of Solstad Maritime, the Group has hired executive managment from Solstad Maritime. The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Offshore ASA with 75% for CEO and 14% for CFO, COO and CCO. The variable bonus remuneration is allocated with 30% to Solstad Offshore ASA.2024 (100% basis) Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,804 1,933 213 133Kjetil Ramstad (CFO) 2,583 1,291 18 126Tor Johan Tveit (COO) 2,211 1,106 21 127Hans Knut Sk\u00e5r (CCO) 2,216 1,108 19 13312,818 5,440 271 5192023 (100% basis) 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 416There 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 Group\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.There are no active warrants programs in the Company per 31 December 2024.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2024 2023Harald Espedal 790 622Frank O. Reite 487 440Ellen Solstad 423 325Peder Sortland 498 411Ingrid Kylstad 514 411Thorhild Widwey - 3252024 2023Continuing Discontinuing Continuing Discontinuing Auditors EYoperationoperationsoperationoperationsStatutory audit 14,576 - 13,553 8,319Other assurance services 1,300 - 3,836 2,222Other non-audit services 8,826 - 9,714 1,416Total 24,702 - 27,103 11,957Audit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__129": {
"value": "Remuneration to Directors, Managing Director and AuditorsFollowing the refinancing and deconsolidation of Solstad Maritime, the Group has hired executive managment from Solstad Maritime. The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Offshore ASA with 75% for CEO and 14% for CFO, COO and CCO. The variable bonus remuneration is allocated with 30% to Solstad Offshore ASA.2024 (100% basis) Wages Bonus Other benefits Pension costLars Peder Solstad (CEO) 5,804 1,933 213 133Kjetil Ramstad (CFO) 2,583 1,291 18 126Tor Johan Tveit (COO) 2,211 1,106 21 127Hans Knut Sk\u00e5r (CCO) 2,216 1,108 19 13312,818 5,440 271 5192023 (100% basis) 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 416There 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 Group\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.There are no active warrants programs in the Company per 31 December 2024.The Chief Executive Officer has a six-month mutual termination period.Payments to Board of Directors: 2024 2023Harald Espedal 790 622Frank O. Reite 487 440Ellen Solstad 423 325Peder Sortland 498 411Ingrid Kylstad 514 411Thorhild Widwey - 325",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__133": {
"value": "2024 2023Continuing Discontinuing Continuing Discontinuing Auditors EYoperationoperationsoperationoperationsStatutory audit 14,576 - 13,553 8,319Other assurance services 1,300 - 3,836 2,222Other non-audit services 8,826 - 9,714 1,416Total 24,702 - 27,103 11,957Audit 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__134": {
"value": "Note 13: Government Grants2024 2023Net pay scheme at NOR-vessels 4,420 138,430Grants for environmental measures (EU) - 8,000Government grants* 4,420 146,430* Continued and discontinued operationsThe decrease in Net pay scheme is due to the deconsolidation of Solstad Maritime on 16 January 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory",
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"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__136-1": {
"value": "Note 14: Share in SubsidiariesAs 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 ASSolstad Group(s) structureUpdated 31.12.24 OtherAker shareholdersCapital AS32,9%AMSC ASA11,1%42,0%19,6%Solstad 27,3%Maritime Holding ASSolstad Maritime ASSolstadSolstad Solstad ShipowningOperations Management Holding ASHolding ASHolding ASSolstad Farstad SolstadDESS NormandDESS Cyprus RederiShippingManagement ManagementDrift ASLtdASPte LtdASLtd (CYP)Solstad Farstad Shipping Solstad DESS Solstad Solstad SupplyCrewing Services Offshore (UK) Management Mexico ASShipping ASAS*73.34 %Pte LtdLimitedPte Ltd (SIP)SolstadDESS Normand SolstadSolstad Remota Construction PSV IVChartering Offshore Asia Australia Pty Holding ASASLtdAS33.33%Pacific Pte LtdLtd33.33%FarstadSolstad Maximus WindstallerSupply AS Remota ASManagement Shipping ASAlliance AS*(UK)Singapore Pte LtdSolstad Norce Solstad Offshore USV ASOffshore Pte Management Singapore Ltd Australia Pty LtdPte LtdNorce Solstad Offshore Pty Offshore Pty Ltd **Ltd **Norce Nor Offshore Offshore 49.5%Labuan Pte Thailand Ltd Ltd*Solstad Solstad Offshore ROHQ Crewing Services Philippines Pte Ltd(Branch)25%Solstad Maritime Solstad Offshore Solstad Offshore Holding AS groupASA groupCrewing Services Philippines Inc.*Group parentGroup parentVessel Vessel owning entityowning entityJV companyJV companyOther SOFF shareholders67,1%Solstad Offshore ASASolstad Solship Invest Shipholding Solship ASMaximus Ltd3 ASASSolstad 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 pendingNote 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, Switzerland 50 % 31/12/2024Omega Subsea Robotics AS (OSRAS) JV \u00d8len, Norway 50 % 31/12/2024Skudesneshavn, Solstad Maritime Holding AS (SMH)* ACNorway 27.3 % 31/12/2024* included as associate from 16 January 2024Normand Installer SA owns one construction 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 Maritime Holding AS main activities are the operation of offshore service and construction vessels. All the above investments are strategic for the Group.Solstad Maritime Holding AS was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time, reference note 2 and 3. Maximus Limited is consolidated in the Group as of November, reference note 2 and 3. Solstad Offshore Crewing Services Philippines and Remota Holding AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS (reference to note 2 and 3). Windstaller Alliance AS was sold to Solstad Maritime Holding AS on 15 January 2024. Omega Subsea Robotics AS is classified as Assets held for sale, reference note 5 Assets held for sale. Deconsolidation and aquisition Solstad MaritimeThe effects of deconsolidating Solstad Maritime is specified in the table below:TotalFair value of Solstad Maritime 1,619,727Derecognition book value of net assets related to Solstad Maritime -1,649,997Derecognition book value of non-controlling interests related to Solstad Maritime 30,510Net loss from deconsolidation of Solstad Maritime 16 January 2024 -240A net loss of MNOK 0.2 has been recognized, mainly related to foreign exchange movement and accounting impacts from repayment of secured debt before maturity date.The fair value of the transaction is MNOK 1,620. No additional values has been identified through the performed PPA. An impairment of MNOK 578 was recognized in 2023, and allocated to the vessels. Following the transaction, Solstad Maritime has recognized reversal of impairments of MNOK 531, which has not been taken into account in SOFF\u2019s share of Solstad Maritimes result. These adjustments leads to adjusted depreciations in the Goroups share of result, with MUSD 3,042 adjusted for in 2024. Consolidation Maximus LimitedFollowing the Maximus Settlement (reference note 3) Maximus Limited was consolidated into the Group, as the Group gained full control of the company. The effect of gaining control is payment to the lenders of MNOK 200 less the fair value of the company after the settlement set to MNOK 64, which is the book value of equity (mainly cash), net of taxes following the transaction.Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202Financial assets at fair value - non-current2024 2023Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) - - 29,54 % 2,991Hafast AS (Classified as assets held for sale) - - 2,64 % -Total - 2,991The shares in Bleivik SIM Holding AS and Hagast AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Investments in shares - current2024 2023Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) - - - 10 000 5,48 % 22,500Total - 22,500The shares in Reach Subsea ASA was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Subsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__135-1": {
"value": "Note 14: Share in SubsidiariesAs 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 ASSolstad Group(s) structureUpdated 31.12.24 OtherAker shareholdersCapital AS32,9%AMSC ASA11,1%42,0%19,6%Solstad 27,3%Maritime Holding ASSolstad Maritime ASSolstadSolstad Solstad ShipowningOperations Management Holding ASHolding ASHolding ASSolstad Farstad SolstadDESS NormandDESS Cyprus RederiShippingManagement ManagementDrift ASLtdASPte LtdASLtd (CYP)Solstad Farstad Shipping Solstad DESS Solstad Solstad SupplyCrewing Services Offshore (UK) Management Mexico ASShipping ASAS*73.34 %Pte LtdLimitedPte Ltd (SIP)SolstadDESS Normand SolstadSolstad Remota Construction PSV IVChartering Offshore Asia Australia Pty Holding ASASLtdAS33.33%Pacific Pte LtdLtd33.33%FarstadSolstad Maximus WindstallerSupply AS Remota ASManagement Shipping ASAlliance AS*(UK)Singapore Pte LtdSolstad Norce Solstad Offshore USV ASOffshore Pte Management Singapore Ltd Australia Pty LtdPte LtdNorce Solstad Offshore Pty Offshore Pty Ltd **Ltd **Norce Nor Offshore Offshore 49.5%Labuan Pte Thailand Ltd Ltd*Solstad Solstad Offshore ROHQ Crewing Services Philippines Pte Ltd(Branch)25%Solstad Maritime Solstad Offshore Solstad Offshore Holding AS groupASA groupCrewing Services Philippines Inc.*Group parentGroup parentVessel Vessel owning entityowning entityJV companyJV companyOther SOFF shareholders67,1%Solstad Offshore ASASolstad Solship Invest Shipholding Solship ASMaximus Ltd3 ASASSolstad 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 pendingSubsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009",
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"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__145": {
"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, Switzerland 50 % 31/12/2024Omega Subsea Robotics AS (OSRAS) JV \u00d8len, Norway 50 % 31/12/2024Skudesneshavn, Solstad Maritime Holding AS (SMH)* ACNorway 27.3 % 31/12/2024* included as associate from 16 January 2024Normand Installer SA owns one construction 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 Maritime Holding AS main activities are the operation of offshore service and construction vessels. All the above investments are strategic for the Group.Solstad Maritime Holding AS was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time, reference note 2 and 3. Maximus Limited is consolidated in the Group as of November, reference note 2 and 3. Solstad Offshore Crewing Services Philippines and Remota Holding AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS (reference to note 2 and 3). Windstaller Alliance AS was sold to Solstad Maritime Holding AS on 15 January 2024. Omega Subsea Robotics AS is classified as Assets held for sale, reference note 5 Assets held for sale. Deconsolidation and aquisition Solstad MaritimeThe effects of deconsolidating Solstad Maritime is specified in the table below:TotalFair value of Solstad Maritime 1,619,727Derecognition book value of net assets related to Solstad Maritime -1,649,997Derecognition book value of non-controlling interests related to Solstad Maritime 30,510Net loss from deconsolidation of Solstad Maritime 16 January 2024 -240A net loss of MNOK 0.2 has been recognized, mainly related to foreign exchange movement and accounting impacts from repayment of secured debt before maturity date.The fair value of the transaction is MNOK 1,620. No additional values has been identified through the performed PPA. An impairment of MNOK 578 was recognized in 2023, and allocated to the vessels. Following the transaction, Solstad Maritime has recognized reversal of impairments of MNOK 531, which has not been taken into account in SOFF\u2019s share of Solstad Maritimes result. These adjustments leads to adjusted depreciations in the Goroups share of result, with MUSD 3,042 adjusted for in 2024. Consolidation Maximus LimitedFollowing the Maximus Settlement (reference note 3) Maximus Limited was consolidated into the Group, as the Group gained full control of the company. The effect of gaining control is payment to the lenders of MNOK 200 less the fair value of the company after the settlement set to MNOK 64, which is the book value of equity (mainly cash), net of taxes following the transaction.Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202Financial assets at fair value - non-current2024 2023Unlisted shares Share Book value Share Book valueBleivik SIM Holding AS (Classified as assets held for sale) - - 29,54 % 2,991Hafast AS (Classified as assets held for sale) - - 2,64 % -Total - 2,991The shares in Bleivik SIM Holding AS and Hagast AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Investments in shares - current2024 2023Listed shares Cost price Share Book value Cost price Share Book valueReach Subsea ASA (Classified as assets held for sale) - - - 10 000 5,48 % 22,500Total - 22,500The shares in Reach Subsea ASA was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS.",
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"language": "en",
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"f1__s6__6__137": {
"value": "Joint Ventures2024 2023NISA OSRAS Total NISA OSRAS TotalCost price 01.01. 1,631 41,479 43,111 1,631 7,484 9,115Acc result and adjustments 146,533 -989 145,544 147,120 - 147,120Book value 01.01. 148,164 40,490 188,655 148,751 7,484 156,235Share of result 86,310 4,172 90,482 20,924 -989 19,935Capital increase - 11,998 11,998 - - -Impairment - -3,171 -3,171 - - -Other adjustments 18,374 5,248 23,622 -21,510 33,995 12,485Book value 31.12. 252,848 58,737 311,585 148,164 40,490 188,655Balance sheet:Bank deposit and cash equivalents 153,476 -338 22,958 69,539Current assets 127,714 4,922 46,835 4,628Non-current assets 467,024 381,370 539,654 50,216Current liabilities -118,276 -974 -78,062 -3,362Non-current financial liabilities -217,651 -272,169 -235,057 -40,000Net Assets 412,286 112,810 296,329 81,022Revenues and profit:Revenues 348,396 64,414 177,709 32,497Operating expense -134,606 -3,397 -71,608 -18,294Depreciations -34,077 -40,054 -36,907 -12,861Financial income 2,913 381 1,970 271Interest expense -21,881 -12,999 -32,019 -3,418Result before tax 160,745 8,346 39,145 -1,805Result 160,255 8,346 41,847 -1,408",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__143": {
"value": "Associates2024SMH SOCS WAAS REMO TotalCost price 01.01. - 385 164 46,001 46,550Acc result and adjustments - 1,723 417 -5,202 -3,063Book value 01.01. - 2,108 581 40,798 43,487Purchase 1,619,727 - - - 1,619,727Deconsolidation/sale - -2,108 -581 -40,798 -43,487Share of result (2) 600,234 - - - 574,643Other adjustments (1) 80,317 - - - 80,317Book value 31.12. 2,300,278 - - - 2,747,687Balance sheet:Current assets 3,998,177 - - -Non-current assets 15,173,420 - - -Current liablilities 3,083,145 - - -Non-current financial liabilities 7,247,899 - - -Net assets 8,840,553 - - -Revenues and profit:Revenues 6,014,151 - - -Operating expense 3,268,391 - - -Financial income -542,668 - - -Result before tax 2,203,092 - - -Taxes 411,697 - - -Result 2,614,789 - - -(1) Other adjustments include a negative effect of received dividend of MNOK 63(2) Share of resultReconciliation share of profit SMH (TUSD)Result SMH 100% 239,958Result prior to deconsolidation 16 January 2024 -3,949Reversal of impairment not recognized in SOFF -47,852Net result after 16 January 2024 188,157SOFF share 27.3% 51,316Adjusted depreciations due to impairment/impermant reversals 3,042Net result recognized 54,358Net result recognized TNOK 600,2342023SOCS 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 20,571 1,078 9,108Non-current assets 2,768 - 137,910Current liablilities 16,936 456 22,867Non-current financial liabilities - - -Net assets 6,403 622 124,152Revenues and profit:Revenues 14,264 57,604 2,733Operating expense 12,693 56,121 -7,979Financial income 10 63 -108Result before tax 1,561 1,420 -5,354Taxes 607 312 152Result 973 1,108 -5,202",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__139": {
"value": "Subsidiaries with Significant Non-Controlling InterestsThe Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2024. Solstad Supply AS was deconsolidated on 16 January 2024 as part of Solstad Maritime Holding AS. Information regarding this is as follows (NOK 1,000):2024Result allocated Accumulated Name Country NCIto NCINCI Paid dividendSOFO Tonjer IS Norway 44% 31,749 58,851 -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 -Capital was called upon in SOFO Tonjer IS in 2023, with MNOK 41.58. MNOK 27.4 was contributed by minority interest.2024Condensed financial statement SOFO Tonjer ISNon-current assets 117,369Current assets 79,959Total assets 197,328-Non-current liabilities -Current debt 23,188Total liabilities 23,188Income 114,537Result after tax 71,4672023Condensed 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 7,009",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__150": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2024 82,346,796 82,347 -31/12/2024 82,346,796 82,347 -01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -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 of 31 December 2024 there are no 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 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.The number of shareholders at 31.12.24 was 8,257.The number of shareholders at 31.12.23 was 9,832.The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.As at 31 December 2024 the Group had 124 treasury shares* with cost price of MNOK 9.6. As at 31 December 2023 the Group had 139 treasury shares with cost price of MNOK 9.6 (acquired in 2019).*15 additional treasury shares are held by Skansekaia Drift AS which was deconsolidated from the Group as of November 2024 due to bankruptcy.Top 10 as of 31.12.2024 Number of shares OwnershipAker Capital AS 27,089,493 32.90%Kistefos AS 12,657,171 15.37%Jarsteinen AS 6,035,966 7.33%Kistefos Investment AS 4,000,000 4.86%\u00d8stlandske Pensjonistboliger AS 2,364,317 2.87%Magnus Leonard Roth 1,500,000 1.82%Songa Capital AS 1,411,040 1.71%Vartdal Invest AS 1,000,000 1.21%Olymic Group AS 871,224 1.06%Maisra Inversion SIL 764,500 0.93%Minority shareholders 24,653,085 29.94%82,346,796 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__149": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2024 82,346,796 82,347 -31/12/2024 82,346,796 82,347 -01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -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 of 31 December 2024 there are no 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 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.The number of shareholders at 31.12.24 was 8,257.The number of shareholders at 31.12.23 was 9,832.The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.As at 31 December 2024 the Group had 124 treasury shares* with cost price of MNOK 9.6. As at 31 December 2023 the Group had 139 treasury shares with cost price of MNOK 9.6 (acquired in 2019).*15 additional treasury shares are held by Skansekaia Drift AS which was deconsolidated from the Group as of November 2024 due to bankruptcy.Top 10 as of 31.12.2024 Number of shares OwnershipAker Capital AS 27,089,493 32.90%Kistefos AS 12,657,171 15.37%Jarsteinen AS 6,035,966 7.33%Kistefos Investment AS 4,000,000 4.86%\u00d8stlandske Pensjonistboliger AS 2,364,317 2.87%Magnus Leonard Roth 1,500,000 1.82%Songa Capital AS 1,411,040 1.71%Vartdal Invest AS 1,000,000 1.21%Olymic Group AS 871,224 1.06%Maisra Inversion SIL 764,500 0.93%Minority shareholders 24,653,085 29.94%82,346,796 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__148": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2024 82,346,796 82,347 -31/12/2024 82,346,796 82,347 -01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -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 of 31 December 2024 there are no 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 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.The number of shareholders at 31.12.24 was 8,257.The number of shareholders at 31.12.23 was 9,832.The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.As at 31 December 2024 the Group had 124 treasury shares* with cost price of MNOK 9.6. As at 31 December 2023 the Group had 139 treasury shares with cost price of MNOK 9.6 (acquired in 2019).*15 additional treasury shares are held by Skansekaia Drift AS which was deconsolidated from the Group as of November 2024 due to bankruptcy.Top 10 as of 31.12.2024 Number of shares OwnershipAker Capital AS 27,089,493 32.90%Kistefos AS 12,657,171 15.37%Jarsteinen AS 6,035,966 7.33%Kistefos Investment AS 4,000,000 4.86%\u00d8stlandske Pensjonistboliger AS 2,364,317 2.87%Magnus Leonard Roth 1,500,000 1.82%Songa Capital AS 1,411,040 1.71%Vartdal Invest AS 1,000,000 1.21%Olymic Group AS 871,224 1.06%Maisra Inversion SIL 764,500 0.93%Minority shareholders 24,653,085 29.94%82,346,796 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__147": {
"value": "Note 17: Share Capital, Shareholders and Treasury SharesShares Share capital Treasury01/01/2024 82,346,796 82,347 -31/12/2024 82,346,796 82,347 -01/01/2023 77,308,609 77,309 -Capital increase privat placement 5,038,187 5,038 -31/12/2023 82,346,796 82,347 -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 of 31 December 2024 there are no 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 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.At 31.12.23 the Company\u2019s share capital represents 82,346,796 shares at NOK 1.The number of shareholders at 31.12.24 was 8,257.The number of shareholders at 31.12.23 was 9,832.The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.As at 31 December 2024 the Group had 124 treasury shares* with cost price of MNOK 9.6. As at 31 December 2023 the Group had 139 treasury shares with cost price of MNOK 9.6 (acquired in 2019).*15 additional treasury shares are held by Skansekaia Drift AS which was deconsolidated from the Group as of November 2024 due to bankruptcy.Top 10 as of 31.12.2024 Number of shares OwnershipAker Capital AS 27,089,493 32.90%Kistefos AS 12,657,171 15.37%Jarsteinen AS 6,035,966 7.33%Kistefos Investment AS 4,000,000 4.86%\u00d8stlandske Pensjonistboliger AS 2,364,317 2.87%Magnus Leonard Roth 1,500,000 1.82%Songa Capital AS 1,411,040 1.71%Vartdal Invest AS 1,000,000 1.21%Olymic Group AS 871,224 1.06%Maisra Inversion SIL 764,500 0.93%Minority shareholders 24,653,085 29.94%82,346,796 100%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__146": {
"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):2024 2023Received compensation 27,976 75,447Insurance deductible per damage is included in Other operating expenses. Charter revenue includes recognition of Loss of Hire-revenues of MNOK 6 and MNOK 75 for the two last years respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s6__6__151": {
"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 December, adjusted for the average stock of treasury shares. There are no dilutive instruments in 2024 and 2023.2024 2023Majority result from net profit for continuing operations for the year 1,272,201 285,152Majority result from net profit for discontinuing operations for the year - 115,278Majority result from net profit for the year 1,272,201 400,430Result from net profit for the year 1,303,951 407,136Average number of shares 82,346,796 78,302,443Average number of Treasury shares 124 139Average number of shares to calculate earnings per share 82,346,672 78,302,304Earnings per share (basic and diluted) from continuing operations - majority (NOK) 15.45 3.64 Earnings per share (basic and diluted) from discontinuing operations - majority (NOK) - 1.47 Earnings per share (basic and diluted) - majority (NOK) 15.45 5.11",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s6__6__152": {
"value": "Note 19: Transactions with Related PartiesIn addition to general management services, the Group has the following transactions with related parties:Income Expenses Receivables Payables2024 2023 2024 2023 2024 2023 2024 2023Joint venture companies and associatesNormand Installer SA 2,875 - - - 67,672 63,453 - -Omega Subsea Robotics AS - - 16,335 14,615 - - - 3,345Solstad Maritime Holding AS 131,656 - 218,355 -- BB leases (not adjusted for IFRS 16) - - 826,960 -- Crew rental - - 109,184 -- Management fees - - 21,900 -- Interest costs - - 10,476 -Other related partiesIvan Eiendom - - 476 11,272 - - - -American Shipping Company (not adjusted for IFSR 16) - - 13,910 320,730 - - - -Windstaller - 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, and income is the interest income on the loan.The Group leases 2 ROV from Omega Subsea Robotics (2 ROVs in 2023), a joint venture company. Leasing of the ROV is booked in accordance with IFRS 16, and only the interest cost will be expensed for the financial leases. Solstad Maritime was deconsolidated from the Group on 16 January 2024, and is an associate from the same time. SMH has management of some of the vessels in the Group, and all crew that is not Brazilian are hired from SMH. Several vessels are also on BB/TC rental to SOFF, including Normand Maximus, that was used as a contribution in kind from AMSC during the refinancing of the SMH group. Leasing of vessels are booked in accordance with IFRS 16. Interest costs are related to a loan between SMH and SOFF following the refinancing. The loan was repaid in November 2024. The Group do not have any employees in Norway, including the executive management. All management services and corporate services are purchased from Solstad Maritime. The Group leased offices and a warehouse at market price from a company controlled by a related party, Ivan Eiendom. These leases were deconsolidated on 16 January 2024 as part of SMH. The Group also had one vessel on bareboat from American Shipping Company (\u201cAMSC\u201d)(company owned 19.1% by one of the larger shareholders). The vessel owning company under AMSC was used as contribution in kind to SMH in the refinancing on 16 January 2024. The Group was part of the Windstaller Alliance until 15 January 2024, when transferred to Solstad Maritime. 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. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__155": {
"value": "Note 20: Taxes2024 2023Taxes payable 48,754 57,180Under/over accrual of tax payable - -Change in deferred taxes - 2,234Tax on result from continuing operations 48,754 56,641Tax on result from discontinued operations - 2,773Tax on ordinary result 48,754 59,414Apportionment of tax on ordinary resultNorwegian tax - 2,234Foreign 48,754 57,180Total tax 48,754 59,414Temporary differences:Fixed assets (vessels and other non-current assets) 182,607 3,992,764Receivables (current assets) -67,602 -700,414Other current assets - -Other accruals - 626,799Pension - -19,763Other temporary differences 529,342 -Tax position related to sold assets 449,724 1,826,543Shares/ownership (current assets) - 684Interest deductions carried forward -28,101 -1,338,902Unrecovered loss carried forward -2,508,765 -21,616,171Total temporary differences -1,442,796 -17,228,460Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 40,173 878,408Receivables (current assets) -14,872 -154,091Other current assets - -Other accruals - 137,896Pension - -4,348Other temporary differences 116,455 -Tax position related to sold assets 98,939 401,839Interest deductions carried forward -6,182 -294,558Unrecovered loss carried forward -551,928 -4,755,558Deferred tax asset not recognised 327,757 3,784,445Net deferred tax/ deferred tax asset (-) 10,342 -6,117Net deferred tax/deferred tax asset (-) related to Assets held for sale - -4,000Net deferred tax/ deferred tax asset (-) on balance sheet 10,342 -2,1172024 2023Changes in deferred tax in the balance sheetOpening balance deferred tax -2,117 -4,351Booked to profit and loss - 2,234Charged to equity (change pension) - -Translation adjustment 12,459 -End balance deferred tax/ deferred tax asset (-) 10,342 -2,117Payable tax in the balance sheet consist ofOther payable corporation tax 29,469 24,715Other payable corporation tax recognized in Assets held for sale - 152,335Total payable tax in the balance sheet 29,469 177,050Analysis of effective tax rate22% of pre-tax result 311,748 102,641Effect of deferred tax asset not recognised -26,215 -176,857Correction of previous years -4,201 -Differential in tax rates foreign entities 42,241 29,498Permanent differences -274,819 104,132Estimated tax 48,754 59,414Deferred 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 MNOK 6 in non-deducted interest carried forward has not been recognized. Unrecorded loss carry forward amounts to BNOK 2.5 per year-end 2024 (BNOK 21.6 in 2023, reduction due to deconsolidation of Solstad Maritime). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__154": {
"value": "Note 20: Taxes2024 2023Taxes payable 48,754 57,180Under/over accrual of tax payable - -Change in deferred taxes - 2,234Tax on result from continuing operations 48,754 56,641Tax on result from discontinued operations - 2,773Tax on ordinary result 48,754 59,414Apportionment of tax on ordinary resultNorwegian tax - 2,234Foreign 48,754 57,180Total tax 48,754 59,414Temporary differences:Fixed assets (vessels and other non-current assets) 182,607 3,992,764Receivables (current assets) -67,602 -700,414Other current assets - -Other accruals - 626,799Pension - -19,763Other temporary differences 529,342 -Tax position related to sold assets 449,724 1,826,543Shares/ownership (current assets) - 684Interest deductions carried forward -28,101 -1,338,902Unrecovered loss carried forward -2,508,765 -21,616,171Total temporary differences -1,442,796 -17,228,460Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 40,173 878,408Receivables (current assets) -14,872 -154,091Other current assets - -Other accruals - 137,896Pension - -4,348Other temporary differences 116,455 -Tax position related to sold assets 98,939 401,839Interest deductions carried forward -6,182 -294,558Unrecovered loss carried forward -551,928 -4,755,558Deferred tax asset not recognised 327,757 3,784,445Net deferred tax/ deferred tax asset (-) 10,342 -6,117Net deferred tax/deferred tax asset (-) related to Assets held for sale - -4,000Net deferred tax/ deferred tax asset (-) on balance sheet 10,342 -2,1172024 2023Changes in deferred tax in the balance sheetOpening balance deferred tax -2,117 -4,351Booked to profit and loss - 2,234Charged to equity (change pension) - -Translation adjustment 12,459 -End balance deferred tax/ deferred tax asset (-) 10,342 -2,117Payable tax in the balance sheet consist ofOther payable corporation tax 29,469 24,715Other payable corporation tax recognized in Assets held for sale - 152,335Total payable tax in the balance sheet 29,469 177,050Analysis of effective tax rate22% of pre-tax result 311,748 102,641Effect of deferred tax asset not recognised -26,215 -176,857Correction of previous years -4,201 -Differential in tax rates foreign entities 42,241 29,498Permanent differences -274,819 104,132Estimated tax 48,754 59,414Deferred 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 MNOK 6 in non-deducted interest carried forward has not been recognized. Unrecorded loss carry forward amounts to BNOK 2.5 per year-end 2024 (BNOK 21.6 in 2023, reduction due to deconsolidation of Solstad Maritime). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__153": {
"value": "Note 20: Taxes2024 2023Taxes payable 48,754 57,180Under/over accrual of tax payable - -Change in deferred taxes - 2,234Tax on result from continuing operations 48,754 56,641Tax on result from discontinued operations - 2,773Tax on ordinary result 48,754 59,414Apportionment of tax on ordinary resultNorwegian tax - 2,234Foreign 48,754 57,180Total tax 48,754 59,414Temporary differences:Fixed assets (vessels and other non-current assets) 182,607 3,992,764Receivables (current assets) -67,602 -700,414Other current assets - -Other accruals - 626,799Pension - -19,763Other temporary differences 529,342 -Tax position related to sold assets 449,724 1,826,543Shares/ownership (current assets) - 684Interest deductions carried forward -28,101 -1,338,902Unrecovered loss carried forward -2,508,765 -21,616,171Total temporary differences -1,442,796 -17,228,460Tax effect of temporary differences:Fixed assets (vessels and other non-current assets) 40,173 878,408Receivables (current assets) -14,872 -154,091Other current assets - -Other accruals - 137,896Pension - -4,348Other temporary differences 116,455 -Tax position related to sold assets 98,939 401,839Interest deductions carried forward -6,182 -294,558Unrecovered loss carried forward -551,928 -4,755,558Deferred tax asset not recognised 327,757 3,784,445Net deferred tax/ deferred tax asset (-) 10,342 -6,117Net deferred tax/deferred tax asset (-) related to Assets held for sale - -4,000Net deferred tax/ deferred tax asset (-) on balance sheet 10,342 -2,1172024 2023Changes in deferred tax in the balance sheetOpening balance deferred tax -2,117 -4,351Booked to profit and loss - 2,234Charged to equity (change pension) - -Translation adjustment 12,459 -End balance deferred tax/ deferred tax asset (-) 10,342 -2,117Payable tax in the balance sheet consist ofOther payable corporation tax 29,469 24,715Other payable corporation tax recognized in Assets held for sale - 152,335Total payable tax in the balance sheet 29,469 177,050Analysis of effective tax rate22% of pre-tax result 311,748 102,641Effect of deferred tax asset not recognised -26,215 -176,857Correction of previous years -4,201 -Differential in tax rates foreign entities 42,241 29,498Permanent differences -274,819 104,132Estimated tax 48,754 59,414Deferred 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 MNOK 6 in non-deducted interest carried forward has not been recognized. Unrecorded loss carry forward amounts to BNOK 2.5 per year-end 2024 (BNOK 21.6 in 2023, reduction due to deconsolidation of Solstad Maritime). The loss carry forward does not have any expiration date.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__163": {
"value": "Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__162": {
"value": "Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__158": {
"value": "Note 22: Cash and Cash Equivalents2024 2023Cash and cash equivalents 381,835 501,014Cash and cash equivalents classified as Assets held for sale - 1,381,956Total cash and cash equivalents 381,835 1,882,971The Group\u2019s tied deposits total MNOK 0 (MNOK 29 in 2023) of which all is employee tax withheld.The tied deposits in 2023 was classified as Assets held for sale. The deconsolidation of Solstad Maritime and consolidation of Maximus Limited has given a net decrease in cash of MNOK 1,273. The Group has available a revolving credit facility of MUSD 20, as of 31 December 2024 this is undrawn. As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__165": {
"value": "Note 24: Paid out and Proposed Dividend2024 2023 2022Approved 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": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__168-1": {
"value": "Note 25: Non-Current Receivables2024 2023Sellers credit - -Loan to other companies - -Other receivables 37,695 32,179Total other non-current assets 37,695 32,179Classified as Assets held for sale - 11,669Note 26: Accounts Receivable and Other Current Receivables2024 2023Accounts receivable 716,563 613,735Receivable from associates and joint venture companies 34,090 -Total accounts receivable 750,653 613,735Classified as assets held for sale* - 1,341,090* MNOK 55 is receivables from associates and joint venture companies in 2023.Contract assets - 18,310Classified as assets held for sale - 73,716Prepaid expenses 641 23,443VAT/ WHT receivable 117,850 86,415Costs to fulfil a contract - -Other current receivables 31,058 120,048Other current receivable associates and joint venture companies 97,566 -Total current receivables 247,115 229,906Classified as Assets held for sale - 365,096Contract assets are revenues related to performance obligations related to mobilization and demobilization of vessels, where the revenue is not invoiced. Costs to fulfill a contract are costs incurred in advance of a contract to be able 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__167": {
"value": "Note 25: Non-Current Receivables2024 2023Sellers credit - -Loan to other companies - -Other receivables 37,695 32,179Total other non-current assets 37,695 32,179Classified as Assets held for sale - 11,669",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__166": {
"value": "Note 25: Non-Current Receivables2024 2023Sellers credit - -Loan to other companies - -Other receivables 37,695 32,179Total other non-current assets 37,695 32,179Classified as Assets held for sale - 11,669",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__172": {
"value": "Note 26: Accounts Receivable and Other Current Receivables2024 2023Accounts receivable 716,563 613,735Receivable from associates and joint venture companies 34,090 -Total accounts receivable 750,653 613,735Classified as assets held for sale* - 1,341,090* MNOK 55 is receivables from associates and joint venture companies in 2023.Contract assets - 18,310Classified as assets held for sale - 73,716Prepaid expenses 641 23,443VAT/ WHT receivable 117,850 86,415Costs to fulfil a contract - -Other current receivables 31,058 120,048Other current receivable associates and joint venture companies 97,566 -Total current receivables 247,115 229,906Classified as Assets held for sale - 365,096Contract assets are revenues related to performance obligations related to mobilization and demobilization of vessels, where the revenue is not invoiced. Costs to fulfill a contract are costs incurred in advance of a contract to be able 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__173": {
"value": "Note 27: InventoryStock consists of provisions, bunkers and lube oil on the Group\u2019s vessels:2024 2023Bunkers 15,166 14,454Lube oil 11,486 8,223Other 435 417Total inventory 27,087 23,095Classified as asset held for sale - 77,730",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__176": {
"value": "Note 28: Accounts Payable and Other Current Liabilities2024 2023Accounts payable 47,492 138,762Payables to associates and joint venture companies 154,433 -Total accounts payable 201,925 138,762Classified as Liabilities directly associated to the Assets held for sale - 335,704Contract liabilities - -Classified as Liabilities directly associated to the Assets held for sale - 11,560Accrued salaries, related taxes and VAT payable 214,335 155,486Costs to fulfill a contract - -Provisions - -Other current liabilities 181,477 228,477Other current liabilities associates and joint venture companies 63,922 -Total current liabilities 459,733 383,963Classified as Liabilities directly associated to the Assets held for sale - 844,399Contract 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__175": {
"value": "Note 28: Accounts Payable and Other Current Liabilities2024 2023Accounts payable 47,492 138,762Payables to associates and joint venture companies 154,433 -Total accounts payable 201,925 138,762Classified as Liabilities directly associated to the Assets held for sale - 335,704Contract liabilities - -Classified as Liabilities directly associated to the Assets held for sale - 11,560Accrued salaries, related taxes and VAT payable 214,335 155,486Costs to fulfill a contract - -Provisions - -Other current liabilities 181,477 228,477Other current liabilities associates and joint venture companies 63,922 -Total current liabilities 459,733 383,963Classified as Liabilities directly associated to the Assets held for sale - 844,399Contract 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__174": {
"value": "Note 28: Accounts Payable and Other Current Liabilities2024 2023Accounts payable 47,492 138,762Payables to associates and joint venture companies 154,433 -Total accounts payable 201,925 138,762Classified as Liabilities directly associated to the Assets held for sale - 335,704Contract liabilities - -Classified as Liabilities directly associated to the Assets held for sale - 11,560Accrued salaries, related taxes and VAT payable 214,335 155,486Costs to fulfill a contract - -Provisions - -Other current liabilities 181,477 228,477Other current liabilities associates and joint venture companies 63,922 -Total current liabilities 459,733 383,963Classified as Liabilities directly associated to the Assets held for sale - 844,399Contract 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.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s6__6__180": {
"value": "Note 30: Subsequent EventsInvestment in Omega Subsea ASSolstad Offshore ASA announced on 20 December 2024 the intention to acquire 35.8% ownership share in Omega Subsea AS. The transaction was completed on 16 January 2025, settled partly in cash and partly through contribution-in-kind of its current 49.99 percent ownership in Omega Subsea Robotics A, and will be reflected as an investment in associates and accounted for using the equity method in line with IAS 28. The transaction is expected to result in a minor accounting impact.Solstad Maritime Holding AS announces intention to listSolstad Maritime Holding AS announced on 22 January 2025 that it intends to apply for a listing of its shares on Euronext Oslo B\u00f8rs during 2Q 2025. A listing is in line with the Company\u2019s previously expressed intention to list within 12 months after completion of its NOK 750 million equity raise in June 2024, and supported by Company\u2019s three main shareholders, Aker Capital AS, Solstad Offshore ASA and AMSC ASA.Presentation CurrencyThe presentation currency for the Group is intended to be changed from Norwegian Kroner (NOK) to USD effective 1 January 2025.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXHGO849",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
}
}
}