Note 1: Accounting Policies Information
Corporate Information
The 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 13 for an overview of consolidated companies), and our share of investments in joint ventures and associates (see Note 14).
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 ASA group (Solstad Maritime) was deconsolidated and recognized as an associate from the same date. See notes 2 and 3 for further information.
The financial statements were approved by the Board of Directors on March 25, 2026 and will be presented for approval by the Annual General Meeting.
Statement of Compliance and Basis for Preparation
The 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. The consolidated financial statement are presented in US Dollars (USD). This is a change from 2024 and comparable numbers has been restated. Throughout the
Notes all figures are stated in USD 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 Concern
Pursuant to section 3-3a and section 4-5 of the Norwegian
Accounting Act, it is confirmed that the annual accounts
have been prepared under the assumption that the
Company is a going concern and that the conditions are
present.
As such, the 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 2025. The main portion of the Solstad Offshore\u2019s external debt matures in 2027.
The Company continues to maintain strong activity in Brazil. Furthermore, the long-term outlook for offshore energy services remains positive. The Company\u2019s firm backlog provides a stable foundation for Solstad Offshore into 2026 and beyond.
Summary of Material Accounting Policies
Changes in Accounting Policies
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued, not yet effective IFRS Accounting 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 Statements
IASB 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 an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates and income from joint ventures from financial item into the new category investing, the effect will be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
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.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 8. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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 Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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).
Segment Information
The Group reports internally to the executive management on operating segments. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following two segments:
AHTS: Anchor handling tug supply vessels
CSV: Construction service vessels operating subsea construction contracts
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. Within each segment income and cost are allocated to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support.
Lease accounting (for long term leases for vessels and ROVs) and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Lease adjustments on long term leases for vessels and ROVs, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factors when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.
The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
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 Depreciation
Property, 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 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.
Leases
Right-of-Use-Assets
Right-of-use-assets are recognized at cost at the commencement 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 Liabilities
At 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
Cash comprise cash in hand and current deposits.
Revenue from Contracts with Customers - Charter Income and Service Income
Income and expenses relating to charter contracts and related service income 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 income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is recognised over time. 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 5 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.
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter
agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. 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, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and 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 management fee and sublease of rented property (2024).
Cash Flow
The Group applies the indirect method.
Corporate Information
The 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 13 for an overview of consolidated companies), and our share of investments in joint ventures and associates (see Note 14).
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 ASA group (Solstad Maritime) was deconsolidated and recognized as an associate from the same date. See notes 2 and 3 for further information.
The financial statements were approved by the Board of Directors on March 25, 2026 and will be presented for approval by the Annual General Meeting.
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The 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. The consolidated financial statement are presented in US Dollars (USD). This is a change from 2024 and comparable numbers has been restated. Throughout the
Notes all figures are stated in USD thousand unless clearly stated otherwise.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line item due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__17": { "value": "Statement of Compliance and Basis for Preparation
The 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. The consolidated financial statement are presented in US Dollars (USD). This is a change from 2024 and comparable numbers has been restated. Throughout the
Notes all figures are stated in USD thousand unless clearly stated otherwise.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line item due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__18": { "value": "Going Concern
Pursuant to section 3-3a and section 4-5 of the Norwegian
Accounting Act, it is confirmed that the annual accounts
have been prepared under the assumption that the
Company is a going concern and that the conditions are
present.
As such, the 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 2025. The main portion of the Solstad Offshore\u2019s external debt matures in 2027.
The Company continues to maintain strong activity in Brazil. Furthermore, the long-term outlook for offshore energy services remains positive. The Company\u2019s firm backlog provides a stable foundation for Solstad Offshore into 2026 and beyond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "Summary of Material Accounting Policies
Changes in Accounting Policies
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued, not yet effective IFRS Accounting 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 Statements
IASB 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 an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates and income from joint ventures from financial item into the new category investing, the effect will be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
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.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 8. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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 Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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).
Segment Information
The Group reports internally to the executive management on operating segments. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following two segments:
AHTS: Anchor handling tug supply vessels
CSV: Construction service vessels operating subsea construction contracts
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. Within each segment income and cost are allocated to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support.
Lease accounting (for long term leases for vessels and ROVs) and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Lease adjustments on long term leases for vessels and ROVs, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factors when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.
The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
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 Depreciation
Property, 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 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.
Leases
Right-of-Use-Assets
Right-of-use-assets are recognized at cost at the commencement 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 Liabilities
At 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
Cash comprise cash in hand and current deposits.
Revenue from Contracts with Customers - Charter Income and Service Income
Income and expenses relating to charter contracts and related service income 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 income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is recognised over time. 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 5 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.
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter
agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. 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, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and 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 management fee and sublease of rented property (2024).
Cash Flow
The Group applies the indirect method.
Summary of Material Accounting Policies
Changes in Accounting Policies
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued, not yet effective IFRS Accounting 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 Statements
IASB 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 an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates and income from joint ventures from financial item into the new category investing, the effect will be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
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.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 8. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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 Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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).
Segment Information
The Group reports internally to the executive management on operating segments. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following two segments:
AHTS: Anchor handling tug supply vessels
CSV: Construction service vessels operating subsea construction contracts
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. Within each segment income and cost are allocated to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support.
Lease accounting (for long term leases for vessels and ROVs) and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Lease adjustments on long term leases for vessels and ROVs, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factors when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.
The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
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 Depreciation
Property, 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 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.
Leases
Right-of-Use-Assets
Right-of-use-assets are recognized at cost at the commencement 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 Liabilities
At 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
Cash comprise cash in hand and current deposits.
Revenue from Contracts with Customers - Charter Income and Service Income
Income and expenses relating to charter contracts and related service income 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 income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is recognised over time. 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 5 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.
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter
agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. 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, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and 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 management fee and sublease of rented property (2024).
Cash Flow
The Group applies the indirect method.
Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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 Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22": { "value": "Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26-1": { "value": "Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
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 all its financial assets in the category Financial assets at amortized cost.
Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
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 Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__23-1": { "value": "Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
Property, Plant and Equipment - Impairment Charges and Depreciation
Property, 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 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__24": { "value": "Impairment of Financial Assets
For 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 8 Tangible Fixed Assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "Financial Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "Financial Liabilities
The Group initially recognizes financial liabilities at fair value less transaction cost, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. 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 modification or 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 Liability
A 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__37": { "value": "leases for vessels and ROVs) and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Lease adjustments on long term leases for vessels and ROVs, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factors when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
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 Depreciation
Property, 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 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.
Leases
Right-of-Use-Assets
Right-of-use-assets are recognized at cost at the commencement 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 Liabilities
At 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__33": { "value": "Property, Plant and Equipment - Impairment Charges and Depreciation
Property, 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34": { "value": "Property, Plant and Equipment - Impairment Charges and Depreciation
Property, 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__35": { "value": "Property, Plant and Equipment - Impairment Charges and Depreciation
Property, 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36": { "value": "Property, Plant and Equipment - Impairment Charges and Depreciation
Property, 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 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__38": { "value": "Cash
Cash comprise cash in hand and current deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "Cash
Cash comprise cash in hand and current deposits.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__40-1": { "value": "Revenue from Contracts with Customers - Charter Income and Service Income
Income and expenses relating to charter contracts and related service income 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 income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is recognised over time. 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 5 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.
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter
agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. 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, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and 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 management fee and sublease of rented property (2024).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__42": { "value": "Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and 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 management fee and sublease of rented property (2024).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__43": { "value": "Cash Flow
The Group applies the indirect method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__44-1": { "value": "Note 2: Significant Judgements, Accounting Estimates and Assessments
The 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 Judgements
Deferred Tax Asset
Solstad Offshore has through its own operation and through its Norwegian and Brazilian subsidiaries had large tax deficits. Due to the economic situation, the Group has not recognized any deferred tax asset (DTA) for the tax loss carried forward. Given the financial restructuring and economic outlook, the Group has reassessed if some of
the tax losses should be recognized in the DTA.
The Group\u2019s financial results shifted during 2023, from negative to positive operating results before depreciations and impairments. The budget and forecasts for the next five years also show improved earnings going forward. The net negative results for the Group has been due to heavy debt. The restructuring in January 2024 mitigates some of these effects, and result before tax is also positive in the five year forecasts. Market reports from independent brokers also supports the forecasts.
Based on assessments performed, the Group find that probable future taxable profit will be available and that the evidence is convincing for the next one-and-a-half years, taking into account the backlog with firm revenues, and the Group\u2019s positive earnings over the last years. In accordance with IAS 12, the Group has recognized a deferred tax asset of MUSD 9.4 related to loss carried forward as of 31 December 2025 for the Norwegian part of the group, and MUSD 5.1 for the Brazilian part of the Group.
Principal vs Agent Assessment and Sublease Classification
The Group enters into time charter arrangements where
vessels are chartered-in from Solstad Maritime and subsequently chartered-out to customers as part of a combined delivery of vessel capacity and marine services. These arrangements require significant judgement in assessing the Group\u2019s role in the transaction and the classification of the related subleases.
Principal vs. Agent
Management applies the IFRS 15 principal\u2013agent guidance by analogy to determine whether the Group controls the right-of-use asset before it is transferred to the customer. In these arrangements, Solstad Offshore is the sole contracting party and is responsible for vessel performance, service delivery and customer obligations. The Group controls how and where the vessel is utilized and negotiates commercial terms directly with customers. Based on this assessment, management has concluded that the Group acts as principal in the vessel lease component. Accordingly, the head lease and sublease are accounted for separately under IFRS 16.
Sublease Classification
In classifying subleases, management assesses whether substantially all risks and rewards associated with the right-of-use asset are transferred to the customer. Although sublease periods often correspond to the head lease term, the Group retains exposure to technical and operational risks, customer-specific requirements and off-hire periods that affect the economic return from the asset. As these retained risks are more than insignificant, management has concluded that the subleases do not transfer substantially all risks and rewards. Subleases are therefore classified as operating leases, and rental income is recognized over the lease term.
Dispute
A vessel was rented out on a charter party to a customer from November 2023 with redelivery in May 2024. During the charter period there was a dipute with the charterer. A total hire and other costs of MUSD 24 was invoiced the charterer, 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 as the charterer did not claim that the vessel was offhire. 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 MUSD 24 loss. The arbitration is scheduled for April 2026. As of 31 December 2024 a net revenue of MUSD 24 was recognized. An additional amount of MUSD 7 was invoiced/accrued for and a corresponding loss recognition of MUSD 7 was taken related to invoiced additional services and interest for late payments. There is no change in booked amounts or assessments in 2025, except for an updated interest calculation.
Accounting Estimates
Vessel
The carrying amount of the Group\u2019s vessels represents a significant share 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 Vessels
The depreciation depends on the estimated useful life of the vessel. The Group did an reassessment of the useful life of vessels during the process of updating the forecasts in the five year plan in December 2024, and with prospective effect from Janaury 2025 for the depreciations the useful life of vessels is set to 25 years. This is based on strategy, experience and knowledge of the types of vessels under the Group\u2019s control. For some vessels useful life may be considered higher or lower than 25 years, dependent on the specific plan for the vessel. This is subject for management\u2019s judgement.
Residual Value
The estimate for residual values are reviewed annualy. In 2025 the model for calculating the residual values was reassessed and changed to better reflect the expected selling values of the vessels. The 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 (estimated at 5%). Market values of the vessels are based on estimates obtained from three independent brokers and updated annually. An adjustment is made to account for the age of the vessel, where the average broker value is multiplied with a factor starting from 35%
at age 0 (assuming a sales price of 35% of cost price for the vessel after 25 years), and increasing to 100% as the vessels age increase to useful life of 25 years. An uncertainty adjustment adjust the residual value further down, from 30% to 50%, where the oldest vessels have a lower uncertainty than the newer vessels. Changes in environmental requirements may impact the residual value, and economical lifetime, but the Group has implemented several measures to ensure the fleet will be in compliance with changes in such requirements. Wear and tear, technical and commercial obsolescence and environmental requirements are factors affecting the assessment of the useful life. To maintain the residual value, vessels are modified to be competitive in the market, and maintain secondhand price.
Impairment Test of Vessels
For 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. If the value in use-calculation gives a value lower than net book value, the broker value is also considered. If both the value in use and the broker value is below net book value the vessel is impaired.
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 Use
Estimated 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 8 Tangible Fixed Assets.
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 Rate
The discount rate is based on a weighted average cost of capital (WACC) for the Group. A tax rate of 22% is assumed in the calculation. 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 Europe and USA). 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 2025 is a post tax rate of 11.3%. We do not expect that the result of the impairment assessment would be materially different if a pre-tax rate had been used.
Climate and Regulatory Risks
All of the company\u2019s vessels comply with current environmental requirements. In 2025, 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 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, and other accounting estimates in future periods such as residual value and useful life of the Group\u2019s vessels. Based on the managements judgements as of 31 December 2025 no material effects are identified for the prognosis period.
Reference also Note 8 Tangible Fixed Assets.
The following assumptions are used:
UK
2025
UK
2024
Discounted interest
5.35%
5.5%
Expected return
-
-
Regulation of salaries
3.15%
3.5%
Regulation of base amount
-
-
Regulation of pension
2.65%
3.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__45": { "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 JudgementsDeferred Tax AssetSolstad Offshore has through its own operation and through its Norwegian and Brazilian subsidiaries had large tax deficits. Due to the economic situation, the Group has not recognized any deferred tax asset (DTA) for the tax loss carried forward. Given the financial restructuring and economic outlook, the Group has reassessed if some of the tax losses should be recognized in the DTA. The Group\u2019s financial results shifted during 2023, from negative to positive operating results before depreciations and impairments. The budget and forecasts for the next five years also show improved earnings going forward. The net negative results for the Group has been due to heavy debt. The restructuring in January 2024 mitigates some of these effects, and result before tax is also positive in the five year forecasts. Market reports from independent brokers also supports the forecasts. Based on assessments performed, the Group find that probable future taxable profit will be available and that the evidence is convincing for the next one-and-a-half years, taking into account the backlog with firm revenues, and the Group\u2019s positive earnings over the last years. In accordance with IAS 12, the Group has recognized a deferred tax asset of MUSD 9.4 related to loss carried forward as of 31 December 2025 for the Norwegian part of the group, and MUSD 5.1 for the Brazilian part of the Group.Principal vs Agent Assessment and Sublease ClassificationThe Group enters into time charter arrangements where vessels are chartered-in from Solstad Maritime and subsequently chartered-out to customers as part of a combined delivery of vessel capacity and marine services. These arrangements require significant judgement in assessing the Group\u2019s role in the transaction and the classification of the related subleases. Principal vs. AgentManagement applies the IFRS 15 principal\u2013agent guidance by analogy to determine whether the Group controls the right-of-use asset before it is transferred to the customer. In these arrangements, Solstad Offshore is the sole contracting party and is responsible for vessel performance, service delivery and customer obligations. The Group controls how and where the vessel is utilized and negotiates commercial terms directly with customers. Based on this assessment, management has concluded that the Group acts as principal in the vessel lease component. Accordingly, the head lease and sublease are accounted for separately under IFRS 16. Sublease ClassificationIn classifying subleases, management assesses whether substantially all risks and rewards associated with the right-of-use asset are transferred to the customer. Although sublease periods often correspond to the head lease term, the Group retains exposure to technical and operational risks, customer-specific requirements and off-hire periods that affect the economic return from the asset. As these retained risks are more than insignificant, management has concluded that the subleases do not transfer substantially all risks and rewards. Subleases are therefore classified as operating leases, and rental income is recognized over the lease term. DisputeA vessel was rented out on a charter party to a customer from November 2023 with redelivery in May 2024. During the charter period there was a dipute with the charterer. A total hire and other costs of MUSD 24 was invoiced the charterer, 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 as the charterer did not claim that the vessel was offhire. 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 MUSD 24 loss. The arbitration is scheduled for April 2026. As of 31 December 2024 a net revenue of MUSD 24 was recognized. An additional amount of MUSD 7 was invoiced/accrued for and a corresponding loss recognition of MUSD 7 was taken related to invoiced additional services and interest for late payments. There is no change in booked amounts or assessments in 2025, except for an updated interest calculation. Accounting EstimatesVesselThe carrying amount of the Group\u2019s vessels represents a significant share 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 did an reassessment of the useful life of vessels during the process of updating the forecasts in the five year plan in December 2024, and with prospective effect from Janaury 2025 for the depreciations the useful life of vessels is set to 25 years. This is based on strategy, experience and knowledge of the types of vessels under the Group\u2019s control. For some vessels useful life may be considered higher or lower than 25 years, dependent on the specific plan for the vessel. This is subject for management\u2019s judgement.Residual ValueThe estimate for residual values are reviewed annualy. In 2025 the model for calculating the residual values was reassessed and changed to better reflect the expected selling values of the vessels. The 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 (estimated at 5%). Market values of the vessels are based on estimates obtained from three independent brokers and updated annually. An adjustment is made to account for the age of the vessel, where the average broker value is multiplied with a factor starting from 35% at age 0 (assuming a sales price of 35% of cost price for the vessel after 25 years), and increasing to 100% as the vessels age increase to useful life of 25 years. An uncertainty adjustment adjust the residual value further down, from 30% to 50%, where the oldest vessels have a lower uncertainty than the newer vessels. Changes in environmental requirements may impact the residual value, and economical lifetime, but the Group has implemented several measures to ensure the fleet will be in compliance with changes in such requirements. Wear and tear, technical and commercial obsolescence and environmental requirements are factors affecting the assessment of the useful life. To maintain the residual value, vessels are modified to be competitive in the market, and maintain secondhand price.Impairment Test of VesselsFor the purpose of assessing impairment for vessels, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, CGU). Each vessel together with associated contracts is considered a separate CGU.Test for impairment is performed for all vessels with impairment or reversal indicators, based on value in use-calculations. If the value in use-calculation gives a value lower than net book value, the broker value is also considered. If both the value in use and the broker value is below net book value the vessel is impaired. Broker ValuesBrokers 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 8 Tangible Fixed Assets.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. A tax rate of 22% is assumed in the calculation. 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 Europe and USA). 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 2025 is a post tax rate of 11.3%. We do not expect that the result of the impairment assessment would be materially different if a pre-tax rate had been used.Climate and Regulatory RisksAll of the company\u2019s vessels comply with current environmental requirements. In 2025, 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 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, and other accounting estimates in future periods such as residual value and useful life of the Group\u2019s vessels. Based on the managements judgements as of 31 December 2025 no material effects are identified for the prognosis period.Reference also Note 8 Tangible Fixed Assets.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__46-1": { "value": "Note 3: Major Transactions / Events
Major Transactions / Events in 2025
Purchase of 35.8% share in Omega Subsea AS
On 16 January 2025, the Group purchased a 35.8% share of Omega Subsea AS. The investment in Omega Subsea will strenghten the Group\u2019s service offerings in both the CSV and AHTS segments. The purchase was settled by cash and contribution-in-kind with the shares in Omega Subsea Robotics AS (49.99% share). Reference Note 14.
Solstad Maritime ASA listing
Solstad Maritime ASA, where Solstad Offshore has a shareholding of 27.3%, was listed on Euronext Oslo B\u00f8rs on 16 May 2025. Through its shareholding, the Company received MUSD 29.3 in dividend from Solstad Maritime ASA in 2025.
Dividend payment
Solstad Offshore ASA paid its first dividend in 10 years on 28 November 2025 of MUSD 4.1.
Major Transactions / Events in 2024
Company Refinancing
The 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 ASA, 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 ASA was 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 ASA.
Maximus Settlement
On 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 discharged 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.
Note 22: Paid out and Proposed Dividend
2025 | 2024 | 2023 | |
Approved and paid out during the year: | |||
Ordinary dividend | - | - | - |
Extraordinary dividend | 4,136 | - | - |
Proposed dividend at general meeting: | |||
Extraordinary dividend* | 4,117 | - | - |
Per share (USD) | 0.05 | - | - |
* The dividend is not accrued for as of 31 December 2025.
Note 4: Assets Held for Sale
No asstets are held for sale as of 31 December 2025.
Assets held for sale as of 31 December 2024 was the Group\u2019s share of Omega Subsea Robotics AS (reference Note 14).
Note 4: Assets Held for Sale
No asstets are held for sale as of 31 December 2025.
Assets held for sale as of 31 December 2024 was the Group\u2019s share of Omega Subsea Robotics AS (reference Note 14).
Note 5: Operating Income, Reporting by Segments and Geographical Markets
Operating Income
The Group\u2019s income 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 9 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, 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, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 150,014 | 128,271 |
Additional services | 32,039 | 28,478 |
Other income | 301 | 1,422 |
Revenue from contracts with customers | 182,354 | 158,172 |
Lease element from contracts with day rate | 107,996 | 101,128 |
Gain sale of assets | - | 2,684 |
Total operating income | 290,350 | 261,983 |
Revenue related receivables | 2025 | 2024 |
Trade receiveables from charters (Note 24) | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Contract liabilities | 880 | - |
Costs to fulfill a contract | 2,702 | - |
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 2025 that was included in the contract liability balance at the beginning of the year amounts to
MUSD 0 (MUSD 1,0 in 2024).
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 104, MUSD 103 and MUSD 35). The group also had three customer with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 83% of the revenues. MUSD 192 is allocated to the CSV segment and MUSD 50 is allocated to the AHTS segment. The esposure is 100% against the South American marked based on the three most significant customers in 2025.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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 11: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Project expenses | 30,657 | 23,320 |
Technical expenses | 15,921 | 11,453 |
Bunker and lube oil | 3,512 | 1,548 |
Insurance | 769 | 817 |
IT, communications and other expenses | 14,373 | 14,471 |
Total vessel operating expenses | 65,232 | 51,609 |
Administrative expenses: | ||
Management fee | 8,511 | 1,973 |
Audit fees | 2,420 | 2,298 |
Consultant costs | 3,289 | 8,440 |
Other gain/losses | -66 | 2,253 |
Other administrative expenses | 2,234 | 2,066 |
Total administrative expenses | 16,389 | 17,030 |
Personnel expenses: | ||
Employees, vessels | 59,640 | 59,671 |
Employees, administration | 7,527 | 7,077 |
Total personnel expenses | 67,167 | 66,748 |
Wages and employee expenses: | ||
Wages | 41,801 | 45,501 |
Social security | 11,734 | 9,417 |
Pension expenses | 3,922 | 3,986 |
Other benefits | 5,043 | 4,095 |
Traveling expenses, courses and other personnel expenses | 4,667 | 3,749 |
Total employee expenses | 67,167 | 66,748 |
Average number of FTEs* | 905 | 569 |
* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.
Remuneration to Directors, Managing Director and Auditors
Following the refinancing and deconsolidation of Solstad Maritime from Solstad Offshore,the Group receives management and operational services from Solstad Maritime Group under established management agreements. Members of the executive management are employed by Solstad Maritime and provide services to the Group pursuant to the management agreements.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 46.58% for CEO and 32.04%, 32.32% and 23.32% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 29% to Solstad Offshore ASA.
2025 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,193 | 506 | 25 | 48 |
There 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. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.
Note 5: Operating Income, Reporting by Segments and Geographical Markets
Operating Income
The Group\u2019s income 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 9 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, 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, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 150,014 | 128,271 |
Additional services | 32,039 | 28,478 |
Other income | 301 | 1,422 |
Revenue from contracts with customers | 182,354 | 158,172 |
Lease element from contracts with day rate | 107,996 | 101,128 |
Gain sale of assets | - | 2,684 |
Total operating income | 290,350 | 261,983 |
Revenue related receivables | 2025 | 2024 |
Trade receiveables from charters (Note 24) | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Contract liabilities | 880 | - |
Costs to fulfill a contract | 2,702 | - |
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 2025 that was included in the contract liability balance at the beginning of the year amounts to
MUSD 0 (MUSD 1,0 in 2024).
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 104, MUSD 103 and MUSD 35). The group also had three customer with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 83% of the revenues. MUSD 192 is allocated to the CSV segment and MUSD 50 is allocated to the AHTS segment. The esposure is 100% against the South American marked based on the three most significant customers in 2025.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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 5: Operating Income, Reporting by Segments and Geographical Markets
Operating Income
The Group\u2019s income 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 9 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, 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, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 150,014 | 128,271 |
Additional services | 32,039 | 28,478 |
Other income | 301 | 1,422 |
Revenue from contracts with customers | 182,354 | 158,172 |
Lease element from contracts with day rate | 107,996 | 101,128 |
Gain sale of assets | - | 2,684 |
Total operating income | 290,350 | 261,983 |
Revenue related receivables | 2025 | 2024 |
Trade receiveables from charters (Note 24) | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Contract liabilities | 880 | - |
Costs to fulfill a contract | 2,702 | - |
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 2025 that was included in the contract liability balance at the beginning of the year amounts to
MUSD 0 (MUSD 1,0 in 2024).
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 104, MUSD 103 and MUSD 35). The group also had three customer with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 83% of the revenues. MUSD 192 is allocated to the CSV segment and MUSD 50 is allocated to the AHTS segment. The esposure is 100% against the South American marked based on the three most significant customers in 2025.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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 9: Right-of-use Assets
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2025 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
Other adjustments (1) | -11,446 | - | - | -11,446 | -11,446 |
Additions (2) | 33,227 | - | - | 33,227 | 33,227 |
Disposals | - | - | - | - | - |
Translation differences | - | - | - | - | 719 |
Depreciation | -40,131 | -1,304 | -134 | -41,569 | - |
Impairment | - | - | - | - | - |
Interest expense | - | - | - | - | 24,074 |
Lease payments | - | - | - | - | -79,156 |
Closing balance 31.12.2025 | 275,247 | 3,911 | 208 | 279,366 | 252,074 |
(1) Other adjustments include adjustments on rates and length on vessel lease contracts with Solstad Maritime.
(2) Additions of MUSD 33 is related to a new lease of vessel with Solstad Maritime which was commenced in May 2025.
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2024 | 265,329 | - | 8,879 | 274,207 | 369,736 |
Other adjustments | -50,717 | - | 722 | -49,995 | -43,979 |
Additions | 98,865 | 6,518 | 469 | 105,851 | 105,851 |
Disposals | - | - | -8,343 | -8,343 | -11,529 |
Translation differences | 197 | 1 | 72 | 270 | 263 |
Depreciation | -68,471 | -1,305 | -1,456 | -71,232 | - |
Impairment | 48,395 | - | - | 48,395 | - |
Interest expense | - | - | - | - | 38,944 |
Lease payments | - | - | - | - | -174,630 |
Closing balance 31.12.2024 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
The following are the amounts recognised in profit or loss: | 2025 | 2024 | |||
Depreciation expense of right-of-use assets | 41,569 | 71,232 | |||
Reversal of impairment on right-of-use assets | - | -48,395 | |||
Interest expense on lease liabilities | 24,074 | 38,944 | |||
Settlement of dispute | -6,117 | - | |||
Operating expenses in the period related to current leases | 20,925 | 20,124 | |||
Operating expenses in the period related to low value assets | - | 1 | |||
Total lease expenses included in other operating expenses | 80,450 | 81,905 |
The Group had total cash outflows for leases of MUSD 79 in 2025 (MUSD 174 in 2024). The change from 2024 is due to the settlement of the Maximus residual claim in 2024, with a payment of MUSD 110 (reference Note 3), partly offset by increased operations of vessels leased from SOMA.
Impairment Testing of Right-of-Use Assets
An impairment indicator has been identified by the Company related to one of right of use assets (CSV). Further reference is made to Note 8. No impairment has been recognized.
Normand Maximus
The right of use asset for Maximus is MUSD 189 (MUSD 197 in 2024) and lease liability is MUSD 156 (MUSD 172 in 2024). There has been no change in the leasing agreement during 2025.
Variable Lease Payments
The Company had no vessels on lease with variable lease payment in 2025 or 2024.
Group as a Lessor
The agreed day rate invoiced to customers is divided into a service element and a lease element, referance to note 5. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment).
For the future minimum rentals receivable under non-cancellable operating leases, see note 5.
Note 11: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Project expenses | 30,657 | 23,320 |
Technical expenses | 15,921 | 11,453 |
Bunker and lube oil | 3,512 | 1,548 |
Insurance | 769 | 817 |
IT, communications and other expenses | 14,373 | 14,471 |
Total vessel operating expenses | 65,232 | 51,609 |
Administrative expenses: | ||
Management fee | 8,511 | 1,973 |
Audit fees | 2,420 | 2,298 |
Consultant costs | 3,289 | 8,440 |
Other gain/losses | -66 | 2,253 |
Other administrative expenses | 2,234 | 2,066 |
Total administrative expenses | 16,389 | 17,030 |
Personnel expenses: | ||
Employees, vessels | 59,640 | 59,671 |
Employees, administration | 7,527 | 7,077 |
Total personnel expenses | 67,167 | 66,748 |
Wages and employee expenses: | ||
Wages | 41,801 | 45,501 |
Social security | 11,734 | 9,417 |
Pension expenses | 3,922 | 3,986 |
Other benefits | 5,043 | 4,095 |
Traveling expenses, courses and other personnel expenses | 4,667 | 3,749 |
Total employee expenses | 67,167 | 66,748 |
Average number of FTEs* | 905 | 569 |
* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.
Remuneration to Directors, Managing Director and Auditors
Following the refinancing and deconsolidation of Solstad Maritime from Solstad Offshore,the Group receives management and operational services from Solstad Maritime Group under established management agreements. Members of the executive management are employed by Solstad Maritime and provide services to the Group pursuant to the management agreements.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 46.58% for CEO and 32.04%, 32.32% and 23.32% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 29% to Solstad Offshore ASA.
2025 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,193 | 506 | 25 | 48 |
There 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. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.
Note 5: Operating Income, Reporting by Segments and Geographical Markets
Operating Income
The Group\u2019s income 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 9 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, 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, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 150,014 | 128,271 |
Additional services | 32,039 | 28,478 |
Other income | 301 | 1,422 |
Revenue from contracts with customers | 182,354 | 158,172 |
Lease element from contracts with day rate | 107,996 | 101,128 |
Gain sale of assets | - | 2,684 |
Total operating income | 290,350 | 261,983 |
Revenue related receivables | 2025 | 2024 |
Trade receiveables from charters (Note 24) | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Contract liabilities | 880 | - |
Costs to fulfill a contract | 2,702 | - |
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 2025 that was included in the contract liability balance at the beginning of the year amounts to
MUSD 0 (MUSD 1,0 in 2024).
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 104, MUSD 103 and MUSD 35). The group also had three customer with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 83% of the revenues. MUSD 192 is allocated to the CSV segment and MUSD 50 is allocated to the AHTS segment. The esposure is 100% against the South American marked based on the three most significant customers in 2025.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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 5: Operating Income, Reporting by Segments and Geographical Markets
Operating Income
The Group\u2019s income 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 9 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, 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, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 150,014 | 128,271 |
Additional services | 32,039 | 28,478 |
Other income | 301 | 1,422 |
Revenue from contracts with customers | 182,354 | 158,172 |
Lease element from contracts with day rate | 107,996 | 101,128 |
Gain sale of assets | - | 2,684 |
Total operating income | 290,350 | 261,983 |
Revenue related receivables | 2025 | 2024 |
Trade receiveables from charters (Note 24) | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Contract liabilities | 880 | - |
Costs to fulfill a contract | 2,702 | - |
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 2025 that was included in the contract liability balance at the beginning of the year amounts to
MUSD 0 (MUSD 1,0 in 2024).
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 104, MUSD 103 and MUSD 35). The group also had three customer with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 83% of the revenues. MUSD 192 is allocated to the CSV segment and MUSD 50 is allocated to the AHTS segment. The esposure is 100% against the South American marked based on the three most significant customers in 2025.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Income from these vessels is recognized as operating leases.
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 347,560 | 339,083 | 230,076 | 224,464 |
Year 2 | 233,071 | 221,840 | 176,204 | 167,714 |
Year 3 | 179,020 | 166,238 | 69,587 | 64,618 |
Year 4 | 139,903 | 126,745 | 26,640 | 24,134 |
Year 5 | 33,888 | 29,952 | - | - |
Over 5 years | 542 | 467 | - | - |
Finance cost | - | 49,658 | - | 21,576 |
Total minimum lease payment | 933,983 | 933,983 | 502,506 | 502,506 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 9: Right-of-use Assets
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2025 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
Other adjustments (1) | -11,446 | - | - | -11,446 | -11,446 |
Additions (2) | 33,227 | - | - | 33,227 | 33,227 |
Disposals | - | - | - | - | - |
Translation differences | - | - | - | - | 719 |
Depreciation | -40,131 | -1,304 | -134 | -41,569 | - |
Impairment | - | - | - | - | - |
Interest expense | - | - | - | - | 24,074 |
Lease payments | - | - | - | - | -79,156 |
Closing balance 31.12.2025 | 275,247 | 3,911 | 208 | 279,366 | 252,074 |
(1) Other adjustments include adjustments on rates and length on vessel lease contracts with Solstad Maritime.
(2) Additions of MUSD 33 is related to a new lease of vessel with Solstad Maritime which was commenced in May 2025.
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2024 | 265,329 | - | 8,879 | 274,207 | 369,736 |
Other adjustments | -50,717 | - | 722 | -49,995 | -43,979 |
Additions | 98,865 | 6,518 | 469 | 105,851 | 105,851 |
Disposals | - | - | -8,343 | -8,343 | -11,529 |
Translation differences | 197 | 1 | 72 | 270 | 263 |
Depreciation | -68,471 | -1,305 | -1,456 | -71,232 | - |
Impairment | 48,395 | - | - | 48,395 | - |
Interest expense | - | - | - | - | 38,944 |
Lease payments | - | - | - | - | -174,630 |
Closing balance 31.12.2024 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
The following are the amounts recognised in profit or loss: | 2025 | 2024 | |||
Depreciation expense of right-of-use assets | 41,569 | 71,232 | |||
Reversal of impairment on right-of-use assets | - | -48,395 | |||
Interest expense on lease liabilities | 24,074 | 38,944 | |||
Settlement of dispute | -6,117 | - | |||
Operating expenses in the period related to current leases | 20,925 | 20,124 | |||
Operating expenses in the period related to low value assets | - | 1 | |||
Total lease expenses included in other operating expenses | 80,450 | 81,905 |
The Group had total cash outflows for leases of MUSD 79 in 2025 (MUSD 174 in 2024). The change from 2024 is due to the settlement of the Maximus residual claim in 2024, with a payment of MUSD 110 (reference Note 3), partly offset by increased operations of vessels leased from SOMA.
Impairment Testing of Right-of-Use Assets
An impairment indicator has been identified by the Company related to one of right of use assets (CSV). Further reference is made to Note 8. No impairment has been recognized.
Normand Maximus
The right of use asset for Maximus is MUSD 189 (MUSD 197 in 2024) and lease liability is MUSD 156 (MUSD 172 in 2024). There has been no change in the leasing agreement during 2025.
Variable Lease Payments
The Company had no vessels on lease with variable lease payment in 2025 or 2024.
Group as a Lessor
The agreed day rate invoiced to customers is divided into a service element and a lease element, referance to note 5. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment).
For the future minimum rentals receivable under non-cancellable operating leases, see note 5.
Reporting by Segments and Geographical Markets
The 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 two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
The Company owns 27.3% of SOMA and accounts for the investment as an associate. The CODM is monitoring the investment as such, but is not provided with updates on SOMA performance on a regular basis and is not making resource allocation decisions. Reference Note 14 for the result for SOMA and the other investments in JVs and associates.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 46,215 | 132,604 | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 46,215 | 162,702 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 18,112 | 41,745 | -1 | 7,311 | 67,167 |
Vessel operating expenses | 13,057 | 53,596 | -1,603 | 182 | 65,232 |
Administrative expenses | 5,822 | 9,480 | - | 1,086 | 16,389 |
Operating expenses | 36,992 | 104,821 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 9,223 | 57,881 | 80,482 | -6,023 | 141,562 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 37,895 | 90,825 | 279,158 | 1,404 | 409,282 |
Other assets (1) | - | - | - | 469,193 | 469,193 |
Total assets | 37,895 | 90,825 | 279,158 | 470,598 | 878,476 |
Interest bearing liabilities (2) | 7,128 | 76,548 | - | 40,365 | 124,042 |
Leasing liabilities | - | - | 251,869 | 205 | 252,074 |
Other liabilities (2) | - | - | - | 77,278 | 77,278 |
Total liabilities | 7,128 | 76,548 | 251,869 | 117,849 | 453,394 |
Other segment information | |||||
Investments in fixed assets | 1,917 | 740 | - | 167 | 2,824 |
Additions/adjustments RoU assets | - | - | 21,781 | - | 21,781 |
Addition of periodic maintenance | 3,457 | 1,004 | - | - | 4,461 |
Depreciation and impairment | -627 | 5,973 | 41,600 | 289 | 47,235 |
(1) Not allocated other assets are mainly investments in Associates and Joint Ventures, and working capital.
(2) Not allocated liabilities are mainly the long term bank loan share not allocated to vessels, and working capital.
(3) Reference Note 1, Segment Information
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (3) | 40,569 | 124,191 | 60,788 | 8,346 | 233,895 |
Service income | 623 | 23,359 | - | - | 23,982 |
Other income | 70 | 139 | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 41,262 | 147,689 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 16,634 | 39,479 | - | 10,636 | 66,748 |
Vessel operating expenses | 8,718 | 43,263 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 3,713 | 6,984 | - | 6,334 | 17,030 |
Operating expenses | 29,064 | 89,726 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 12,198 | 57,963 | 62,271 | -5,835 | 126,597 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 32,208 | 94,362 | 299,643 | 1,521 | 427,734 |
Other assets (1) | - | - | - | 363,232 | 363,232 |
Total assets | 32,208 | 94,362 | 299,643 | 364,753 | 790,967 |
Interest bearing liabilities (2) | 18,684 | 87,951 | - | 50,050 | 156,686 |
Leasing liabilities | - | - | 284,370 | 287 | 284,657 |
Other liabilities (2) | - | - | - | 61,880 | 61,880 |
Total liabilities | 18,684 | 87,951 | 284,370 | 112,216 | 503,222 |
Other segment information | |||||
Investments in fixed assets | - | 1,224 | - | 151 | 1,375 |
Additions/adjustments RoU assets | - | - | 54,666 | -7,153 | 47,513 |
Addition of periodic maintenance | 3,972 | 3,239 | - | - | 7,211 |
Depreciation and impairment | 4,077 | 4,515 | 21,545 | 2,057 | 32,193 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 178,819 | - | 78,878 | -572 | 257,125 |
Service income | - | 30,098 | - | 2,826 | 32,924 |
Other income | - | - | - | 301 | 301 |
Gain on sale of assets | - | - | - | - | - |
Total operating income | 178,819 | 30,098 | 78,878 | 2,556 | 290,350 |
Personnel expenses | 59,857 | - | -1 | 7,311 | 67,167 |
Vessel operating expenses | 38,768 | 27,885 | -1,603 | 182 | 65,232 |
Administrative expenses | 15,302 | - | - | 1,086 | 16,389 |
Operating expenses | 113,927 | 27,885 | -1,604 | 8,579 | 148,788 |
Operating result before depreciation and impairment | 64,891 | 2,212 | 80,482 | -6,023 | 141,562 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 164,760 | - | 60,788 | 8,346 | 233,895 |
Service income | - | 23,982 | - | - | 23,982 |
Other income | 209 | - | - | 1,214 | 1,422 |
Gain on sale of assets | - | - | - | 2,684 | 2,684 |
Total operating income | 164,969 | 23,982 | 60,788 | 12,244 | 261,983 |
Personnel expenses | 56,112 | - | - | 10,636 | 66,748 |
Vessel operating expenses | 32,749 | 19,232 | -1,482 | 1,110 | 51,609 |
Administrative expenses | 10,696 | - | - | 6,334 | 17,030 |
Operating expenses | 99,558 | 19,232 | -1,482 | 18,079 | 135,387 |
Operating result before depreciation and impairment | 65,411 | 4,750 | 62,271 | -5,835 | 126,597 |
The 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:
2025 | 2024 | |||
North Sea | 0% | - | 9% | 24,546 |
North- and Central America | 4% | 10,672 | 0% | - |
Mediterranean/remaining part of Europe | 0% | - | 13% | 33,843 |
Africa | 7% | 19,281 | 6% | 16,758 |
South America | 90% | 260,397 | 69% | 178,001 |
Australia | 0% | - | 1% | 3,167 |
Asia | 0% | - | 1% | 2,985 |
Total | 100% | 290,350 | 100% | 259,299 |
The 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 6: Financial Market Risk, Financial Instruments
General
The 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.
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 apply 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 Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
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 interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
As per 31.12.2025, 35% (2024 36%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through OECD Commercial Interest Reference Rates (CIRR) financing. The remaining debt had floating interest rates. Under Brazil\u2019s Fundo da Marinha Mercante (FMM) framework, vessels built at Brazilian shipyards may qualify for long-term financing with a fixed interest rate based on the CIRR. Such loans are typically provided through Brazilian development institutions, including BNDES, with maturities of up to 18 years from drawdown. The interest rate is fixed for the full tenor, providing long-term visibility and eliminating exposure to market interest rate fluctuations.
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 | 2025 | - / + 2,401 |
+ / - 300 | 2024 | - / + 3,001 |
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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
Liquidity Risk
Liquidity risk is the risk that the Group will be unable to fulfill its obligations as they fall due.
The 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:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 789 | 22,330 | 71,319 | 9,137 | 20,101 | 123,677 |
Lease liabilities | 14,095 | 42,137 | 192,637 | 3,205 | - | 252,074 |
Account payables | 39,746 | - | - | - | - | 39,746 |
Interest payments | 5,826 | 21,794 | 20,331 | 2,084 | 190 | 50,224 |
60,456 | 86,261 | 284,287 | 14,425 | 20,291 | 465,722 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 803 | 22,408 | 99,721 | 9,137 | 24,703 | 156,772 |
Lease liabilities | 16,024 | 45,400 | 213,271 | 9,962 | - | 284,657 |
Account payables | 26,394 | - | - | - | - | 26,394 |
Interest payments | 6,888 | 27,014 | 44,590 | 3,306 | 1,073 | 82,871 |
50,109 | 94,822 | 357,582 | 22,405 | 25,776 | 550,694 |
Capital Structure and Equity
The 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. In 2025 the equity ratio increased due to improved financial results.The equity ratio increased in 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024.
31.12.2025 | 31.12.2024 | |
Total equity | 425,082 | 287,744 |
Total assets | 878,476 | 790,967 |
Equity ratio | 48% | 36% |
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
Financial instruments at amortized cost | 2025 | 2024 |
Assets | ||
Debt instruments | ||
Other non-current receivables | - | - |
Loans to joint ventures | 6,238 | 5,961 |
Accounts receivable | 38,551 | 66,117 |
Other current receivables | 59,006 | 21,709 |
Cash and cash equivalents | 74,169 | 33,632 |
Total Financial assets | 177,964 | 127,419 |
Liabilities | ||
Interest bearing loans and borrowings | ||
Interest bearing liabilities | 124,042 | 156,686 |
Other non-current liabilities | - | - |
Other financial liabilities | ||
Trade and other payables | 39,746 | 26,394 |
Accrued salaries, related taxes and VAT payable | 19,571 | 18 878 |
Other current liabilities | 17,791 | 15 601 |
Total financial liabilities | 201,150 | 217,560 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 14: Share in Join Ventures, Associates and Other Investments
The Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. 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. 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.
The Group accounts consists of the following shares in joint ventures (JV) and associates (AC):
Place of Business | Ownership | Date of Financial statement | ||
Normand Installer SA (NISA) | JV | Marly, Switzerland | 50% | 31/12/2025 |
Omega Subsea AS (OSAS)* | AC | \u00d8len, Norway | 35.8% | 31/12/2025 |
Solstad Maritime ASA (SOMA)** | AC | Skudesneshavn, Norway | 27.3% | 31/12/2025 |
* Omega Subsea Robotics AS was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025
** changed name from Solstad Maritme Holding AS in 2025
Normand 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 AS is a full project organization for subsea operations. Solstad Maritime ASAs main activities are the operation of offshore service and construction vessels.
The shares in Omega Subsea Robotics AS (OSRAS) was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025.
Solstad Maritime ASA was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time. Solstad Offshore Crewing Services Philippines (SOCS) and Remota Holding AS (REMO) was deconsolidated on 16 January 2024 as part of Solstad Maritime ASA. Windstaller Alliance AS (WAAS) was sold to Solstad Maritime ASA on 15 January 2024.
Joint Ventures
2025 | 2024 | |||||
NISA | OSRAS | Total | NISA | OSRAS | Total | |
Cost price 01.01. | 144 | 5,183 | 5,326 | 144 | 4,047 | 4,190 |
Acc result and adjustments | 22,127 | -9 | 22,118 | 14,452 | -97 | 14,355 |
Book value 01.01. | 22,271 | 5,174 | 27,444 | 14,596 | 3,950 | 18,546 |
Share of result (3) | -2,298 | - | -2,298 | 7,836 | 367 | 8,203 |
Capital increase | - | - | - | - | 1,136 | 1,136 |
Disposal (2) | - | -5,174 | -5,174 | |||
Impairment | - | - | - | - | -279 | -279 |
Other adjustments (1) | - | - | - | -161 | - | -161 |
Book value 31.12. | 19,973 | - | 19,973 | 22,271 | 5,174 | 27,444 |
Hereof classified as held for sale | - | - | - | - | 5,174 | 5,174 |
Balance sheet: | ||||||
Bank deposit and cash equivalents | 12,563 | - | 13,518 | -30 | ||
Current assets | 4,485 | - | 11,249 | 433 | ||
Non-current assets | 41,046 | - | 41,135 | 33,591 | ||
Current liabilities | -12,366 | - | -10,418 | -86 | ||
Non-current financial liabilities | -12,691 | - | -19,171 | -23,972 | ||
Net Assets | 33,037 | - | 36,314 | 9,936 | ||
Revenues and profit: | ||||||
Revenues | 16,708 | - | 30,687 | 5,993 | ||
Operating expense | -12,557 | - | -11,856 | -316 | ||
Depreciations | -3,245 | - | -3,001 | -3,727 | ||
Financial income | 141 | - | 257 | 35 | ||
Interest expense | -1,348 | - | -1,927 | -1,209 | ||
Result before tax | -300 | - | 14,158 | 777 | ||
Taxes | -234 | - | -43 | - | ||
Result | -534 | - | 14,115 | 777 | ||
OCI effects | - | - | - | - |
Associates
2025 | |||
SOMA | OSAS | Total | |
Cost price 01.01. | 159,227 | - | 159,227 |
Acc result and adjustments | 43,380 | - | 43,380 |
Book value 01.01. | 202,607 | - | 202,607 |
Purchase (2) | - | 12,039 | 12,039 |
Share of result (3) | 61,345 | 4,344 | 65,689 |
Dividend distributions (4) | -29,294 | - | -29,294 |
Other adjustments (1) | -1,311 | - | -1,311 |
Book value 31.12. | 233,347 | 16,382 | 249,729 |
Balance sheet: | |||
Current assets | 254,743 | 20,427 | |
Non-current assets | 1,371,857 | 66,216 | |
Current liablilities | 236,575 | 16,733 | |
Non-current financial liabilities | 510,174 | 33,178 | |
Net assets | 879,851 | 36,732 | |
Revenues and profit: | |||
Revenues | 590,358 | 95,568 | |
Operating expense | 394,702 | 78,288 | |
Financial income | -6,370 | -554 | |
Result before tax | 189,286 | 16,726 | |
Taxes | 23,590 | -3,680 | |
Result | 212,876 | 13,046 | |
OCI effects | -4,809 | - |
2024 | |||||
SOMA | SOCS | WAAS | REMO | Total | |
Cost price 01.01. | - | 38 | 16 | 4,522 | 4,576 |
Acc result and adjustments | - | 169 | 41 | -511 | -301 |
Book value 01.01. | - | 207 | 57 | 4,011 | 4,275 |
Purchase | 159,227 | - | - | - | 159,227 |
Deconsolidation/disposal | - | -207 | -57 | -4,011 | -4,275 |
Share of result (3) | 54,502 | - | - | - | 54,502 |
Dividend distributions (4) | -5,741 | - | - | - | -5,741 |
Other adjustments (1) | -5,381 | - | - | - | -5,381 |
Book value 31.12. | 202,607 | - | - | - | 202,607 |
Balance sheet: | |||||
Current assets | 352,157 | - | - | - | |
Non-current assets | 1,336,980 | - | - | - | |
Current liablilities | 271,561 | - | - | - | |
Non-current financial liabilities | 638,390 | - | - | - | |
Net assets | 779,186 | - | - | - | |
Revenues and profit: | |||||
Revenues | 563,235 | - | - | - | |
Operating expense | 310,632 | - | - | - | |
Financial income | -48,732 | - | - | - | |
Result before tax | 203,870 | - | - | - | |
Taxes | 36,616 | - | - | - | |
Result | 240,487 | - | - | - | |
OCI effects | -21,932 | - | - | - |
(1) Other adjustments includes currency effects
(2) Assets held for sale as of 31 December 2024 was related to the Group\u2019s share of the joint venture Omega Subsea
Robotics AS (OSRAS), which was used as contribution in kind to the associated company Omega Subsea AS. 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 value of MUSD 12.0, including the shares of Omega Subsea Robotics AS and capital injections. A minor accounting loss was recognized. No excess values or goodwill were identified in the purchase price allocation for Omega Subsea AS.
(3) Share of result from SOMA is reconciled below.
Reconciliation share of profit SOMA (TUSD) | 2025 | 2024 |
Result SOMA 100% | 212,875 | 240,487 |
Result prior to deconsolidation 16 January 2024 | - | -3,949 |
Reversal of impairment not recognized in SOFF | - | -47,852 |
Net result used for calcualting share of profit | 212,875 | 188,686 |
SOFF share 27.3% | 58,057 | 51,460 |
Adjusted depreciations due to impairment/impermant reversals | 3,288 | 3,042 |
Net result recognized | 61,345 | 54,502 |
Normand Installer has negative results in 2025 due to the vessel beeing off contract for the first three months of the year, and periodic maintenance stop in third quarter.
(4) Dividend distribution is dividend from the associate Solstad Maritime.
Subsidiaries with Significant Non-Controlling Interests
The Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2025. Information regarding this is as follows (USD 1,000):
2025 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 1,847 | 7,346 | - |
2024 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 2,917 | 5,499 | - |
Condensed financial statement SOFO Tonjer IS | 2025 | 2024 | |||
Non-current assets | 9,996 | 11,188 | |||
Current assets | 11,025 | 7,047 | |||
Total assets | 21,021 | 18,235 | |||
Non-current liabilities | - | - | |||
Current debt | 630 | 2,042 | |||
Total liabilities | 630 | 2,042 | |||
Income | 10,672 | 10,575 | |||
Result after tax | 4,198 | 6,155 | |||
OCI effects | - | - |
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Note 6: Financial Market Risk, Financial Instruments
General
The 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.
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 apply 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 Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
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 interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
As per 31.12.2025, 35% (2024 36%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through OECD Commercial Interest Reference Rates (CIRR) financing. The remaining debt had floating interest rates. Under Brazil\u2019s Fundo da Marinha Mercante (FMM) framework, vessels built at Brazilian shipyards may qualify for long-term financing with a fixed interest rate based on the CIRR. Such loans are typically provided through Brazilian development institutions, including BNDES, with maturities of up to 18 years from drawdown. The interest rate is fixed for the full tenor, providing long-term visibility and eliminating exposure to market interest rate fluctuations.
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 | 2025 | - / + 2,401 |
+ / - 300 | 2024 | - / + 3,001 |
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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
Liquidity Risk
Liquidity risk is the risk that the Group will be unable to fulfill its obligations as they fall due.
The 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:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 789 | 22,330 | 71,319 | 9,137 | 20,101 | 123,677 |
Lease liabilities | 14,095 | 42,137 | 192,637 | 3,205 | - | 252,074 |
Account payables | 39,746 | - | - | - | - | 39,746 |
Interest payments | 5,826 | 21,794 | 20,331 | 2,084 | 190 | 50,224 |
60,456 | 86,261 | 284,287 | 14,425 | 20,291 | 465,722 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 803 | 22,408 | 99,721 | 9,137 | 24,703 | 156,772 |
Lease liabilities | 16,024 | 45,400 | 213,271 | 9,962 | - | 284,657 |
Account payables | 26,394 | - | - | - | - | 26,394 |
Interest payments | 6,888 | 27,014 | 44,590 | 3,306 | 1,073 | 82,871 |
50,109 | 94,822 | 357,582 | 22,405 | 25,776 | 550,694 |
Capital Structure and Equity
The 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. In 2025 the equity ratio increased due to improved financial results.The equity ratio increased in 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024.
31.12.2025 | 31.12.2024 | |
Total equity | 425,082 | 287,744 |
Total assets | 878,476 | 790,967 |
Equity ratio | 48% | 36% |
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
Financial instruments at amortized cost | 2025 | 2024 |
Assets | ||
Debt instruments | ||
Other non-current receivables | - | - |
Loans to joint ventures | 6,238 | 5,961 |
Accounts receivable | 38,551 | 66,117 |
Other current receivables | 59,006 | 21,709 |
Cash and cash equivalents | 74,169 | 33,632 |
Total Financial assets | 177,964 | 127,419 |
Liabilities | ||
Interest bearing loans and borrowings | ||
Interest bearing liabilities | 124,042 | 156,686 |
Other non-current liabilities | - | - |
Other financial liabilities | ||
Trade and other payables | 39,746 | 26,394 |
Accrued salaries, related taxes and VAT payable | 19,571 | 18 878 |
Other current liabilities | 17,791 | 15 601 |
Total financial liabilities | 201,150 | 217,560 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 6: Financial Market Risk, Financial Instruments
General
The 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.
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 apply 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 Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
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 interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
As per 31.12.2025, 35% (2024 36%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through OECD Commercial Interest Reference Rates (CIRR) financing. The remaining debt had floating interest rates. Under Brazil\u2019s Fundo da Marinha Mercante (FMM) framework, vessels built at Brazilian shipyards may qualify for long-term financing with a fixed interest rate based on the CIRR. Such loans are typically provided through Brazilian development institutions, including BNDES, with maturities of up to 18 years from drawdown. The interest rate is fixed for the full tenor, providing long-term visibility and eliminating exposure to market interest rate fluctuations.
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 | 2025 | - / + 2,401 |
+ / - 300 | 2024 | - / + 3,001 |
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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
Liquidity Risk
Liquidity risk is the risk that the Group will be unable to fulfill its obligations as they fall due.
The 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:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 789 | 22,330 | 71,319 | 9,137 | 20,101 | 123,677 |
Lease liabilities | 14,095 | 42,137 | 192,637 | 3,205 | - | 252,074 |
Account payables | 39,746 | - | - | - | - | 39,746 |
Interest payments | 5,826 | 21,794 | 20,331 | 2,084 | 190 | 50,224 |
60,456 | 86,261 | 284,287 | 14,425 | 20,291 | 465,722 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 803 | 22,408 | 99,721 | 9,137 | 24,703 | 156,772 |
Lease liabilities | 16,024 | 45,400 | 213,271 | 9,962 | - | 284,657 |
Account payables | 26,394 | - | - | - | - | 26,394 |
Interest payments | 6,888 | 27,014 | 44,590 | 3,306 | 1,073 | 82,871 |
50,109 | 94,822 | 357,582 | 22,405 | 25,776 | 550,694 |
Capital Structure and Equity
The 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. In 2025 the equity ratio increased due to improved financial results.The equity ratio increased in 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024.
31.12.2025 | 31.12.2024 | |
Total equity | 425,082 | 287,744 |
Total assets | 878,476 | 790,967 |
Equity ratio | 48% | 36% |
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
Financial instruments at amortized cost | 2025 | 2024 |
Assets | ||
Debt instruments | ||
Other non-current receivables | - | - |
Loans to joint ventures | 6,238 | 5,961 |
Accounts receivable | 38,551 | 66,117 |
Other current receivables | 59,006 | 21,709 |
Cash and cash equivalents | 74,169 | 33,632 |
Total Financial assets | 177,964 | 127,419 |
Liabilities | ||
Interest bearing loans and borrowings | ||
Interest bearing liabilities | 124,042 | 156,686 |
Other non-current liabilities | - | - |
Other financial liabilities | ||
Trade and other payables | 39,746 | 26,394 |
Accrued salaries, related taxes and VAT payable | 19,571 | 18 878 |
Other current liabilities | 17,791 | 15 601 |
Total financial liabilities | 201,150 | 217,560 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 6: Financial Market Risk, Financial Instruments
General
The 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.
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 apply 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 Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
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 interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
As per 31.12.2025, 35% (2024 36%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through OECD Commercial Interest Reference Rates (CIRR) financing. The remaining debt had floating interest rates. Under Brazil\u2019s Fundo da Marinha Mercante (FMM) framework, vessels built at Brazilian shipyards may qualify for long-term financing with a fixed interest rate based on the CIRR. Such loans are typically provided through Brazilian development institutions, including BNDES, with maturities of up to 18 years from drawdown. The interest rate is fixed for the full tenor, providing long-term visibility and eliminating exposure to market interest rate fluctuations.
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 | 2025 | - / + 2,401 |
+ / - 300 | 2024 | - / + 3,001 |
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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
Liquidity Risk
Liquidity risk is the risk that the Group will be unable to fulfill its obligations as they fall due.
The 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:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 789 | 22,330 | 71,319 | 9,137 | 20,101 | 123,677 |
Lease liabilities | 14,095 | 42,137 | 192,637 | 3,205 | - | 252,074 |
Account payables | 39,746 | - | - | - | - | 39,746 |
Interest payments | 5,826 | 21,794 | 20,331 | 2,084 | 190 | 50,224 |
60,456 | 86,261 | 284,287 | 14,425 | 20,291 | 465,722 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 803 | 22,408 | 99,721 | 9,137 | 24,703 | 156,772 |
Lease liabilities | 16,024 | 45,400 | 213,271 | 9,962 | - | 284,657 |
Account payables | 26,394 | - | - | - | - | 26,394 |
Interest payments | 6,888 | 27,014 | 44,590 | 3,306 | 1,073 | 82,871 |
50,109 | 94,822 | 357,582 | 22,405 | 25,776 | 550,694 |
Capital Structure and Equity
The 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. In 2025 the equity ratio increased due to improved financial results.The equity ratio increased in 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024.
31.12.2025 | 31.12.2024 | |
Total equity | 425,082 | 287,744 |
Total assets | 878,476 | 790,967 |
Equity ratio | 48% | 36% |
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
Financial instruments at amortized cost | 2025 | 2024 |
Assets | ||
Debt instruments | ||
Other non-current receivables | - | - |
Loans to joint ventures | 6,238 | 5,961 |
Accounts receivable | 38,551 | 66,117 |
Other current receivables | 59,006 | 21,709 |
Cash and cash equivalents | 74,169 | 33,632 |
Total Financial assets | 177,964 | 127,419 |
Liabilities | ||
Interest bearing loans and borrowings | ||
Interest bearing liabilities | 124,042 | 156,686 |
Other non-current liabilities | - | - |
Other financial liabilities | ||
Trade and other payables | 39,746 | 26,394 |
Accrued salaries, related taxes and VAT payable | 19,571 | 18 878 |
Other current liabilities | 17,791 | 15 601 |
Total financial liabilities | 201,150 | 217,560 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
General
The 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.
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 apply 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 Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
Financial instruments at amortized cost | 2025 | 2024 |
Assets | ||
Debt instruments | ||
Other non-current receivables | - | - |
Loans to joint ventures | 6,238 | 5,961 |
Accounts receivable | 38,551 | 66,117 |
Other current receivables | 59,006 | 21,709 |
Cash and cash equivalents | 74,169 | 33,632 |
Total Financial assets | 177,964 | 127,419 |
Liabilities | ||
Interest bearing loans and borrowings | ||
Interest bearing liabilities | 124,042 | 156,686 |
Other non-current liabilities | - | - |
Other financial liabilities | ||
Trade and other payables | 39,746 | 26,394 |
Accrued salaries, related taxes and VAT payable | 19,571 | 18 878 |
Other current liabilities | 17,791 | 15 601 |
Total financial liabilities | 201,150 | 217,560 |
Credit Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__63-1": { "value": "Credit Risk
Credit 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 customers ability to pay. 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 following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months* | Total |
Net carrying amount | 31,854 | 1,585 | - | 5,112 | 38,551 |
* Related to a dispute, reference Note 2
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Net carrying amount | 57,588 | 6,016 | 2,208 | 305 | 66,117 |
Set out below is the movement in the allowance for expected credit losses of trade receivables:
2025 | 2024 | |
As at 1 January | 7,582 | 84 |
Provision for expected credit losses* | 491 | 7,498 |
Foreign exchange movement | - | - |
As at 31 December | 8,073 | 7,582 |
* Provision in 2024 and 2025 is related to Normand Maximus and a dispute with the client, reference note 27.
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
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 interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
As per 31.12.2025, 35% (2024 36%) of the of the Group\u2019s loan agreements consisted of fixed interest rates through OECD Commercial Interest Reference Rates (CIRR) financing. The remaining debt had floating interest rates. Under Brazil\u2019s Fundo da Marinha Mercante (FMM) framework, vessels built at Brazilian shipyards may qualify for long-term financing with a fixed interest rate based on the CIRR. Such loans are typically provided through Brazilian development institutions, including BNDES, with maturities of up to 18 years from drawdown. The interest rate is fixed for the full tenor, providing long-term visibility and eliminating exposure to market interest rate fluctuations.
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 | 2025 | - / + 2,401 |
+ / - 300 | 2024 | - / + 3,001 |
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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__64": { "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 USD. Presentation currency changed to USD in 2025, while the
functional currency chaged within the Group in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK/BRL to USD within the Group in 2024, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK and BRL versus USD of 10% would have an estimated positive effect on equity of MUSD 22 (MUSD 6 in 2024). The effect is calculated based on net assets nominated in NOK and BRL.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__65": { "value": "Liquidity Risk
Liquidity risk is the risk that the Group will be unable to fulfill its obligations as they fall due.
The 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:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 789 | 22,330 | 71,319 | 9,137 | 20,101 | 123,677 |
Lease liabilities | 14,095 | 42,137 | 192,637 | 3,205 | - | 252,074 |
Account payables | 39,746 | - | - | - | - | 39,746 |
Interest payments | 5,826 | 21,794 | 20,331 | 2,084 | 190 | 50,224 |
60,456 | 86,261 | 284,287 | 14,425 | 20,291 | 465,722 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities | 803 | 22,408 | 99,721 | 9,137 | 24,703 | 156,772 |
Lease liabilities | 16,024 | 45,400 | 213,271 | 9,962 | - | 284,657 |
Account payables | 26,394 | - | - | - | - | 26,394 |
Interest payments | 6,888 | 27,014 | 44,590 | 3,306 | 1,073 | 82,871 |
50,109 | 94,822 | 357,582 | 22,405 | 25,776 | 550,694 |
Capital Structure and Equity
The 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. In 2025 the equity ratio increased due to improved financial results.The equity ratio increased in 2024, mainly due to the refinancing and the following deconsolidation of Solstad Maritime in January 2024.
31.12.2025 | 31.12.2024 | |
Total equity | 425,082 | 287,744 |
Total assets | 878,476 | 790,967 |
Equity ratio | 48% | 36% |
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Financing Risk
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2025:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 43,659 | 10.11.2026 | 10.03.2031 | 3.62 % | 6.08 % | 5.34% |
Loan, floating interest | 80,017 | 10.11.2026 | 10.12.2027 | 8.95 % | 14.77 % | 8.95% |
The following table shows the total mortgage loan based on existing financing and their maturity dates as per 31.12.2024:
Drawn | Maturity interval | Interest interval | Average interest | |||
Loan, fixed interest | 56,610 | 10.11.2026 | 10.03.2031 | 3.63% | 6.32% | 5.49% |
Loan, floating interest | 100,026 | 10.11.2026 | 10.12.2027 | 9.24% | 13.25% | 12.24% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency 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 same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. 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 following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 21 | 74,169 | 74,169 | 33,632 | 33,632 |
Loans to joint ventures | 18 | 6,238 | 6,238 | 5,961 | 5,961 |
Accounts receivable | 24 | 38,551 | 38,551 | 66,117 | 66,117 |
Other current receivables | 24 | 59,006 | 59,006 | 21,709 | 21,709 |
Total financial assets | 177,964 | 177,964 | 127,419 | 127,419 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 7 | 80,383 | 80,383 | 100,076 | 100,076 |
Mortgage loan with fixed interests | 7 | 43,659 | 43,659 | 56,610 | 56,610 |
Trade and other payables | 26 | 39,746 | 39,746 | 26,394 | 26,394 |
Accrued salaries, related taxes and VAT payable | 26 | 19,571 | 19,571 | 18,878 | 18,878 |
Other current liabilities | 26 | 17,791 | 17,791 | 15,601 | 15,601 |
Total financial liabilities | 201,150 | 181,579 | 217,560 | 217,560 | |
Hereof current part of non-current debt | 24,442 | 24,442 | 24,379 | 24,379 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities.
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data.
Fair value of vessles are measured at level 3, reference Note 8 for further information.
All financial assets and financial liabilities in the Group are measured at amortized cost.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__76": { "value": "Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 7: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Interest bearing liabilities | 99,600 | 132,307 |
Lease liabilities | 195,848 | 223,232 |
Total non-current debt | 295,448 | 355,539 |
Current portion of non-current debt | 80,668 | 85,803 |
For maturity profile reference is made to Note 6 Financial market risk, financial instruments. Current portion of non-current debt includes the next twelve months installments for both bank loans and lease liabilities.
Total lease obligation for Normand Maximus amounts to MUSD 156 (MUSD 172 in 2024), included as Lease liabilities in the table above.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Note 27: Contingent Liabilities, Assets and Provisions
Contingent 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 MUSD 40 (MUSD 30). The increase in 2025 is due to currency MUSD 5.6 and increased interest and surcharges MUSD 3.8. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MUSD 1 (MUSD 0.7 in 2024). Legal fees are expensed as incurred.
Insurance Claims
The 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 booked insurance claim recoverable as of 31 December 2025 was MUSD 1.5.
Kistefos Lawsuit
On 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 of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The hearing required significant attention from the CEO, other key people withint the anagement, and the board members.
The judgement is expected during first half of 2026 and may be appealed by the parties.
The case has been subject to significant public attention. Solstad Offshore is not part in the dispute, and it is not assessed as probable that the court case 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.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Note 27: Contingent Liabilities, Assets and Provisions
Contingent 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 MUSD 40 (MUSD 30). The increase in 2025 is due to currency MUSD 5.6 and increased interest and surcharges MUSD 3.8. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MUSD 1 (MUSD 0.7 in 2024). Legal fees are expensed as incurred.
Insurance Claims
The 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 booked insurance claim recoverable as of 31 December 2025 was MUSD 1.5.
Kistefos Lawsuit
On 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 of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The hearing required significant attention from the CEO, other key people withint the anagement, and the board members.
The judgement is expected during first half of 2026 and may be appealed by the parties.
The case has been subject to significant public attention. Solstad Offshore is not part in the dispute, and it is not assessed as probable that the court case 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.
Maximus Settlement 2024
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 MUSD 78 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 MUSD 78 was booked as a reduction of the Right of Use asset on the vessel (refernce Note 9).
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 ASA. 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 of the sale if the vessel is sold less than 12 months after the purchase option date.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
Note 27: Contingent Liabilities, Assets and Provisions
Contingent 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 MUSD 40 (MUSD 30). The increase in 2025 is due to currency MUSD 5.6 and increased interest and surcharges MUSD 3.8. Based on an individual assessment of each case the Group\u2019s total recognized accrual is MUSD 1 (MUSD 0.7 in 2024). Legal fees are expensed as incurred.
Insurance Claims
The 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 booked insurance claim recoverable as of 31 December 2025 was MUSD 1.5.
Kistefos Lawsuit
On 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 of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The hearing required significant attention from the CEO, other key people withint the anagement, and the board members.
The judgement is expected during first half of 2026 and may be appealed by the parties.
The case has been subject to significant public attention. Solstad Offshore is not part in the dispute, and it is not assessed as probable that the court case 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.
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 74,169 | 33,632 |
Account receivables | 38,551 | 66,117 |
Vessels | 118,729 | 116,163 |
Total carrying value | 231,449 | 215,912 |
All owned vessels, except the CSV Normand Tonjer, are placed as security for the mortgages.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCollateralExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__85-1": { "value": "Covenants
Solstad 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 (MUSD 80 outstanding). The maturity date for the underlying vessel financing in Normand Installer SA with ING is 15 December 2026 (not consolidated). As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. 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 (MUSD 44 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. The loan agreements entered into in Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda are guaranteed by the Company.The loan agreement in Normand Installer SA is not guaranteed by the Company.
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 120
5. FMV for allocated vessel(s) > MUSD50
Normand Installer SA (company level - quarterly measurement) (50.1%)
1. Positive working capital
2. Minimum free liquidity MUSD 0.25
3. Minimum MVC 200%
Solstad Shipping Ltda and Solstad Navegacao Maritimos Ltda
1. No applicable financial covenants
There are no financial covenants linked to the BNDES loan agreement in Brazil, however there is a cash sweep mechanism in the loan agreement, in which the Company is closely monitoring.
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 meets all the financial covenants with a good margin in the loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Costs connected to lending: | 2025 | 2024 |
Capitalization transaction cost | 975 | 1,086 |
Transaction cost is presented net with the loans and is amortized until maturity of the loan.
Solstad Offshore ASA has issued a guarantee to Maximus Shipping AS (a subsidiary of Solstad Maritme ASA) for the bareboat charter commitment in Normand Maximus AS.
Changes in liabilities arising from financing activities
1 January 2025 | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities | 24,379 | -32,854 | 32,917 | 24,442 |
Non-current interest bearing liabilities | 132,307 | - | -32,707 | 99,600 |
Current leasing obligations | 61,424 | -55,082 | 49,884 | 56,227 |
Non-current leasing obligations | 223,232 | - | -27,385 | 195,848 |
Total liabilities from financing activities | 441,343 | -87,936 | 22,710 | 376,116 |
* 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. For interest bearing liabilities, other changes includes amortisation of debt, currency changes and change in portion classified as non-current.
1 January 2024 | Cash flows* | Other** | 31 December 2024 | |
Current interest bearing liabilities*** | 1,118,762 | -1,112,979 | 18,596 | 24,379 |
Non-current interest bearing liabilities | 61,990 | 99,100 | -28,783 | 132,307 |
Current leasing obligations | 193,216 | -150,929 | 19,138 | 61,424 |
Non-current leasing obligations | 176,519 | - | 46,713 | 223,232 |
Other non-current liabilities | 103 | - | -103 | - |
Total liabilities from financing activities | 1,550,590 | -1,164,808 | 55,561 | 441,343 |
* 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 was 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 BUSD 1.1 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.
Note 8: Tangible Fixed Assets
Vessel | Other assets | Total | |
Acquisition cost 01.01.2025 | 1,435,296 | 21,027 | 1,456,323 |
Acc. depreciation/ impairment 01.01.2025 | -1,322,095 | -19,848 | -1,341,943 |
Carrying value 01.01.2025 | 113,201 | 1,179 | 114,380 |
Additions | 2,656 | 167 | 2,824 |
Disposals | - | - | - |
Transfer to asset held for sale | - | - | - |
Translation differences | -288 | 5 | -282 |
Cost price 31.12.2025 | 1,437,665 | 21,199 | 1,458,865 |
Acc. depreciations/ impairment 31.12.2025 | -1,321,583 | -20,003 | -1,341,586 |
Carrying value 31.12.2025 | 116,083 | 1,196 | 117,279 |
Depreciation current period | -3,920 | -155 | -4,075 |
Impairment current period | 4,432 | - | 4,432 |
Vessel | Other assets | Total | |
Acquisition cost 01.01.2024 | 1,434,074 | 20,506 | 1,454,580 |
Acc. depreciation/ impairment 01.01.2024 | -1,317,995 | -18,765 | -1,336,760 |
Carrying value 01.01.2024 | 116,079 | 1,741 | 117,820 |
Additions | 1,221 | 154 | 1,375 |
Disposals | - | - | - |
Transfer to asset held for sale | - | - | - |
Translation differences | 1 | 366 | 367 |
Cost price 31.12.2024 | 1,435,296 | 21,027 | 1,456,323 |
Acc. depreciations/ impairment 31.12.2024 | -1,322,095 | -19,848 | -1,341,943 |
Carrying value 31.12.2024 | 113,201 | 1,179 | 114,380 |
Depreciation current period | -4,100 | -546 | -4 647 |
Impairment current period | - | -536 | -536 |
Capitalized periodic maintenance | 2025 | 2024 | |
Capitalized periodic maintenance at 01.01 | 14,200 | 11,476 | |
Additions this year | 4,461 | 7,211 | |
Disposal this year | - | - | |
Transfer to asset held for sale | - | - | |
Depreciation this year | -6,024 | -4,170 | |
Impairment this year | - | - | |
Translation differences | - | -316 | |
Capitalized periodic maintenance at 31.12 | 12,637 | 14,200 |
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 35-40 years, while estimated useful life for Solstad is 25 years. 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, refereance is made to note 2.
Periodic maintenance is depreciated over the period until the next planned interim and 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 MUSD 119 (MUSD 116 in 2024) are pledged as security for the Group\u2019s loans, see note 7 Mortgage Debt and Other Liabilities.
There is no capitalized interest in 2025 or 2024.
Impairment Valuation of PPE
Quarterly, 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 (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for three vessels (three CSV). For two of the AHTS vessels, new long term contracts was signed in 2Q, and the updated estimated EBITDA for these two vessels indicated that reversal of prior year impairments could be done, and the vessels were tested for reversal in 2Q. There were no impairment indicators on these two vessels as of year end.
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 (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Discount Rate
The discount rate is based on a weighted average cost of capital (WACC) for the Group. 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 rate and market rates. The discount rate used for 2025 is a post-tax rate of 11.3%.
Income Assumptions
For 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.
Inflation
No inflation of income in 2026, while operating expense is adjusted for inflation by 2%. This is consistent throughout the prognosis period.
Residual Values
Estimated residual values used in the value in use calculations are set using the same principle as for the ordinary depreciations. Reference Note 2. Average life of the core fleet is 16 years, with respectively 20 years average for the AHTS vessels and 13 years for the CSVs.
Impairment Testing
The Group tested three CSVs for impairment, and two AHTS vessels for reversal of impairment. A total net reversal of impairments of MUSD 4 has been recognized in Impairment of fixed assets in 2025.
Total | |
Reversal of impairments two AHTS (1) | -4,432 |
Impairments | - |
Total impairment /reversal of impairment (-) | -4,432 |
(1) Reversal of impairment of MUSD 4 is related to two AHTS vessels operating in Brazil. The vessels have signed new long-term contracts and the updated five year plan supports increased operating results going forward. The charter rates in the forecast are supported by firm contracts until end of 2029 for both vessels.
Sensitivity and Scenario Calculations
The sensitivity of the value-in-use-calculations for the vessels with indicators of impairment or reversals of previous impaired assets, is analyzed by altering the key assumptions, discounting rate, utilization, and day rates. An increase of discount rate by 1% point and 2% points indicates impairment of MUSD 34 and MUSD 48, respectively. A yearly change in day rates or utilization for the prognosis period bringing the revenue down by 5-6%, indicates potential impairment of MUSD 55-63. The Group has recognized significant reversals of impairments on the vessels during the last years, and as of 31 December 2025 only MUSD 1.2 of possible reversals are remaining.
Climate-Related Matters
The Company constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company. It is however not expected to have any significant effect on the Group\u2019s opex, as higher fuel prices due to CO2levies or the cost of green fuels will for the most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2025 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 currently proves 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 board approved forecasts for the vessels do not include green investments as of 31 December 2025.
Long-term sustainability goals require newbuild programs and new technology to be in place. Newbuild programs have been limited for some time, but for CSVs it is expected about 25 newbuilds/10% increase in supply over the next few years. The current demand is not expected to fully absorb this supply. In the 5YP and current market the rates on long term contracts are already reflecting the newbuilds from 2027, where the rates are lower than in prior years. For AHTS vessels, there is very limited newbuild activity. 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 a potentially increasingly worsened weather due to climate change is not expected to affect the usability of the existing fleet.
The Company assesses that the economic lifetime of existing vessels are not materially reduced in today\u2019s market, but has made an updated estimate of residual values to better reflect the uncertainty that is with regards to future selling prices of the vessels. The Company will further 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 Assets
No Property, plant and equipment are held for sale as of 31 December 2025 (reference Note 4).
No assets are sold during 2025, and no gain is recognized on Gain on sale of assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__93-1": { "value": "Note 8: Tangible Fixed Assets
Vessel | Other assets | Total | |
Acquisition cost 01.01.2025 | 1,435,296 | 21,027 | 1,456,323 |
Acc. depreciation/ impairment 01.01.2025 | -1,322,095 | -19,848 | -1,341,943 |
Carrying value 01.01.2025 | 113,201 | 1,179 | 114,380 |
Additions | 2,656 | 167 | 2,824 |
Disposals | - | - | - |
Transfer to asset held for sale | - | - | - |
Translation differences | -288 | 5 | -282 |
Cost price 31.12.2025 | 1,437,665 | 21,199 | 1,458,865 |
Acc. depreciations/ impairment 31.12.2025 | -1,321,583 | -20,003 | -1,341,586 |
Carrying value 31.12.2025 | 116,083 | 1,196 | 117,279 |
Depreciation current period | -3,920 | -155 | -4,075 |
Impairment current period | 4,432 | - | 4,432 |
Vessel | Other assets | Total | |
Acquisition cost 01.01.2024 | 1,434,074 | 20,506 | 1,454,580 |
Acc. depreciation/ impairment 01.01.2024 | -1,317,995 | -18,765 | -1,336,760 |
Carrying value 01.01.2024 | 116,079 | 1,741 | 117,820 |
Additions | 1,221 | 154 | 1,375 |
Disposals | - | - | - |
Transfer to asset held for sale | - | - | - |
Translation differences | 1 | 366 | 367 |
Cost price 31.12.2024 | 1,435,296 | 21,027 | 1,456,323 |
Acc. depreciations/ impairment 31.12.2024 | -1,322,095 | -19,848 | -1,341,943 |
Carrying value 31.12.2024 | 113,201 | 1,179 | 114,380 |
Depreciation current period | -4,100 | -546 | -4 647 |
Impairment current period | - | -536 | -536 |
Capitalized periodic maintenance | 2025 | 2024 | |
Capitalized periodic maintenance at 01.01 | 14,200 | 11,476 | |
Additions this year | 4,461 | 7,211 | |
Disposal this year | - | - | |
Transfer to asset held for sale | - | - | |
Depreciation this year | -6,024 | -4,170 | |
Impairment this year | - | - | |
Translation differences | - | -316 | |
Capitalized periodic maintenance at 31.12 | 12,637 | 14,200 |
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 35-40 years, while estimated useful life for Solstad is 25 years. 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, refereance is made to note 2.
Periodic maintenance is depreciated over the period until the next planned interim and 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 MUSD 119 (MUSD 116 in 2024) are pledged as security for the Group\u2019s loans, see note 7 Mortgage Debt and Other Liabilities.
There is no capitalized interest in 2025 or 2024.
Impairment Valuation of PPE
Quarterly, 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 (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for three vessels (three CSV). For two of the AHTS vessels, new long term contracts was signed in 2Q, and the updated estimated EBITDA for these two vessels indicated that reversal of prior year impairments could be done, and the vessels were tested for reversal in 2Q. There were no impairment indicators on these two vessels as of year end.
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 (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Discount Rate
The discount rate is based on a weighted average cost of capital (WACC) for the Group. 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 rate and market rates. The discount rate used for 2025 is a post-tax rate of 11.3%.
Income Assumptions
For 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.
Inflation
No inflation of income in 2026, while operating expense is adjusted for inflation by 2%. This is consistent throughout the prognosis period.
Residual Values
Estimated residual values used in the value in use calculations are set using the same principle as for the ordinary depreciations. Reference Note 2. Average life of the core fleet is 16 years, with respectively 20 years average for the AHTS vessels and 13 years for the CSVs.
Impairment Testing
The Group tested three CSVs for impairment, and two AHTS vessels for reversal of impairment. A total net reversal of impairments of MUSD 4 has been recognized in Impairment of fixed assets in 2025.
Total | |
Reversal of impairments two AHTS (1) | -4,432 |
Impairments | - |
Total impairment /reversal of impairment (-) | -4,432 |
(1) Reversal of impairment of MUSD 4 is related to two AHTS vessels operating in Brazil. The vessels have signed new long-term contracts and the updated five year plan supports increased operating results going forward. The charter rates in the forecast are supported by firm contracts until end of 2029 for both vessels.
Sensitivity and Scenario Calculations
The sensitivity of the value-in-use-calculations for the vessels with indicators of impairment or reversals of previous impaired assets, is analyzed by altering the key assumptions, discounting rate, utilization, and day rates. An increase of discount rate by 1% point and 2% points indicates impairment of MUSD 34 and MUSD 48, respectively. A yearly change in day rates or utilization for the prognosis period bringing the revenue down by 5-6%, indicates potential impairment of MUSD 55-63. The Group has recognized significant reversals of impairments on the vessels during the last years, and as of 31 December 2025 only MUSD 1.2 of possible reversals are remaining.
Climate-Related Matters
The Company constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company. It is however not expected to have any significant effect on the Group\u2019s opex, as higher fuel prices due to CO2levies or the cost of green fuels will for the most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2025 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 currently proves 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 board approved forecasts for the vessels do not include green investments as of 31 December 2025.
Long-term sustainability goals require newbuild programs and new technology to be in place. Newbuild programs have been limited for some time, but for CSVs it is expected about 25 newbuilds/10% increase in supply over the next few years. The current demand is not expected to fully absorb this supply. In the 5YP and current market the rates on long term contracts are already reflecting the newbuilds from 2027, where the rates are lower than in prior years. For AHTS vessels, there is very limited newbuild activity. 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 a potentially increasingly worsened weather due to climate change is not expected to affect the usability of the existing fleet.
The Company assesses that the economic lifetime of existing vessels are not materially reduced in today\u2019s market, but has made an updated estimate of residual values to better reflect the uncertainty that is with regards to future selling prices of the vessels. The Company will further 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 Assets
No Property, plant and equipment are held for sale as of 31 December 2025 (reference Note 4).
No assets are sold during 2025, and no gain is recognized on Gain on sale of assets.
Note 9: Right-of-use Assets
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2025 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
Other adjustments (1) | -11,446 | - | - | -11,446 | -11,446 |
Additions (2) | 33,227 | - | - | 33,227 | 33,227 |
Disposals | - | - | - | - | - |
Translation differences | - | - | - | - | 719 |
Depreciation | -40,131 | -1,304 | -134 | -41,569 | - |
Impairment | - | - | - | - | - |
Interest expense | - | - | - | - | 24,074 |
Lease payments | - | - | - | - | -79,156 |
Closing balance 31.12.2025 | 275,247 | 3,911 | 208 | 279,366 | 252,074 |
(1) Other adjustments include adjustments on rates and length on vessel lease contracts with Solstad Maritime.
(2) Additions of MUSD 33 is related to a new lease of vessel with Solstad Maritime which was commenced in May 2025.
Right-of-use assets | |||||
Vessels | Equipment | Office | Total | Lease liabilities | |
Opening balance 01.01.2024 | 265,329 | - | 8,879 | 274,207 | 369,736 |
Other adjustments | -50,717 | - | 722 | -49,995 | -43,979 |
Additions | 98,865 | 6,518 | 469 | 105,851 | 105,851 |
Disposals | - | - | -8,343 | -8,343 | -11,529 |
Translation differences | 197 | 1 | 72 | 270 | 263 |
Depreciation | -68,471 | -1,305 | -1,456 | -71,232 | - |
Impairment | 48,395 | - | - | 48,395 | - |
Interest expense | - | - | - | - | 38,944 |
Lease payments | - | - | - | - | -174,630 |
Closing balance 31.12.2024 | 293,598 | 5,214 | 342 | 299,154 | 284,657 |
The following are the amounts recognised in profit or loss: | 2025 | 2024 | |||
Depreciation expense of right-of-use assets | 41,569 | 71,232 | |||
Reversal of impairment on right-of-use assets | - | -48,395 | |||
Interest expense on lease liabilities | 24,074 | 38,944 | |||
Settlement of dispute | -6,117 | - | |||
Operating expenses in the period related to current leases | 20,925 | 20,124 | |||
Operating expenses in the period related to low value assets | - | 1 | |||
Total lease expenses included in other operating expenses | 80,450 | 81,905 |
The Group had total cash outflows for leases of MUSD 79 in 2025 (MUSD 174 in 2024). The change from 2024 is due to the settlement of the Maximus residual claim in 2024, with a payment of MUSD 110 (reference Note 3), partly offset by increased operations of vessels leased from SOMA.
Impairment Testing of Right-of-Use Assets
An impairment indicator has been identified by the Company related to one of right of use assets (CSV). Further reference is made to Note 8. No impairment has been recognized.
Normand Maximus
The right of use asset for Maximus is MUSD 189 (MUSD 197 in 2024) and lease liability is MUSD 156 (MUSD 172 in 2024). There has been no change in the leasing agreement during 2025.
Variable Lease Payments
The Company had no vessels on lease with variable lease payment in 2025 or 2024.
Group as a Lessor
The agreed day rate invoiced to customers is divided into a service element and a lease element, referance to note 5. The service element includes the maritime services provided to navigate the vessel according to the customers requirements, while the lease element is the estimated rental of the vessel (equipment).
For the future minimum rentals receivable under non-cancellable operating leases, see note 5.
Impairment Valuation of PPE
Quarterly, 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 (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for three vessels (three CSV). For two of the AHTS vessels, new long term contracts was signed in 2Q, and the updated estimated EBITDA for these two vessels indicated that reversal of prior year impairments could be done, and the vessels were tested for reversal in 2Q. There were no impairment indicators on these two vessels as of year end.
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 (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Impairment Testing
The Group tested three CSVs for impairment, and two AHTS vessels for reversal of impairment. A total net reversal of impairments of MUSD 4 has been recognized in Impairment of fixed assets in 2025.
Total | |
Reversal of impairments two AHTS (1) | -4,432 |
Impairments | - |
Total impairment /reversal of impairment (-) | -4,432 |
(1) Reversal of impairment of MUSD 4 is related to two AHTS vessels operating in Brazil. The vessels have signed new long-term contracts and the updated five year plan supports increased operating results going forward. The charter rates in the forecast are supported by firm contracts until end of 2029 for both vessels.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__99": { "value": "Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 10: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -35,838 | -53,123 |
Interest income | 3,599 | 7,063 |
Net currency gain/ loss (-) | -1,921 | 18,551 |
Income from investment in associates | 65,689 | 54,502 |
Income from investment in joint ventures | -2,298 | 8,203 |
Gain sale of shares | - | 89 |
Impairment of shares | - | -279 |
Other gains | 3,870 | 99 |
Other financial income/ -expenses (-) | -1,739 | -6,751 |
Net financial items | 31,363 | 28,353 |
Net currency loss is mainly relating to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of loan.
Note 11: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Project expenses | 30,657 | 23,320 |
Technical expenses | 15,921 | 11,453 |
Bunker and lube oil | 3,512 | 1,548 |
Insurance | 769 | 817 |
IT, communications and other expenses | 14,373 | 14,471 |
Total vessel operating expenses | 65,232 | 51,609 |
Administrative expenses: | ||
Management fee | 8,511 | 1,973 |
Audit fees | 2,420 | 2,298 |
Consultant costs | 3,289 | 8,440 |
Other gain/losses | -66 | 2,253 |
Other administrative expenses | 2,234 | 2,066 |
Total administrative expenses | 16,389 | 17,030 |
Personnel expenses: | ||
Employees, vessels | 59,640 | 59,671 |
Employees, administration | 7,527 | 7,077 |
Total personnel expenses | 67,167 | 66,748 |
Wages and employee expenses: | ||
Wages | 41,801 | 45,501 |
Social security | 11,734 | 9,417 |
Pension expenses | 3,922 | 3,986 |
Other benefits | 5,043 | 4,095 |
Traveling expenses, courses and other personnel expenses | 4,667 | 3,749 |
Total employee expenses | 67,167 | 66,748 |
Average number of FTEs* | 905 | 569 |
* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.
Remuneration to Directors, Managing Director and Auditors
Following the refinancing and deconsolidation of Solstad Maritime from Solstad Offshore,the Group receives management and operational services from Solstad Maritime Group under established management agreements. Members of the executive management are employed by Solstad Maritime and provide services to the Group pursuant to the management agreements.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 46.58% for CEO and 32.04%, 32.32% and 23.32% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 29% to Solstad Offshore ASA.
2025 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,193 | 506 | 25 | 48 |
There 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. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Audit fees relates to statutory audit of accounts. Other assurance services relates to services required by law. Other non-audit services are fee for compliance services and restructuring process.
Note 11: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Project expenses | 30,657 | 23,320 |
Technical expenses | 15,921 | 11,453 |
Bunker and lube oil | 3,512 | 1,548 |
Insurance | 769 | 817 |
IT, communications and other expenses | 14,373 | 14,471 |
Total vessel operating expenses | 65,232 | 51,609 |
Administrative expenses: | ||
Management fee | 8,511 | 1,973 |
Audit fees | 2,420 | 2,298 |
Consultant costs | 3,289 | 8,440 |
Other gain/losses | -66 | 2,253 |
Other administrative expenses | 2,234 | 2,066 |
Total administrative expenses | 16,389 | 17,030 |
Personnel expenses: | ||
Employees, vessels | 59,640 | 59,671 |
Employees, administration | 7,527 | 7,077 |
Total personnel expenses | 67,167 | 66,748 |
Wages and employee expenses: | ||
Wages | 41,801 | 45,501 |
Social security | 11,734 | 9,417 |
Pension expenses | 3,922 | 3,986 |
Other benefits | 5,043 | 4,095 |
Traveling expenses, courses and other personnel expenses | 4,667 | 3,749 |
Total employee expenses | 67,167 | 66,748 |
Average number of FTEs* | 905 | 569 |
* 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": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__110-1": { "value": "Note 11: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Project expenses | 30,657 | 23,320 |
Technical expenses | 15,921 | 11,453 |
Bunker and lube oil | 3,512 | 1,548 |
Insurance | 769 | 817 |
IT, communications and other expenses | 14,373 | 14,471 |
Total vessel operating expenses | 65,232 | 51,609 |
Administrative expenses: | ||
Management fee | 8,511 | 1,973 |
Audit fees | 2,420 | 2,298 |
Consultant costs | 3,289 | 8,440 |
Other gain/losses | -66 | 2,253 |
Other administrative expenses | 2,234 | 2,066 |
Total administrative expenses | 16,389 | 17,030 |
Personnel expenses: | ||
Employees, vessels | 59,640 | 59,671 |
Employees, administration | 7,527 | 7,077 |
Total personnel expenses | 67,167 | 66,748 |
Wages and employee expenses: | ||
Wages | 41,801 | 45,501 |
Social security | 11,734 | 9,417 |
Pension expenses | 3,922 | 3,986 |
Other benefits | 5,043 | 4,095 |
Traveling expenses, courses and other personnel expenses | 4,667 | 3,749 |
Total employee expenses | 67,167 | 66,748 |
Average number of FTEs* | 905 | 569 |
* in addition to employed FTEs, the Company is hiring in crew on all leased vessels.
Remuneration to Directors, Managing Director and Auditors
Following the refinancing and deconsolidation of Solstad Maritime from Solstad Offshore,the Group receives management and operational services from Solstad Maritime Group under established management agreements. Members of the executive management are employed by Solstad Maritime and provide services to the Group pursuant to the management agreements.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 46.58% for CEO and 32.04%, 32.32% and 23.32% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 29% to Solstad Offshore ASA.
2025 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,193 | 506 | 25 | 48 |
There 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. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Note 20: Pension
The 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 2025, the pension plans have0 active and 59 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. Cost for contribution plans are recognized in profit and loss when incurred.
The following assumptions are used: | UK 2025 | UK 2024 |
Discounted interest | 5.35% | 5.5% |
Expected return | - | - |
Regulation of salaries | 3.15% | 3.5% |
Regulation of base amount | - | - |
Regulation of pension | 2.65% | 3.0% |
Changes in pension obligation: | 2025 | 2024 |
Estimated liability at beginning of the year | 8,942 | 21,007 |
Interest expense | 503 | 440 |
Annual pension earnings | - | - |
Curtailment / settlement | - | - |
Payroll tax employer contribution, assets | - | - |
Benefits paid | -783 | -813 |
Past service cost | - | - |
Actuarial (gain) / loss on the obligation | 361 | -506 |
Deconsolidation of Solstad Maritime/Skansekaia Drift | - | -11,186 |
Estimated liability at year-end | 9,023 | 8,942 |
Changes in plan assets: | ||
Opening value of plan assets | 8,942 | 19,055 |
Expected return | 458 | 424 |
Curtailment / settlement | - | - |
Payroll tax of employer contribution, assets | - | - |
Contributions by employer | - | - |
Benefits paid | -783 | -813 |
Actuarial gain / (loss) | 406 | -490 |
Deconsolidation of Solstad Maritime/Skansekaia Drift | - | -9,233 |
Estimated plan assets at year-end | 9,023 | 8,942 |
Net plan assets/liabilities: | 2025 | 2024 |
Pension liabilities | 9,023 | 8,942 |
Plan assets | 9,023 | 8,942 |
Net plan assets/ (liabilities) incl social security | - | - |
Social security | - | - |
Net plan assets/(liabilities) incl social security classified as Liabilities directly associated with the Assets held for sale | - | - |
Pension cost: | ||
Present value of pension obligation | - | |
Interest expenses on obligation | 503 | 440 |
Expected return on plan assets | -458 | -424 |
Administration expense | 63 | 46 |
Recognition of past service cost | -63 | -46 |
Settlement/curtailmen of net obligation | - | - |
Pension cost | 44 | 16 |
Payment on contribution plan | 3,878 | 3,970 |
Total pension cost | 3,922 | 3,986 |
Actual return on plan assets | 864 | -66 |
Acturial gain and loss (-) | ||
Total actaurial gain / loss | -45 | -16 |
Currency | 45 | 16 |
Tax effect | - | - |
Actuarial gain / loss booked on Other comprehensive income | - | - |
Pension liability for 2025 and 2024 is based on table S2IA for UK.
Individual Pension Agreements
From 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 USD 0 million is included in the net liability above (USD 0 million in 2024).
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.
Remuneration to Directors, Managing Director and Auditors
Following the refinancing and deconsolidation of Solstad Maritime from Solstad Offshore,the Group receives management and operational services from Solstad Maritime Group under established management agreements. Members of the executive management are employed by Solstad Maritime and provide services to the Group pursuant to the management agreements.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 46.58% for CEO and 32.04%, 32.32% and 23.32% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 29% to Solstad Offshore ASA.
2025 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 (100% basis) | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,193 | 506 | 25 | 48 |
There 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. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Payments to Board of Directors: | 2025 | 2024 |
Harald Espedal | 66 | 74 |
Frank O. Reite | 49 | 45 |
Ellen Solstad | 34 | 39 |
Peder Sortland | 45 | 46 |
Ingrid Kylstad | 45 | 48 |
Auditors EY | 2025 | 2024 |
Statutory audit | 1,584 | 1,356 |
Other assurance services | 357 | 121 |
Other non-audit services | 479 | 821 |
Total | 2,420 | 2,298 |
Note 12: Government Grants
2025 | 2024 | |
Net pay scheme at NOR-vessels | 1,112 | 792 |
Government grants | 1,112 | 792 |
Grants related to the net pay sheme and other crew subsides are recorded as a reduction in expenses.
Note 13: Share in Subsidiaries
The consolidated financial statements comprise the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. The consolidated accounts include companies in which Solstad Offshore ASA has control. Any deviating accounting policies are adjusted for in the consolidation.
The Group accounts consists of the following subsidiaries:
Name of subsidiary | Owner | Place of business | 2025 | 2024 |
Solstad Subsea Holding AS (1) | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
Normand Maximus AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Superior AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Superior AS | Solstad Superior AS | Skudeneshavn, Norway | 100% | 100% |
SOFO Tonjer AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 56% | 56% |
Normand Ships AS (2) | Solstad Subsea Holding AS | Skudeneshavn, Norway | 0% | 100% |
Normand Ships Operation AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Maximus Limited | Solstad Subsea Holding AS | Aberdeen, UK | 100% | 100% |
Normand Maximus Operations Limited | Normand Maximus Limited | Aberdeen, UK | 100% | 100% |
Normand Intsaller (Norway) AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | NA |
Solstad Shipholding AS | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
Solstad Brasil Holding AS | Solstad Shipholding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Brasil AS | Solstad Brasil Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Offshore Ltda | Solstad Brasil AS | Maca\u00e9, Brazil | 100% | 100% |
Solstad Shipping Ltda | Solstad Brasil Holding AS | Maca\u00e9, Brazil | 100% | 100% |
Solstad Navegac\u00e3o Ltda | Solstad Brasil Holding AS | Maca\u00e9, Brazil | 100% | 100% |
Solship Invest 4 AS | Solstad Shipholding AS | Skudeneshavn, Norway | 100% | 100% |
DESS Invest Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
Deep Sea Supply Managment (Malaysia)Sdn Bhd | DESS Invest Ltd | Kyala Lumpur, Malaysia | 100% | 100% |
Deep Sea Supply Labuan III Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
Deep Sea Supply Labuan II Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
Deep Sea Supply Labuan Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
DESS Finance Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV II Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV III Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
Farstad Shipping Ltd | Solship Invest 4 AS | Aberdeen, UK | 100% | 100% |
DESS BTG Labuan Ltd | Solship Invest 4 AS | Labuan, Malaysia | 100% | 100% |
Octopus Holdco AS (3) | Solstad Shipholding AS | Skudeneshavn, Norway | 0% | 100% |
Octopus Investco AS (3) | Octopus Holdco AS | Skudeneshavn, Norway | 0% | 100% |
Solship Invest 3 AS (4) | Solstad Offshore ASA | Skudeneshavn, Norway | 0% | 100% |
Solship AS | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
NM Shipholding AS (5) | Solship AS | Oslo, Norway | 0% | 0% |
Maximus Limited (6) | Solship AS | Grand Cayman, Cayman Islands | 100% | 100% |
Skansekaia Drift AS (7) | Solstad Offshore ASA | \u00c5lesund, Norway | 0% | 0% |
(1) Solstad Subsea Holding AS was transferred from Solstad Shipholding AS to Solstad Offshore ASA in 2025.
(2) Normand Ships AS was merged into Solstad Subsea Holding AS in 2025.
(3) Octopus Holdco AS and Octopus Investco AS was liquidated in 2025.
(4) Solship Invest 3 AS was liquidated in 2025.
(5) NM Shipholding AS was liquidated in December 2024. The shares in Maximus Limited was transferred from NM Shipholding AS to Solship AS.
(6) Maximus Limited was consolidated in from November 2024 as the Group gaind control over the company at this point following the residual claim settlement. The company was liquidated in February 2026.
(7) Skansekaia Drift was deconsolidated in November 2024 following the bankrupcy of the company.
Subsidiaries with Significant Non-Controlling Interests
The Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2025. Information regarding this is as follows (USD 1,000):
2025 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 1,847 | 7,346 | - |
2024 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 2,917 | 5,499 | - |
Condensed financial statement SOFO Tonjer IS | 2025 | 2024 | |||
Non-current assets | 9,996 | 11,188 | |||
Current assets | 11,025 | 7,047 | |||
Total assets | 21,021 | 18,235 | |||
Non-current liabilities | - | - | |||
Current debt | 630 | 2,042 | |||
Total liabilities | 630 | 2,042 | |||
Income | 10,672 | 10,575 | |||
Result after tax | 4,198 | 6,155 | |||
OCI effects | - | - |
Note 13: Share in Subsidiaries
The consolidated financial statements comprise the financial statements of Solstad Offshore ASA and its subsidiaries as of 31 December each year. The consolidated accounts include companies in which Solstad Offshore ASA has control. Any deviating accounting policies are adjusted for in the consolidation.
The Group accounts consists of the following subsidiaries:
Name of subsidiary | Owner | Place of business | 2025 | 2024 |
Solstad Subsea Holding AS (1) | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
Normand Maximus AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Superior AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Superior AS | Solstad Superior AS | Skudeneshavn, Norway | 100% | 100% |
SOFO Tonjer AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 56% | 56% |
Normand Ships AS (2) | Solstad Subsea Holding AS | Skudeneshavn, Norway | 0% | 100% |
Normand Ships Operation AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Maximus Limited | Solstad Subsea Holding AS | Aberdeen, UK | 100% | 100% |
Normand Maximus Operations Limited | Normand Maximus Limited | Aberdeen, UK | 100% | 100% |
Normand Intsaller (Norway) AS | Solstad Subsea Holding AS | Skudeneshavn, Norway | 100% | NA |
Solstad Shipholding AS | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
Solstad Brasil Holding AS | Solstad Shipholding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Brasil AS | Solstad Brasil Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Offshore Ltda | Solstad Brasil AS | Maca\u00e9, Brazil | 100% | 100% |
Solstad Shipping Ltda | Solstad Brasil Holding AS | Maca\u00e9, Brazil | 100% | 100% |
Solstad Navegac\u00e3o Ltda | Solstad Brasil Holding AS | Maca\u00e9, Brazil | 100% | 100% |
Solship Invest 4 AS | Solstad Shipholding AS | Skudeneshavn, Norway | 100% | 100% |
DESS Invest Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
Deep Sea Supply Managment (Malaysia)Sdn Bhd | DESS Invest Ltd | Kyala Lumpur, Malaysia | 100% | 100% |
Deep Sea Supply Labuan III Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
Deep Sea Supply Labuan II Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
Deep Sea Supply Labuan Ltd | DESS Invest Ltd | Labuan, Malaysia | 100% | 100% |
DESS Finance Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV II Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
DESS PSV III Ltd | Solship Invest 4 AS | Limassol, Cyprus | 100% | 100% |
Farstad Shipping Ltd | Solship Invest 4 AS | Aberdeen, UK | 100% | 100% |
DESS BTG Labuan Ltd | Solship Invest 4 AS | Labuan, Malaysia | 100% | 100% |
Octopus Holdco AS (3) | Solstad Shipholding AS | Skudeneshavn, Norway | 0% | 100% |
Octopus Investco AS (3) | Octopus Holdco AS | Skudeneshavn, Norway | 0% | 100% |
Solship Invest 3 AS (4) | Solstad Offshore ASA | Skudeneshavn, Norway | 0% | 100% |
Solship AS | Solstad Offshore ASA | Skudeneshavn, Norway | 100% | 100% |
NM Shipholding AS (5) | Solship AS | Oslo, Norway | 0% | 0% |
Maximus Limited (6) | Solship AS | Grand Cayman, Cayman Islands | 100% | 100% |
Skansekaia Drift AS (7) | Solstad Offshore ASA | \u00c5lesund, Norway | 0% | 0% |
(1) Solstad Subsea Holding AS was transferred from Solstad Shipholding AS to Solstad Offshore ASA in 2025.
(2) Normand Ships AS was merged into Solstad Subsea Holding AS in 2025.
(3) Octopus Holdco AS and Octopus Investco AS was liquidated in 2025.
(4) Solship Invest 3 AS was liquidated in 2025.
(5) NM Shipholding AS was liquidated in December 2024. The shares in Maximus Limited was transferred from NM Shipholding AS to Solship AS.
(6) Maximus Limited was consolidated in from November 2024 as the Group gaind control over the company at this point following the residual claim settlement. The company was liquidated in February 2026.
(7) Skansekaia Drift was deconsolidated in November 2024 following the bankrupcy of the company.
Note 14: Share in Join Ventures, Associates and Other Investments
The Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. 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. 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.
The Group accounts consists of the following shares in joint ventures (JV) and associates (AC):
Place of Business | Ownership | Date of Financial statement | ||
Normand Installer SA (NISA) | JV | Marly, Switzerland | 50% | 31/12/2025 |
Omega Subsea AS (OSAS)* | AC | \u00d8len, Norway | 35.8% | 31/12/2025 |
Solstad Maritime ASA (SOMA)** | AC | Skudesneshavn, Norway | 27.3% | 31/12/2025 |
* Omega Subsea Robotics AS was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025
** changed name from Solstad Maritme Holding AS in 2025
Normand 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 AS is a full project organization for subsea operations. Solstad Maritime ASAs main activities are the operation of offshore service and construction vessels.
The shares in Omega Subsea Robotics AS (OSRAS) was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025.
Solstad Maritime ASA was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time. Solstad Offshore Crewing Services Philippines (SOCS) and Remota Holding AS (REMO) was deconsolidated on 16 January 2024 as part of Solstad Maritime ASA. Windstaller Alliance AS (WAAS) was sold to Solstad Maritime ASA on 15 January 2024.
Joint Ventures
2025 | 2024 | |||||
NISA | OSRAS | Total | NISA | OSRAS | Total | |
Cost price 01.01. | 144 | 5,183 | 5,326 | 144 | 4,047 | 4,190 |
Acc result and adjustments | 22,127 | -9 | 22,118 | 14,452 | -97 | 14,355 |
Book value 01.01. | 22,271 | 5,174 | 27,444 | 14,596 | 3,950 | 18,546 |
Share of result (3) | -2,298 | - | -2,298 | 7,836 | 367 | 8,203 |
Capital increase | - | - | - | - | 1,136 | 1,136 |
Disposal (2) | - | -5,174 | -5,174 | |||
Impairment | - | - | - | - | -279 | -279 |
Other adjustments (1) | - | - | - | -161 | - | -161 |
Book value 31.12. | 19,973 | - | 19,973 | 22,271 | 5,174 | 27,444 |
Hereof classified as held for sale | - | - | - | - | 5,174 | 5,174 |
Balance sheet: | ||||||
Bank deposit and cash equivalents | 12,563 | - | 13,518 | -30 | ||
Current assets | 4,485 | - | 11,249 | 433 | ||
Non-current assets | 41,046 | - | 41,135 | 33,591 | ||
Current liabilities | -12,366 | - | -10,418 | -86 | ||
Non-current financial liabilities | -12,691 | - | -19,171 | -23,972 | ||
Net Assets | 33,037 | - | 36,314 | 9,936 | ||
Revenues and profit: | ||||||
Revenues | 16,708 | - | 30,687 | 5,993 | ||
Operating expense | -12,557 | - | -11,856 | -316 | ||
Depreciations | -3,245 | - | -3,001 | -3,727 | ||
Financial income | 141 | - | 257 | 35 | ||
Interest expense | -1,348 | - | -1,927 | -1,209 | ||
Result before tax | -300 | - | 14,158 | 777 | ||
Taxes | -234 | - | -43 | - | ||
Result | -534 | - | 14,115 | 777 | ||
OCI effects | - | - | - | - |
Associates
2025 | |||
SOMA | OSAS | Total | |
Cost price 01.01. | 159,227 | - | 159,227 |
Acc result and adjustments | 43,380 | - | 43,380 |
Book value 01.01. | 202,607 | - | 202,607 |
Purchase (2) | - | 12,039 | 12,039 |
Share of result (3) | 61,345 | 4,344 | 65,689 |
Dividend distributions (4) | -29,294 | - | -29,294 |
Other adjustments (1) | -1,311 | - | -1,311 |
Book value 31.12. | 233,347 | 16,382 | 249,729 |
Balance sheet: | |||
Current assets | 254,743 | 20,427 | |
Non-current assets | 1,371,857 | 66,216 | |
Current liablilities | 236,575 | 16,733 | |
Non-current financial liabilities | 510,174 | 33,178 | |
Net assets | 879,851 | 36,732 | |
Revenues and profit: | |||
Revenues | 590,358 | 95,568 | |
Operating expense | 394,702 | 78,288 | |
Financial income | -6,370 | -554 | |
Result before tax | 189,286 | 16,726 | |
Taxes | 23,590 | -3,680 | |
Result | 212,876 | 13,046 | |
OCI effects | -4,809 | - |
2024 | |||||
SOMA | SOCS | WAAS | REMO | Total | |
Cost price 01.01. | - | 38 | 16 | 4,522 | 4,576 |
Acc result and adjustments | - | 169 | 41 | -511 | -301 |
Book value 01.01. | - | 207 | 57 | 4,011 | 4,275 |
Purchase | 159,227 | - | - | - | 159,227 |
Deconsolidation/disposal | - | -207 | -57 | -4,011 | -4,275 |
Share of result (3) | 54,502 | - | - | - | 54,502 |
Dividend distributions (4) | -5,741 | - | - | - | -5,741 |
Other adjustments (1) | -5,381 | - | - | - | -5,381 |
Book value 31.12. | 202,607 | - | - | - | 202,607 |
Balance sheet: | |||||
Current assets | 352,157 | - | - | - | |
Non-current assets | 1,336,980 | - | - | - | |
Current liablilities | 271,561 | - | - | - | |
Non-current financial liabilities | 638,390 | - | - | - | |
Net assets | 779,186 | - | - | - | |
Revenues and profit: | |||||
Revenues | 563,235 | - | - | - | |
Operating expense | 310,632 | - | - | - | |
Financial income | -48,732 | - | - | - | |
Result before tax | 203,870 | - | - | - | |
Taxes | 36,616 | - | - | - | |
Result | 240,487 | - | - | - | |
OCI effects | -21,932 | - | - | - |
(1) Other adjustments includes currency effects
(2) Assets held for sale as of 31 December 2024 was related to the Group\u2019s share of the joint venture Omega Subsea
Robotics AS (OSRAS), which was used as contribution in kind to the associated company Omega Subsea AS. 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 value of MUSD 12.0, including the shares of Omega Subsea Robotics AS and capital injections. A minor accounting loss was recognized. No excess values or goodwill were identified in the purchase price allocation for Omega Subsea AS.
(3) Share of result from SOMA is reconciled below.
Reconciliation share of profit SOMA (TUSD) | 2025 | 2024 |
Result SOMA 100% | 212,875 | 240,487 |
Result prior to deconsolidation 16 January 2024 | - | -3,949 |
Reversal of impairment not recognized in SOFF | - | -47,852 |
Net result used for calcualting share of profit | 212,875 | 188,686 |
SOFF share 27.3% | 58,057 | 51,460 |
Adjusted depreciations due to impairment/impermant reversals | 3,288 | 3,042 |
Net result recognized | 61,345 | 54,502 |
Normand Installer has negative results in 2025 due to the vessel beeing off contract for the first three months of the year, and periodic maintenance stop in third quarter.
(4) Dividend distribution is dividend from the associate Solstad Maritime.
Subsidiaries with Significant Non-Controlling Interests
The Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2025. Information regarding this is as follows (USD 1,000):
2025 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 1,847 | 7,346 | - |
2024 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 2,917 | 5,499 | - |
Condensed financial statement SOFO Tonjer IS | 2025 | 2024 | |||
Non-current assets | 9,996 | 11,188 | |||
Current assets | 11,025 | 7,047 | |||
Total assets | 21,021 | 18,235 | |||
Non-current liabilities | - | - | |||
Current debt | 630 | 2,042 | |||
Total liabilities | 630 | 2,042 | |||
Income | 10,672 | 10,575 | |||
Result after tax | 4,198 | 6,155 | |||
OCI effects | - | - |
Note 14: Share in Join Ventures, Associates and Other Investments
The Group\u2019s investment in its associates and joint ventures are accounted for under the equity method of accounting. 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. 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.
The Group accounts consists of the following shares in joint ventures (JV) and associates (AC):
Place of Business | Ownership | Date of Financial statement | ||
Normand Installer SA (NISA) | JV | Marly, Switzerland | 50% | 31/12/2025 |
Omega Subsea AS (OSAS)* | AC | \u00d8len, Norway | 35.8% | 31/12/2025 |
Solstad Maritime ASA (SOMA)** | AC | Skudesneshavn, Norway | 27.3% | 31/12/2025 |
* Omega Subsea Robotics AS was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025
** changed name from Solstad Maritme Holding AS in 2025
Normand 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 AS is a full project organization for subsea operations. Solstad Maritime ASAs main activities are the operation of offshore service and construction vessels.
The shares in Omega Subsea Robotics AS (OSRAS) was used as contribution in kind in Omega Subsea AS on 16 Janaury 2025.
Solstad Maritime ASA was deconsolidated from the Group as of 16 January 2024 and included as an associate from the same time. Solstad Offshore Crewing Services Philippines (SOCS) and Remota Holding AS (REMO) was deconsolidated on 16 January 2024 as part of Solstad Maritime ASA. Windstaller Alliance AS (WAAS) was sold to Solstad Maritime ASA on 15 January 2024.
Joint Ventures
2025 | 2024 | |||||
NISA | OSRAS | Total | NISA | OSRAS | Total | |
Cost price 01.01. | 144 | 5,183 | 5,326 | 144 | 4,047 | 4,190 |
Acc result and adjustments | 22,127 | -9 | 22,118 | 14,452 | -97 | 14,355 |
Book value 01.01. | 22,271 | 5,174 | 27,444 | 14,596 | 3,950 | 18,546 |
Share of result (3) | -2,298 | - | -2,298 | 7,836 | 367 | 8,203 |
Capital increase | - | - | - | - | 1,136 | 1,136 |
Disposal (2) | - | -5,174 | -5,174 | |||
Impairment | - | - | - | - | -279 | -279 |
Other adjustments (1) | - | - | - | -161 | - | -161 |
Book value 31.12. | 19,973 | - | 19,973 | 22,271 | 5,174 | 27,444 |
Hereof classified as held for sale | - | - | - | - | 5,174 | 5,174 |
Balance sheet: | ||||||
Bank deposit and cash equivalents | 12,563 | - | 13,518 | -30 | ||
Current assets | 4,485 | - | 11,249 | 433 | ||
Non-current assets | 41,046 | - | 41,135 | 33,591 | ||
Current liabilities | -12,366 | - | -10,418 | -86 | ||
Non-current financial liabilities | -12,691 | - | -19,171 | -23,972 | ||
Net Assets | 33,037 | - | 36,314 | 9,936 | ||
Revenues and profit: | ||||||
Revenues | 16,708 | - | 30,687 | 5,993 | ||
Operating expense | -12,557 | - | -11,856 | -316 | ||
Depreciations | -3,245 | - | -3,001 | -3,727 | ||
Financial income | 141 | - | 257 | 35 | ||
Interest expense | -1,348 | - | -1,927 | -1,209 | ||
Result before tax | -300 | - | 14,158 | 777 | ||
Taxes | -234 | - | -43 | - | ||
Result | -534 | - | 14,115 | 777 | ||
OCI effects | - | - | - | - |
Associates
2025 | |||
SOMA | OSAS | Total | |
Cost price 01.01. | 159,227 | - | 159,227 |
Acc result and adjustments | 43,380 | - | 43,380 |
Book value 01.01. | 202,607 | - | 202,607 |
Purchase (2) | - | 12,039 | 12,039 |
Share of result (3) | 61,345 | 4,344 | 65,689 |
Dividend distributions (4) | -29,294 | - | -29,294 |
Other adjustments (1) | -1,311 | - | -1,311 |
Book value 31.12. | 233,347 | 16,382 | 249,729 |
Balance sheet: | |||
Current assets | 254,743 | 20,427 | |
Non-current assets | 1,371,857 | 66,216 | |
Current liablilities | 236,575 | 16,733 | |
Non-current financial liabilities | 510,174 | 33,178 | |
Net assets | 879,851 | 36,732 | |
Revenues and profit: | |||
Revenues | 590,358 | 95,568 | |
Operating expense | 394,702 | 78,288 | |
Financial income | -6,370 | -554 | |
Result before tax | 189,286 | 16,726 | |
Taxes | 23,590 | -3,680 | |
Result | 212,876 | 13,046 | |
OCI effects | -4,809 | - |
2024 | |||||
SOMA | SOCS | WAAS | REMO | Total | |
Cost price 01.01. | - | 38 | 16 | 4,522 | 4,576 |
Acc result and adjustments | - | 169 | 41 | -511 | -301 |
Book value 01.01. | - | 207 | 57 | 4,011 | 4,275 |
Purchase | 159,227 | - | - | - | 159,227 |
Deconsolidation/disposal | - | -207 | -57 | -4,011 | -4,275 |
Share of result (3) | 54,502 | - | - | - | 54,502 |
Dividend distributions (4) | -5,741 | - | - | - | -5,741 |
Other adjustments (1) | -5,381 | - | - | - | -5,381 |
Book value 31.12. | 202,607 | - | - | - | 202,607 |
Balance sheet: | |||||
Current assets | 352,157 | - | - | - | |
Non-current assets | 1,336,980 | - | - | - | |
Current liablilities | 271,561 | - | - | - | |
Non-current financial liabilities | 638,390 | - | - | - | |
Net assets | 779,186 | - | - | - | |
Revenues and profit: | |||||
Revenues | 563,235 | - | - | - | |
Operating expense | 310,632 | - | - | - | |
Financial income | -48,732 | - | - | - | |
Result before tax | 203,870 | - | - | - | |
Taxes | 36,616 | - | - | - | |
Result | 240,487 | - | - | - | |
OCI effects | -21,932 | - | - | - |
(1) Other adjustments includes currency effects
(2) Assets held for sale as of 31 December 2024 was related to the Group\u2019s share of the joint venture Omega Subsea
Robotics AS (OSRAS), which was used as contribution in kind to the associated company Omega Subsea AS. 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 value of MUSD 12.0, including the shares of Omega Subsea Robotics AS and capital injections. A minor accounting loss was recognized. No excess values or goodwill were identified in the purchase price allocation for Omega Subsea AS.
(3) Share of result from SOMA is reconciled below.
Reconciliation share of profit SOMA (TUSD) | 2025 | 2024 |
Result SOMA 100% | 212,875 | 240,487 |
Result prior to deconsolidation 16 January 2024 | - | -3,949 |
Reversal of impairment not recognized in SOFF | - | -47,852 |
Net result used for calcualting share of profit | 212,875 | 188,686 |
SOFF share 27.3% | 58,057 | 51,460 |
Adjusted depreciations due to impairment/impermant reversals | 3,288 | 3,042 |
Net result recognized | 61,345 | 54,502 |
Normand Installer has negative results in 2025 due to the vessel beeing off contract for the first three months of the year, and periodic maintenance stop in third quarter.
(4) Dividend distribution is dividend from the associate Solstad Maritime.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__115": { "value": "Joint Ventures
2025 | 2024 | |||||
NISA | OSRAS | Total | NISA | OSRAS | Total | |
Cost price 01.01. | 144 | 5,183 | 5,326 | 144 | 4,047 | 4,190 |
Acc result and adjustments | 22,127 | -9 | 22,118 | 14,452 | -97 | 14,355 |
Book value 01.01. | 22,271 | 5,174 | 27,444 | 14,596 | 3,950 | 18,546 |
Share of result (3) | -2,298 | - | -2,298 | 7,836 | 367 | 8,203 |
Capital increase | - | - | - | - | 1,136 | 1,136 |
Disposal (2) | - | -5,174 | -5,174 | |||
Impairment | - | - | - | - | -279 | -279 |
Other adjustments (1) | - | - | - | -161 | - | -161 |
Book value 31.12. | 19,973 | - | 19,973 | 22,271 | 5,174 | 27,444 |
Hereof classified as held for sale | - | - | - | - | 5,174 | 5,174 |
Balance sheet: | ||||||
Bank deposit and cash equivalents | 12,563 | - | 13,518 | -30 | ||
Current assets | 4,485 | - | 11,249 | 433 | ||
Non-current assets | 41,046 | - | 41,135 | 33,591 | ||
Current liabilities | -12,366 | - | -10,418 | -86 | ||
Non-current financial liabilities | -12,691 | - | -19,171 | -23,972 | ||
Net Assets | 33,037 | - | 36,314 | 9,936 | ||
Revenues and profit: | ||||||
Revenues | 16,708 | - | 30,687 | 5,993 | ||
Operating expense | -12,557 | - | -11,856 | -316 | ||
Depreciations | -3,245 | - | -3,001 | -3,727 | ||
Financial income | 141 | - | 257 | 35 | ||
Interest expense | -1,348 | - | -1,927 | -1,209 | ||
Result before tax | -300 | - | 14,158 | 777 | ||
Taxes | -234 | - | -43 | - | ||
Result | -534 | - | 14,115 | 777 | ||
OCI effects | - | - | - | - |
Associates
2025 | |||
SOMA | OSAS | Total | |
Cost price 01.01. | 159,227 | - | 159,227 |
Acc result and adjustments | 43,380 | - | 43,380 |
Book value 01.01. | 202,607 | - | 202,607 |
Purchase (2) | - | 12,039 | 12,039 |
Share of result (3) | 61,345 | 4,344 | 65,689 |
Dividend distributions (4) | -29,294 | - | -29,294 |
Other adjustments (1) | -1,311 | - | -1,311 |
Book value 31.12. | 233,347 | 16,382 | 249,729 |
Balance sheet: | |||
Current assets | 254,743 | 20,427 | |
Non-current assets | 1,371,857 | 66,216 | |
Current liablilities | 236,575 | 16,733 | |
Non-current financial liabilities | 510,174 | 33,178 | |
Net assets | 879,851 | 36,732 | |
Revenues and profit: | |||
Revenues | 590,358 | 95,568 | |
Operating expense | 394,702 | 78,288 | |
Financial income | -6,370 | -554 | |
Result before tax | 189,286 | 16,726 | |
Taxes | 23,590 | -3,680 | |
Result | 212,876 | 13,046 | |
OCI effects | -4,809 | - |
2024 | |||||
SOMA | SOCS | WAAS | REMO | Total | |
Cost price 01.01. | - | 38 | 16 | 4,522 | 4,576 |
Acc result and adjustments | - | 169 | 41 | -511 | -301 |
Book value 01.01. | - | 207 | 57 | 4,011 | 4,275 |
Purchase | 159,227 | - | - | - | 159,227 |
Deconsolidation/disposal | - | -207 | -57 | -4,011 | -4,275 |
Share of result (3) | 54,502 | - | - | - | 54,502 |
Dividend distributions (4) | -5,741 | - | - | - | -5,741 |
Other adjustments (1) | -5,381 | - | - | - | -5,381 |
Book value 31.12. | 202,607 | - | - | - | 202,607 |
Balance sheet: | |||||
Current assets | 352,157 | - | - | - | |
Non-current assets | 1,336,980 | - | - | - | |
Current liablilities | 271,561 | - | - | - | |
Non-current financial liabilities | 638,390 | - | - | - | |
Net assets | 779,186 | - | - | - | |
Revenues and profit: | |||||
Revenues | 563,235 | - | - | - | |
Operating expense | 310,632 | - | - | - | |
Financial income | -48,732 | - | - | - | |
Result before tax | 203,870 | - | - | - | |
Taxes | 36,616 | - | - | - | |
Result | 240,487 | - | - | - | |
OCI effects | -21,932 | - | - | - |
(1) Other adjustments includes currency effects
(2) Assets held for sale as of 31 December 2024 was related to the Group\u2019s share of the joint venture Omega Subsea
Robotics AS (OSRAS), which was used as contribution in kind to the associated company Omega Subsea AS. 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 value of MUSD 12.0, including the shares of Omega Subsea Robotics AS and capital injections. A minor accounting loss was recognized. No excess values or goodwill were identified in the purchase price allocation for Omega Subsea AS.
(3) Share of result from SOMA is reconciled below.
Reconciliation share of profit SOMA (TUSD) | 2025 | 2024 |
Result SOMA 100% | 212,875 | 240,487 |
Result prior to deconsolidation 16 January 2024 | - | -3,949 |
Reversal of impairment not recognized in SOFF | - | -47,852 |
Net result used for calcualting share of profit | 212,875 | 188,686 |
SOFF share 27.3% | 58,057 | 51,460 |
Adjusted depreciations due to impairment/impermant reversals | 3,288 | 3,042 |
Net result recognized | 61,345 | 54,502 |
Normand Installer has negative results in 2025 due to the vessel beeing off contract for the first three months of the year, and periodic maintenance stop in third quarter.
(4) Dividend distribution is dividend from the associate Solstad Maritime.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXHGO849", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__117": { "value": "Subsidiaries with Significant Non-Controlling Interests
The Group have one subsidiary with significant non-controlling interests (NCI) as of 31th Desember 2025. Information regarding this is as follows (USD 1,000):
2025 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 1,847 | 7,346 | - |
2024 Name | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
SOFO Tonjer IS | Norway | 44% | 2,917 | 5,499 | - |
Condensed financial statement SOFO Tonjer IS | 2025 | 2024 | |||
Non-current assets | 9,996 | 11,188 | |||
Current assets | 11,025 | 7,047 | |||
Total assets | 21,021 | 18,235 | |||
Non-current liabilities | - | - | |||
Current debt | 630 | 2,042 | |||
Total liabilities | 630 | 2,042 | |||
Income | 10,672 | 10,575 | |||
Result after tax | 4,198 | 6,155 | |||
OCI effects | - | - |
Note 15: Insurance Settlements
For damage on the Group\u2019s vessels and equipment, resulting in payment (averages) from insurance companies, compensation is presented net with the corresponding expense in Vessel operating expenses. When damages occur to vessels or equipment that are reported as insurance cases, the Group pays for the repairs in advance. A cost accrual for own share of cost is booked at the time of damage. Loss of Hire-revenues are recognized in the Charter revenues. The averages are recognized when the claim advice is received from the insurance company.
The following compensation has been received from the insurance companies:
2025 | 2024 | |
Received compensation damages | 948 | 2,603 |
Received compensation Loss of Hire | 192 | 553 |
Note 16: Share Capital, Shareholders and Treasury Shares
Shares | Share capital (TNOK) | Share capital (TUSD) | Treasury | |
01/01/2025 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2025 | 82,346,796 | 82,347 | 14,338 | - |
01/01/2024 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2024 | 82,346,796 | 82,347 | 14,338 | - |
Reference also to the Equity Statement.
As of 31 December 2025 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 31.12.25 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
At 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
The number of shareholders at 31.12.25 was 7,478.
The number of shareholders at 31.12.24 was 8,257.
The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.
As at 31 December 2025 and 2024 the Group had 124 treasury shares (aquired in 2019) with cost price of MUSD 0.9, but with nominal value TUSD 0.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 27,089,493 | 32.9% |
Kistefos AS | 19,334,709 | 23.5% |
Jarsteinen AS | 6,035,966 | 7.3% |
Magnus Leonard Roth | 1,983,020 | 2.4% |
Songa Capital AS | 1,525,856 | 1.9% |
\u00d8stlandske Pensjonsitboliger AS | 1,493,889 | 1.8% |
Vartdal Invest AS | 1,000,000 | 1.2% |
DNB Bank ASA | 997,650 | 1.2% |
Nesttun Invest AS | 700,000 | 0.9% |
Espedal & co AS | 656,687 | 0.8% |
Minority shareholders | 21,529,526 | 26.1% |
82,346,796 | 100% |
Note 16: Share Capital, Shareholders and Treasury Shares
Shares | Share capital (TNOK) | Share capital (TUSD) | Treasury | |
01/01/2025 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2025 | 82,346,796 | 82,347 | 14,338 | - |
01/01/2024 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2024 | 82,346,796 | 82,347 | 14,338 | - |
Reference also to the Equity Statement.
As of 31 December 2025 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 31.12.25 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
At 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
The number of shareholders at 31.12.25 was 7,478.
The number of shareholders at 31.12.24 was 8,257.
The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.
As at 31 December 2025 and 2024 the Group had 124 treasury shares (aquired in 2019) with cost price of MUSD 0.9, but with nominal value TUSD 0.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 27,089,493 | 32.9% |
Kistefos AS | 19,334,709 | 23.5% |
Jarsteinen AS | 6,035,966 | 7.3% |
Magnus Leonard Roth | 1,983,020 | 2.4% |
Songa Capital AS | 1,525,856 | 1.9% |
\u00d8stlandske Pensjonsitboliger AS | 1,493,889 | 1.8% |
Vartdal Invest AS | 1,000,000 | 1.2% |
DNB Bank ASA | 997,650 | 1.2% |
Nesttun Invest AS | 700,000 | 0.9% |
Espedal & co AS | 656,687 | 0.8% |
Minority shareholders | 21,529,526 | 26.1% |
82,346,796 | 100% |
Note 16: Share Capital, Shareholders and Treasury Shares
Shares | Share capital (TNOK) | Share capital (TUSD) | Treasury | |
01/01/2025 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2025 | 82,346,796 | 82,347 | 14,338 | - |
01/01/2024 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2024 | 82,346,796 | 82,347 | 14,338 | - |
Reference also to the Equity Statement.
As of 31 December 2025 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 31.12.25 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
At 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
The number of shareholders at 31.12.25 was 7,478.
The number of shareholders at 31.12.24 was 8,257.
The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.
As at 31 December 2025 and 2024 the Group had 124 treasury shares (aquired in 2019) with cost price of MUSD 0.9, but with nominal value TUSD 0.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 27,089,493 | 32.9% |
Kistefos AS | 19,334,709 | 23.5% |
Jarsteinen AS | 6,035,966 | 7.3% |
Magnus Leonard Roth | 1,983,020 | 2.4% |
Songa Capital AS | 1,525,856 | 1.9% |
\u00d8stlandske Pensjonsitboliger AS | 1,493,889 | 1.8% |
Vartdal Invest AS | 1,000,000 | 1.2% |
DNB Bank ASA | 997,650 | 1.2% |
Nesttun Invest AS | 700,000 | 0.9% |
Espedal & co AS | 656,687 | 0.8% |
Minority shareholders | 21,529,526 | 26.1% |
82,346,796 | 100% |
Note 16: Share Capital, Shareholders and Treasury Shares
Shares | Share capital (TNOK) | Share capital (TUSD) | Treasury | |
01/01/2025 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2025 | 82,346,796 | 82,347 | 14,338 | - |
01/01/2024 | 82,346,796 | 82,347 | 14,338 | - |
31/12/2024 | 82,346,796 | 82,347 | 14,338 | - |
Reference also to the Equity Statement.
As of 31 December 2025 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 31.12.25 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
At 31.12.24 the Company\u2019s share capital represents 82,346,796 shares at USD 0.17.
The number of shareholders at 31.12.25 was 7,478.
The number of shareholders at 31.12.24 was 8,257.
The Chief Executive Officer holds 6,035,966 shares through Jarsteinen AS.
As at 31 December 2025 and 2024 the Group had 124 treasury shares (aquired in 2019) with cost price of MUSD 0.9, but with nominal value TUSD 0.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 27,089,493 | 32.9% |
Kistefos AS | 19,334,709 | 23.5% |
Jarsteinen AS | 6,035,966 | 7.3% |
Magnus Leonard Roth | 1,983,020 | 2.4% |
Songa Capital AS | 1,525,856 | 1.9% |
\u00d8stlandske Pensjonsitboliger AS | 1,493,889 | 1.8% |
Vartdal Invest AS | 1,000,000 | 1.2% |
DNB Bank ASA | 997,650 | 1.2% |
Nesttun Invest AS | 700,000 | 0.9% |
Espedal & co AS | 656,687 | 0.8% |
Minority shareholders | 21,529,526 | 26.1% |
82,346,796 | 100% |
Note 17: Earnings per Share
Earnings 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 2025 and 2024.
2025 | 2024 | |
Majority result from net profit for the year | 139,398 | 115,193 |
Result from net profit for the year | 141,245 | 118,110 |
Average number of shares | 82,346,796 | 82,346,796 |
Average number of Treasury shares | 124 | 124 |
Average number of shares to calculate earnings per share | 82,346,672 | 82,346,672 |
Earnings per share (basic and diluted) - majority (USD) | 1.69 | 1.40 |
Note 18: Transactions with Related Parties
In addition to general management services, the Group has the following transactions with related parties:
Income | Expenses | Receivables | Payables | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Joint venture companies and associates | ||||||||
Normand Installer SA | 267 | 268 | - | - | 6,238 | 5,961 | - | - |
Omega Subsea AS (2025)* | - | - | 1,329 | - | - | - | - | - |
Omega Subsea Robotics AS (2024)* | - | - | - | 1,520 | - | - | - | - |
Solstad Maritime Holding AS | 12,067 | 11,596 | 23,466 | 19,233 | ||||
- BB leases* | - | - | 92,191 | 76,940 | ||||
- Crew rental | - | - | 10,312 | 10,158 | ||||
- Management fees | - | - | 8,511 | 2,038 | ||||
- Interest costs | - | - | - | 975 | ||||
Other related parties | ||||||||
Ivan Eiendom | - | - | - | 44 | - | - | - | - |
American Shipping Company* | - | - | - | 1,294 | - | - | - | - |
Windstaller | - | - | - | - | - | - | - | - |
* Actual BB cost included, not adjusted for IFSR 16 accounting
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.
In January 2025 the Group participated in an equity contribution in Omega Subseas AS, where the shares in Omega Subsea Robotics AS was used as contribution in kind. Omega Subsea AS is considered a related party from 2025. The Group leases 2 ROVs from Omega Subsea Robotics (both in 2024 and 2025). Leasing of the ROV is booked in accordance with IFRS 16, and the cost of the lease is reflected throug depreciations of the right-of-use asset and interest cost on the financial lease. The Group also rent personell, other equipment and management services from Omega Subsea AS if needed. In 2025 the only transactions with Omega Subsea has been the rental of the 2 ROV\u2019s.
Solstad Maritime was deconsolidated from the Group on 16 January 2024, and has been an associate from the same time. SOMA has management of some of the vessels in the Group, and all crew that is not Brazilian are hired from SOMA. 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 SOMA group in 2024. Leasing of vessels are booked in accordance with IFRS 16. Interest costs in 2024 are related to a loan between SOMA 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 SOMA.
In 2024, 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 SOMA 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.
Note 19: Taxes
2025 | 2024 | |
Taxes payable | 1,462 | 4,647 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -17,018 | - |
Tax on result | -15,555 | 4,647 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -17,771 | - |
Foreign | 2,215 | 4,647 |
Total tax | -15,555 | 4,647 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 186,068 | 16,084 |
Receivables (current assets) | -8,187 | -6,066 |
Other temporary differences | -148,337 | 39,945 |
Tax position related to sold assets | 35,696 | 39,611 |
Shares/ownership (current assets) | -36 | - |
Interest deductions carried forward | -2,129 | -2,475 |
Unrecovered loss carried forward | -184,654 | -220,970 |
Total temporary differences | -121,579 | -133,871 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 40,935 | 3,538 |
Receivables (current assets) | -1,801 | -1,335 |
Other temporary differences | -32,634 | 8,788 |
Tax position related to sold assets | 7,853 | 8,715 |
Shares/ownership (current assets) | -8 | - |
Interest deductions carried forward | -468 | -545 |
Unrecovered loss carried forward | -40,624 | -48,613 |
Deferred tax asset not recognised | 12,170 | 30,363 |
Net deferred tax/ deferred tax asset (-) | -14,578 | 911 |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | 911 | -798 |
Booked to profit and loss | -17,018 | - |
Translation adjustment | 1,529 | 1,709 |
End balance deferred tax/ deferred tax asset (-) | -14,578 | 911 |
2025 | 2024 | |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | -3,452 | -2,596 |
Total payable tax in the balance sheet | -3,452 | -2,596 |
Analysis of effective tax rate | ||
22% of pre-tax result | 27,652 | 35,269 |
Effect of deferred tax asset not recognised | -22,388 | -3,565 |
Correction of previous years | 13 | -370 |
Differential in tax rates foreign entities | - | 3,931 |
Permanent differences | -20,832 | -30,294 |
Other | -1 | -325 |
Estimated tax | -15,555 | 4,647 |
Deferred 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. A deferred tax asset of MUSD 14.5 has been recognized in 2025 related to loss carry forward. Reference Note 2.
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. Uncertain tax positions are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Groups best estimate for uncertain tax positions 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.
Unrecorded loss carry forward amounts to MUSD 185 per year-end 2025 (MUSD 221 in 2024). The loss carry forward does not have any expiration date.
Note 19: Taxes
2025 | 2024 | |
Taxes payable | 1,462 | 4,647 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -17,018 | - |
Tax on result | -15,555 | 4,647 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -17,771 | - |
Foreign | 2,215 | 4,647 |
Total tax | -15,555 | 4,647 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 186,068 | 16,084 |
Receivables (current assets) | -8,187 | -6,066 |
Other temporary differences | -148,337 | 39,945 |
Tax position related to sold assets | 35,696 | 39,611 |
Shares/ownership (current assets) | -36 | - |
Interest deductions carried forward | -2,129 | -2,475 |
Unrecovered loss carried forward | -184,654 | -220,970 |
Total temporary differences | -121,579 | -133,871 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 40,935 | 3,538 |
Receivables (current assets) | -1,801 | -1,335 |
Other temporary differences | -32,634 | 8,788 |
Tax position related to sold assets | 7,853 | 8,715 |
Shares/ownership (current assets) | -8 | - |
Interest deductions carried forward | -468 | -545 |
Unrecovered loss carried forward | -40,624 | -48,613 |
Deferred tax asset not recognised | 12,170 | 30,363 |
Net deferred tax/ deferred tax asset (-) | -14,578 | 911 |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | 911 | -798 |
Booked to profit and loss | -17,018 | - |
Translation adjustment | 1,529 | 1,709 |
End balance deferred tax/ deferred tax asset (-) | -14,578 | 911 |
2025 | 2024 | |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | -3,452 | -2,596 |
Total payable tax in the balance sheet | -3,452 | -2,596 |
Analysis of effective tax rate | ||
22% of pre-tax result | 27,652 | 35,269 |
Effect of deferred tax asset not recognised | -22,388 | -3,565 |
Correction of previous years | 13 | -370 |
Differential in tax rates foreign entities | - | 3,931 |
Permanent differences | -20,832 | -30,294 |
Other | -1 | -325 |
Estimated tax | -15,555 | 4,647 |
Deferred 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. A deferred tax asset of MUSD 14.5 has been recognized in 2025 related to loss carry forward. Reference Note 2.
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. Uncertain tax positions are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Groups best estimate for uncertain tax positions 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.
Unrecorded loss carry forward amounts to MUSD 185 per year-end 2025 (MUSD 221 in 2024). The loss carry forward does not have any expiration date.
Note 19: Taxes
2025 | 2024 | |
Taxes payable | 1,462 | 4,647 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -17,018 | - |
Tax on result | -15,555 | 4,647 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -17,771 | - |
Foreign | 2,215 | 4,647 |
Total tax | -15,555 | 4,647 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 186,068 | 16,084 |
Receivables (current assets) | -8,187 | -6,066 |
Other temporary differences | -148,337 | 39,945 |
Tax position related to sold assets | 35,696 | 39,611 |
Shares/ownership (current assets) | -36 | - |
Interest deductions carried forward | -2,129 | -2,475 |
Unrecovered loss carried forward | -184,654 | -220,970 |
Total temporary differences | -121,579 | -133,871 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 40,935 | 3,538 |
Receivables (current assets) | -1,801 | -1,335 |
Other temporary differences | -32,634 | 8,788 |
Tax position related to sold assets | 7,853 | 8,715 |
Shares/ownership (current assets) | -8 | - |
Interest deductions carried forward | -468 | -545 |
Unrecovered loss carried forward | -40,624 | -48,613 |
Deferred tax asset not recognised | 12,170 | 30,363 |
Net deferred tax/ deferred tax asset (-) | -14,578 | 911 |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | 911 | -798 |
Booked to profit and loss | -17,018 | - |
Translation adjustment | 1,529 | 1,709 |
End balance deferred tax/ deferred tax asset (-) | -14,578 | 911 |
2025 | 2024 | |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | -3,452 | -2,596 |
Total payable tax in the balance sheet | -3,452 | -2,596 |
Analysis of effective tax rate | ||
22% of pre-tax result | 27,652 | 35,269 |
Effect of deferred tax asset not recognised | -22,388 | -3,565 |
Correction of previous years | 13 | -370 |
Differential in tax rates foreign entities | - | 3,931 |
Permanent differences | -20,832 | -30,294 |
Other | -1 | -325 |
Estimated tax | -15,555 | 4,647 |
Deferred 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. A deferred tax asset of MUSD 14.5 has been recognized in 2025 related to loss carry forward. Reference Note 2.
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. Uncertain tax positions are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Groups best estimate for uncertain tax positions 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.
Unrecorded loss carry forward amounts to MUSD 185 per year-end 2025 (MUSD 221 in 2024). The loss carry forward does not have any expiration date.
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Note 21: Cash
2025 | 2024 | |
Cash | 74,169 | 33,632 |
Total cash | 74,169 | 33,632 |
The Group do not have any tied deposits.
The Group has available a revolving credit facility of MUSD 20, as of 31 December 2025 this is undrawn. The credit facility is not booked in the consolidated statement of financial position, and not included as cash in the cash flow.
As part of the restructuring of the Group\u2019s debt effective from 21 November 2024, the total bank deposits are pledged.
Note 22: Paid out and Proposed Dividend
2025 | 2024 | 2023 | |
Approved and paid out during the year: | |||
Ordinary dividend | - | - | - |
Extraordinary dividend | 4,136 | - | - |
Proposed dividend at general meeting: | |||
Extraordinary dividend* | 4,117 | - | - |
Per share (USD) | 0.05 | - | - |
* The dividend is not accrued for as of 31 December 2025.
Note 23: Non-Current Receivables
2025 | 2024 | |
Sellers credit | - | - |
Loan to other companies | - | - |
Other receivables | 4,138 | 3,320 |
Total other non-current assets | 4,138 | 3,320 |
Note 24: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 34,066 | 63,114 |
Accounts receivable from associates and joint venture companies | 4,485 | 3,003 |
Total accounts receivable | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Prepaid expenses | 369 | 56 |
VAT/ WHT receivable | 13,552 | 10,380 |
Costs to fulfil a contract | 2,702 | - |
Other current receivables | 10,609 | 2,736 |
Other current receivables associates and joint venture companies | 7,576 | 8,594 |
Total current receivables | 34,808 | 21,766 |
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 straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 24: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 34,066 | 63,114 |
Accounts receivable from associates and joint venture companies | 4,485 | 3,003 |
Total accounts receivable | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Prepaid expenses | 369 | 56 |
VAT/ WHT receivable | 13,552 | 10,380 |
Costs to fulfil a contract | 2,702 | - |
Other current receivables | 10,609 | 2,736 |
Other current receivables associates and joint venture companies | 7,576 | 8,594 |
Total current receivables | 34,808 | 21,766 |
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 straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 24: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 34,066 | 63,114 |
Accounts receivable from associates and joint venture companies | 4,485 | 3,003 |
Total accounts receivable | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Prepaid expenses | 369 | 56 |
VAT/ WHT receivable | 13,552 | 10,380 |
Costs to fulfil a contract | 2,702 | - |
Other current receivables | 10,609 | 2,736 |
Other current receivables associates and joint venture companies | 7,576 | 8,594 |
Total current receivables | 34,808 | 21,766 |
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 straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 24: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 34,066 | 63,114 |
Accounts receivable from associates and joint venture companies | 4,485 | 3,003 |
Total accounts receivable | 38,551 | 66,117 |
Contract assets | 24,568 | - |
Prepaid expenses | 369 | 56 |
VAT/ WHT receivable | 13,552 | 10,380 |
Costs to fulfil a contract | 2,702 | - |
Other current receivables | 10,609 | 2,736 |
Other current receivables associates and joint venture companies | 7,576 | 8,594 |
Total current receivables | 34,808 | 21,766 |
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 straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 25: Inventory
Inventories consists mainly of bunkers and lube oil on the Group\u2019s vessels. When a vessel is on contract the charterer usually purchases the stock of fuel, and sometimes also the lube, and those volumes are not included as inventory as of balance sheet day. The stock of the vessels are measured daily and the recognised value is based on the meassured stock multiplied with the purchase price, based on the latest invoice for bunkering.
2025 | 2024 | |
Bunkers | 1,452 | 1,336 |
Lube oil | 990 | 1,012 |
Other | - | 38 |
Total inventory | 2,442 | 2,386 |
Note 26: Accounts Payable and Other Current Liabilities
2025 | 2024 | |
Accounts payable 26,861 7,591 Accounts payable to associates and joint venture companies 12,886 18,804 Total accounts payable 39,746 26,394 | ||
Contract liabilities | 880 | - |
Accrued salaries, related taxes and VAT payable | 19,571 | 18,878 |
Costs to fulfill a contract | - | - |
Provisions | - | - |
Other current liabilities | 3,035 | 12,577 |
Other current liabilities associates and joint venture companies | 10,424 | 429 |
Total current liabilities | 13,459 | 13,006 |
Other current liabilities mainly consist of estimates for incurred operational expenses and performed planned periodic maintenance not yet invoiced at year-end.
Note 26: Accounts Payable and Other Current Liabilities
2025 | 2024 | |
Accounts payable 26,861 7,591 Accounts payable to associates and joint venture companies 12,886 18,804 Total accounts payable 39,746 26,394 | ||
Contract liabilities | 880 | - |
Accrued salaries, related taxes and VAT payable | 19,571 | 18,878 |
Costs to fulfill a contract | - | - |
Provisions | - | - |
Other current liabilities | 3,035 | 12,577 |
Other current liabilities associates and joint venture companies | 10,424 | 429 |
Total current liabilities | 13,459 | 13,006 |
Other current liabilities mainly consist of estimates for incurred operational expenses and performed planned periodic maintenance not yet invoiced at year-end.
Note 26: Accounts Payable and Other Current Liabilities
2025 | 2024 | |
Accounts payable 26,861 7,591 Accounts payable to associates and joint venture companies 12,886 18,804 Total accounts payable 39,746 26,394 | ||
Contract liabilities | 880 | - |
Accrued salaries, related taxes and VAT payable | 19,571 | 18,878 |
Costs to fulfill a contract | - | - |
Provisions | - | - |
Other current liabilities | 3,035 | 12,577 |
Other current liabilities associates and joint venture companies | 10,424 | 429 |
Total current liabilities | 13,459 | 13,006 |
Other current liabilities mainly consist of estimates for incurred operational expenses and performed planned periodic maintenance not yet invoiced at year-end.
Note 28: Subsequent Events
Dividend distribution
Solstad Offshore ASA distributed a dividend payment of MUSD 4.1 on 10 March 2026.
Normand Installer SA
As of 16 March 2026, Normand Installer SA\u2019s underlying vessel financing had been fully repaid, and all related financial covenants were satisfied and terminated. The Group holds a 50% share in Normand Installer.