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"unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_0087": { "value": "-14255000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_0098": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "emgs:ShareCapitalSharePremiumAndOtherPaidInEquityMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_0094": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_0093": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_0096": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:OtherComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_0099": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "emgs:ShareCapitalSharePremiumAndOtherPaidInEquityMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00103": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00105": { "value": "-14255000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_TotalLabel_00102": { "value": "-14255000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ComprehensiveIncome", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00111": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "emgs:ShareCapitalSharePremiumAndOtherPaidInEquityMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00107": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00110": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_Label_00114": { "value": "0.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00310": { "value": "71589000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "emgs:ShareCapitalSharePremiumAndOtherPaidInEquityMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00307": { "value": "-1579000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00312": { "value": "-80842000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "ConsolidatedStatementOfChangesInEquity_PeriodEndLabel_00306": { "value": "-10834000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2026-01-01T00:00:00", "unit": "iso4217:USD" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00194": { "value": "Note 1 \u2013 Corporate information
Electromagnetic Geoservices ASA (EMGS/the Company) and its subsidiaries (together the Group) use EM to find
hydrocarbons in offshore reservoirs. The Company\u2019s services help oil and gas companies to improve their exploration
success rates. The Group has subsidiaries in Norway, Brazil, USA, Malaysia, Mexico, Canada and the United Kingdom.
The Company is a public limited liability company incorporated and domiciled in Norway with shares and bonds that are
publicly traded. The address of its registered office is Karenslyst all\u00e8 4, 0278 Oslo, Norway.
These consolidated financial statements have been approved for issue by the Board of Directors and the Chief Executive
Officer on 23 April 2026The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial
statements are presented in US dollars and all values are rounded to the nearest thousand except when otherwise
indicated.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00195": { "value": "Note 1 \u2013 Corporate informationThese consolidated financial statements have been approved for issue by the Board of Directors and the Chief Executive Officer on 23 April 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00189": { "value": "Electromagnetic Geoservices ASA", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00187": { "value": "Electromagnetic Geoservices ASA", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00191": { "value": "The Company\u2019s services help oil and gas companies to improve their exploration success rates. The Group has subsidiaries in Norway, Brazil, USA, Malaysia, Mexico, Canada and the United Kingdom. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00193": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00190": { "value": "Norway", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00192": { "value": "Norway", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00188": { "value": "Karenslyst all\u00e8 4, 0278 Oslo, Norway.", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00196": { "value": "Note 2 \u2013 Summary of significant accounting policies
2. Summary of significant accounting policies
The principal accounting policies applied in the preparation of these consolidated financial statements are set out
below. These policies have been consistently applied to all the years presented, unless otherwise stated.
2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS
\u00ae Accounting Standard \u201cIFRS\u201d)
as adopted by the European Union (EU). IFRS as adopted by
the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board (IASB).
References to IFRS hereafter should be construed as references to IFRS as adopted by the EU.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgment in the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements are disclosed in Note 4.
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial
statements are presented in US dollars and all values are rounded to the nearest thousand except when otherwise
indicated.
The consolidated financial statements provide comparative information in respect of the previous period. In addition,
the Group presents an additional statement of financial position at the beginning of the earliest period presented
when there is a retrospective application of an accounting policy.
2.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of EMGS and entities controlled by EMGS
(subsidiaries). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
-
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the
investee)
-
Exposure, or rights, to variable returns from its involvement with the investee
-
The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of the voting rights results in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
-
The contractual agreement(s) with the other vote holders of the investee
-
Rights arising from other contractual arrangements
-
The Group\u2019s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses
of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the
date the Group gains control until the date the Group ceases to control the subsidiary.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions
are eliminated in full.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies.
2.3 Current versus non-current classification
The Group presents assets and liabilities in the statement of financial position based on current/non-current
classification. An asset is classified as current when it is:
-
Expected to be realised or intended to be sold or consumed in normal operating cycle
-
Held primarily for the purpose of trading
-
Expected to be realised within twelve months after the reporting period, or
-
Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve
months after the reporting period
All other assets are classified as non-current.
A liability is current when:
-
It is expected to be settled in normal operating cycle
-
It is held primarily for the purpose of trading
-
It is due to be settled within twelve months after the reporting period, or
-
There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting
period
The Group classifies all other liabilities as non-current.
2.4 Foreign currencies
a) Functional and presentation currency
The financial statements of each entity within the Group reflect transactions recorded in the currency of the economic
environment in which it operates (the functional currency). The functional currency of the Company is US Dollars
(USD).
The consolidated financial statements are presented in USD which is the Group's presentation currency. Each entity
in the Group determines the functional currency and items included in the financial statements of each entity are
measured using that functional currency.
b) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency
spot rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in
foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded
in profit and loss.
Non-monetary items that are measured in terms of historical costs in a foreign currency are translated using the
exchange rates on the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates on the date when the fair value is determined. The gain or loss arising
on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss
on the change in fair value of the item.
c) Group companies
The results and financial position of Group companies (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency
as follows:
(i)
Assets and liabilities for each balance sheet presented are translated at the rate of exchange ruling at the
reporting date.
(ii)
Revenues and expenses for each income statement presented are translated using the foreign exchange rates
on the specific transaction date.
All resulting exchange differences are recognised in other comprehensive income.
2.5 Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods and services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for
those goods or services.
The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts
with customers are provided in Note 4. Revenue is shown net of withholding and value-added taxes. Revenue is
recognised as follows:
a) Proprietary contract sales
The Group performs EM services under contract for a specific customer, whereby the EM data is owned by the
customer. The Group recognises contract revenues (whether priced as Lump Sum, Day Rate or Unit Price) over time.
The Percentage of Completion (\u201cPOC\u201d) revenue recognition method is used for proprietary contract sales. Under the
POC method revenue is recognised in proportion to the stage of completion of the agreement. The Group believes the
POC method is the most accurate way in which to measure performance obligations satisfied.
A map outlining the specific area to be acquired, processed or reprocessed along with related latitude/longitude
coordinates and related parameters for acquisition or processing are part of the agreement. This provides EMGS with
significant information about the area, geographical location and other matters which substantially impact the
Company\u2019s estimate of time to complete the project. Such estimates are documented prior to the beginning of the
project agreement and progression tracking is documented daily in the vessel operational logs.
In most cases, a third-party is included in the daily review and approval process during acquisition. Approved daily
acquisition reports serve as the basis for determining physical progress in the POC calculations.
Mobilisation Fees
Costs related to mobilisation are deferred and recognised over the acquisition period (which is the time from the first
receiver is dropped to the last retrieval) of the contract, using the percentage of completion method. The deferral of
mobilisation costs can only begin after an agreement has been signed between EMGS and the client. Until a contract
is signed or anticipated, costs are expensed as incurred.
b) Sales of multi-client library data
Pre-funding agreements
Multi-client licensing sales made prior to commencement of acquisition for a project and licensing sales while the
projects are in progress, are presented as pre-funding revenues. The advantages for pre-funding customers are
generally the possibility to influence the project specifications, early access to acquired data, and discounted prices.
The Group recognises pre-funded revenue at the point in time when data is made accessible to the customer.
Late sales
Customers are granted a license from the Group which entitles them to access a specific part of the multi-client data
library. The license payment is fixed and is required when the license is granted. The late sale revenue is recognised
when a valid licensing agreement is signed, and the multi-client library data is made accessible to the customer.
Uplift
Uplift revenues can arise if a customer that has already bought a license for EM data, is awarded acreage covered by
the data bought. Uplift revenue is recognised when the customer is awarded the acreage.
Contract balances
Accrued revenue
Accrued revenue is the right to consideration in exchange for goods or services transferred to the customer. If the
Group is transferring goods or services to a customer before the customer pays consideration or before payment is
due, a contract asset is recognised for the earned consideration that is conditional.
Trade receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage
of time is required before payment of the consideration is due).
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the
Group transfers goods or series to the customer, a contract liability is recognised when the payment is received, or
the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs
under the contract.
Significant financing component
The Group has received funding from third parties building the next generation EM equipment. There is a significant
financing component for these contracts considering the length of time between the parties\u2019 payment and the
beneficial period. As such, interest costs are calculated on this contract liability recorded as provision in the balance
sheet. The interest rate is commensurate with the rate that would be reflected in a separate financing transaction
between the Group and the parties at contract inception.
2.6 Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes costs directly attributable to the acquisition of the item. Costs are included
in the asset\u2019s carrying amount or recognised as a separate asset, if appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Costs of all repairs and maintenance are expensed as incurred.
Depreciation on assets is calculated using the straight-line method. The assets are depreciated over their estimated
useful life, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Useful life:
\u00a0
Machinery and equipment*
3 - 8 years
\u00a0
Cluster **
5
years
\u00a0
Hardware equipment and furniture
3 - 5 years
\u00a0
\n
*Machinery and equipment are mainly placed onboard the vessel. Parts of the equipment are under water during
operation and have a shorter useful life.
** A cluster consists of IT equipment comprising of large number of processors for doing advanced data processing.
The assets\u2019 residual values, useful lives, and method of depreciation are reviewed at each balance sheet date and
adjusted if appropriate. If an asset\u2019s carrying amount is greater than its estimated recoverable amount, the asset is
immediately written down to the recoverable amount (Note 2.11).
Assets under construction are carried at cost, less accumulated impairment. Depreciation commences when the asset
is ready for its intended use.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is derecognised.
2.7 Leases
The Group assesses at the contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.
a) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of
the lease term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of
a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are
also subject to impairment (Note 2.10).
b) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid
under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are
recognised as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase
the underlying asset.
c) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment
(i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment
that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.
2.8 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired
in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and any accumulated impairment losses.
The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite useful lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and method are
reviewed at least every financial year end.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash-generating unit level (Note 2.10).
The multi-client library consists of surveys of electromagnetic data. The surveys can be licensed to customers on a
non-exclusive basis. Directly attributable costs associated with the production and development of multi-client
projects such as acquisition costs, processing costs, and direct project costs are capitalised.
A multi-client project is considered complete when all components or processes associated with the acquisition and
processing of the data are finished, and all components of the data have been properly stored and made ready for
delivery to customers.
After a project is completed, a straight-line amortisation is applied. The straight-line amortisation is assigned over the
useful life, which is set at four years. The straight-line amortisation is distributed evenly through the financial year
independently of sales during the quarters.
2.9 Inventories
Inventories are valued at the lower of cost or net realisable value. Cost is determined using the first-in, first-out (FIFO)
method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
The Group\u2019s inventory consists primarily of equipment components and parts, anchors, batteries, and fuel.
2.10 Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, such as for goodwill and intangible assets
with infinite useful life, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transaction
can be identified, an appropriate valuation model is applied.
The Group bases its impairment calculation on budget and forecast calculations.
Non-financial assets, other than goodwill previously impaired, are reviewed at each reporting date for possible reversal
of the previously recorded impairment. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior periods.
2.11 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs. Trade receivables that do not contain a significant financing component are measured at the
transaction price.
Subsequent measurement
For purposes of subsequent measurements, financial assets are classified in four categories:
-
financial assets at amortised cost (debt instruments)
-
financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
-
financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
-
financial assets at fair value through profit or loss
Financial assets at amortised cost is the most relevant to the Group. The Group measures financial assets at amortised
cost if both of the following conditions are met:
-
the financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows, and
-
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
impaired. The Group\u2019s financial assets at amortised cost includes trade receivables.
The Group does not have any financial assets measured at fair value through OCI, financial assets designated at fair
value through OCI, or financial assets at fair value through profit or loss.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.
Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).
b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.
2.12 Taxes
a) Current income tax
Current income tax assets and liabilities for the current and prior periods are measured using the amount expected to
be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and
generates taxable income.
Current income tax relating to items recognised directly in equity is recognised in equity and not in the income
statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
b) Deferred tax
Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax
rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of
the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
c) Sales tax
Expenses and assets are recognised net of the amount of sales tax, except:
-
When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in
which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item,
as applicable
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the statement of financial position.
2.13 Employee benefits
a) Pension obligations
The Company operates a defined contribution plan. The net pension cost for the period is presented as an employee
expense.
b) Share-based payments
The Group operates an equity-settled, share-based compensation plan. The cost of equity-settled transactions with
employees is measured by reference to the fair value at the date on which they are granted. The fair value is
determined by an external valuation expert using an appropriate pricing model, further details are given in Note 15.
The cost of equity-settled transactions is recognised in Employee expenses, together with a corresponding increase in
equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which
the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for
equity- settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period
has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The income
statement charge or credit for a period represents the movement in cumulative expense recognised as at the
beginning and end of that period. When options are exercised, the proceeds received net of any directly attributable
transaction costs are credited to share capital (nominal value) and share premium.
c) Bonus plans
The Group recognises a provision for bonus expenses where contractually obliged or where there is a past practice
that has created a constructive obligation.
2.14 Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation.
2.15 Cash and short-term deposits
Cash and short-term deposits in the statement of financial position and consolidated statement of cash flows comprise
cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are
readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.
2.16 Changes in accounting policies and disclosures
The accounting principles adopted are consistent with those of the previous year.
2.17 Standards and interpretations issued, but not yet adopted
The financial statements have been prepared based on standards effective for the year ending 31 December 2025.
IASB has issued standards/amendments to standards that are not yet effective.
IFRS 18 Presentation and Disclosure in Financial Statements will be effective from 01 January 2027. The standard will
require an update to the current income statement structure.
The Group plans to implement the new standards, amendments and interpretations when they are effective and
approved by EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00258": { "value": "2.1 Basis of preparation
The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS
\u00ae Accounting Standard \u201cIFRS\u201d)
as adopted by the European Union (EU). IFRS as adopted by
the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board (IASB).
References to IFRS hereafter should be construed as references to IFRS as adopted by the EU.
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise its judgment in the process of applying the Company\u2019s accounting
policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates
are significant to the consolidated financial statements are disclosed in Note 4.
The consolidated financial statements have been prepared on a historical cost basis. The consolidated financial
statements are presented in US dollars and all values are rounded to the nearest thousand except when otherwise
indicated.
The consolidated financial statements provide comparative information in respect of the previous period. In addition,
the Group presents an additional statement of financial position at the beginning of the earliest period presented
when there is a retrospective application of an accounting policy.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00259": { "value": "The consolidated financial statements of the Group have been prepared in accordance with International Financial
Reporting Standards (IFRS
\u00ae Accounting Standard \u201cIFRS\u201d)
as adopted by the European Union (EU). IFRS as adopted by
the EU differ in certain respects from IFRS as issued by the International Accounting Standards Board (IASB).
References to IFRS hereafter should be construed as references to IFRS as adopted by the EU. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00261": { "value": "2.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of EMGS and entities controlled by EMGS
(subsidiaries). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
-
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the
investee)
-
Exposure, or rights, to variable returns from its involvement with the investee
-
The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of the voting rights results in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
-
The contractual agreement(s) with the other vote holders of the investee
-
Rights arising from other contractual arrangements
-
The Group\u2019s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses
of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the
date the Group gains control until the date the Group ceases to control the subsidiary.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions
are eliminated in full.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00260": { "value": "2.2 Basis of consolidation
The consolidated financial statements incorporate the financial statements of EMGS and entities controlled by EMGS
(subsidiaries). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement
with the investee and has the ability to affect those returns through its power over the investee.
Specifically, the Group controls an investee if and only if the Group has:
-
Power over the investee (i.e. existing rights that give it the current ability to direct the relevant activities of the
investee)
-
Exposure, or rights, to variable returns from its involvement with the investee
-
The ability to use its power over the investee to affect its returns
Generally, there is a presumption that a majority of the voting rights results in control. To support this presumption
and when the Group has less than a majority of the voting or similar rights of an investee, the Group considers all
relevant facts and circumstances in assessing whether it has power over an investee, including:
-
The contractual agreement(s) with the other vote holders of the investee
-
Rights arising from other contractual arrangements
-
The Group\u2019s voting rights and potential voting rights
The Group re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes
to one or more of the three elements of control. Consolidation of a subsidiary begins when the Group obtains control
over the subsidiary and ceases when the Group loses control of the subsidiary. Assets, liabilities, income and expenses
of a subsidiary acquired or disposed during the year are included in the consolidated financial statements from the
date the Group gains control until the date the Group ceases to control the subsidiary.
All intra-group balances, income and expenses and unrealised gains and losses resulting from intra-group transactions
are eliminated in full.
The financial statements of the subsidiaries are prepared for the same reporting period as the parent company, using
consistent accounting policies.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00265": { "value": "2.4 Foreign currencies
a) Functional and presentation currency
The financial statements of each entity within the Group reflect transactions recorded in the currency of the economic
environment in which it operates (the functional currency). The functional currency of the Company is US Dollars
(USD).
The consolidated financial statements are presented in USD which is the Group's presentation currency. Each entity
in the Group determines the functional currency and items included in the financial statements of each entity are
measured using that functional currency.
b) Transactions and balances
Transactions in foreign currencies are initially recorded by the Group\u2019s entities at their respective functional currency
spot rate on the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in
foreign currencies are translated at the functional currency spot rate at the reporting date. All differences are recorded
in profit and loss.
Non-monetary items that are measured in terms of historical costs in a foreign currency are translated using the
exchange rates on the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates on the date when the fair value is determined. The gain or loss arising
on translation of non-monetary items measured at fair value is treated in line with the recognition of the gain or loss
on the change in fair value of the item.
c) Group companies
The results and financial position of Group companies (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency
as follows:
(i)
Assets and liabilities for each balance sheet presented are translated at the rate of exchange ruling at the
reporting date.
(ii)
Revenues and expenses for each income statement presented are translated using the foreign exchange rates
on the specific transaction date.
All resulting exchange differences are recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00266": { "value": "a) Functional and presentation currency
The financial statements of each entity within the Group reflect transactions recorded in the currency of the economic
environment in which it operates (the functional currency). The functional currency of the Company is US Dollars
(USD).
The consolidated financial statements are presented in USD which is the Group's presentation currency. Each entity
in the Group determines the functional currency and items included in the financial statements of each entity are
measured using that functional currency.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00275": { "value": "c) Group companies
The results and financial position of Group companies (none of which has the currency of a hyperinflationary economy)
that have a functional currency different from the presentation currency are translated into the presentation currency
as follows:
(i)
Assets and liabilities for each balance sheet presented are translated at the rate of exchange ruling at the
reporting date.
(ii)
Revenues and expenses for each income statement presented are translated using the foreign exchange rates
on the specific transaction date.
All resulting exchange differences are recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfHyperinflationaryReportingExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00277": { "value": "2.5 Revenue from contracts with customers
Revenue from contracts with customers is recognised when control of the goods and services are transferred to the
customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for
those goods or services.
The disclosures of significant accounting judgements, estimates and assumptions relating to revenue from contracts
with customers are provided in Note 4. Revenue is shown net of withholding and value-added taxes. Revenue is
recognised as follows:
a) Proprietary contract sales
The Group performs EM services under contract for a specific customer, whereby the EM data is owned by the
customer. The Group recognises contract revenues (whether priced as Lump Sum, Day Rate or Unit Price) over time.
The Percentage of Completion (\u201cPOC\u201d) revenue recognition method is used for proprietary contract sales. Under the
POC method revenue is recognised in proportion to the stage of completion of the agreement. The Group believes the
POC method is the most accurate way in which to measure performance obligations satisfied.
A map outlining the specific area to be acquired, processed or reprocessed along with related latitude/longitude
coordinates and related parameters for acquisition or processing are part of the agreement. This provides EMGS with
significant information about the area, geographical location and other matters which substantially impact the
Company\u2019s estimate of time to complete the project. Such estimates are documented prior to the beginning of the
project agreement and progression tracking is documented daily in the vessel operational logs.
In most cases, a third-party is included in the daily review and approval process during acquisition. Approved daily
acquisition reports serve as the basis for determining physical progress in the POC calculations.
Mobilisation Fees
Costs related to mobilisation are deferred and recognised over the acquisition period (which is the time from the first
receiver is dropped to the last retrieval) of the contract, using the percentage of completion method. The deferral of
mobilisation costs can only begin after an agreement has been signed between EMGS and the client. Until a contract
is signed or anticipated, costs are expensed as incurred.
b) Sales of multi-client library data
Pre-funding agreements
Multi-client licensing sales made prior to commencement of acquisition for a project and licensing sales while the
projects are in progress, are presented as pre-funding revenues. The advantages for pre-funding customers are
generally the possibility to influence the project specifications, early access to acquired data, and discounted prices.
The Group recognises pre-funded revenue at the point in time when data is made accessible to the customer.
Late sales
Customers are granted a license from the Group which entitles them to access a specific part of the multi-client data
library. The license payment is fixed and is required when the license is granted. The late sale revenue is recognised
when a valid licensing agreement is signed, and the multi-client library data is made accessible to the customer.
Uplift
Uplift revenues can arise if a customer that has already bought a license for EM data, is awarded acreage covered by
the data bought. Uplift revenue is recognised when the customer is awarded the acreage.
Contract balances
Accrued revenue
Accrued revenue is the right to consideration in exchange for goods or services transferred to the customer. If the
Group is transferring goods or services to a customer before the customer pays consideration or before payment is
due, a contract asset is recognised for the earned consideration that is conditional.
Trade receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage
of time is required before payment of the consideration is due).
Contract liabilities
A contract liability is the obligation to transfer goods or services to a customer for which the Group has received
consideration (or an amount of consideration is due) from the customer. If a customer pays consideration before the
Group transfers goods or series to the customer, a contract liability is recognised when the payment is received, or
the payment is due (whichever is earlier). Contract liabilities are recognised as revenue when the Group performs
under the contract.
Significant financing component
The Group has received funding from third parties building the next generation EM equipment. There is a significant
financing component for these contracts considering the length of time between the parties\u2019 payment and the
beneficial period. As such, interest costs are calculated on this contract liability recorded as provision in the balance
sheet. The interest rate is commensurate with the rate that would be reflected in a separate financing transaction
between the Group and the parties at contract inception.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00276": { "value": "Trade receivables
A receivable represents the Group\u2019s right to an amount of consideration that is unconditional (i.e., only the passage
of time is required before payment of the consideration is due).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00278": { "value": "2.6 Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes costs directly attributable to the acquisition of the item. Costs are included
in the asset\u2019s carrying amount or recognised as a separate asset, if appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Costs of all repairs and maintenance are expensed as incurred.
Depreciation on assets is calculated using the straight-line method. The assets are depreciated over their estimated
useful life, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Useful life:
\u00a0
Machinery and equipment*
3 - 8 years
\u00a0
Cluster **
5
years
\u00a0
Hardware equipment and furniture
3 - 5 years
\u00a0
\n
*Machinery and equipment are mainly placed onboard the vessel. Parts of the equipment are under water during
operation and have a shorter useful life.
** A cluster consists of IT equipment comprising of large number of processors for doing advanced data processing.
The assets\u2019 residual values, useful lives, and method of depreciation are reviewed at each balance sheet date and
adjusted if appropriate. If an asset\u2019s carrying amount is greater than its estimated recoverable amount, the asset is
immediately written down to the recoverable amount (Note 2.11).
Assets under construction are carried at cost, less accumulated impairment. Depreciation commences when the asset
is ready for its intended use.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is derecognised.2.10 Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, such as for goodwill and intangible assets
with infinite useful life, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transaction
can be identified, an appropriate valuation model is applied.
The Group bases its impairment calculation on budget and forecast calculations.
Non-financial assets, other than goodwill previously impaired, are reviewed at each reporting date for possible reversal
of the previously recorded impairment. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00279": { "value": "2.6 Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes costs directly attributable to the acquisition of the item. Costs are included
in the asset\u2019s carrying amount or recognised as a separate asset, if appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Costs of all repairs and maintenance are expensed as incurred.
Depreciation on assets is calculated using the straight-line method. The assets are depreciated over their estimated
useful life, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Useful life:
\u00a0
Machinery and equipment*
3 - 8 years
\u00a0
Cluster **
5
years
\u00a0
Hardware equipment and furniture
3 - 5 years
\u00a0
\n
*Machinery and equipment are mainly placed onboard the vessel. Parts of the equipment are under water during
operation and have a shorter useful life.
** A cluster consists of IT equipment comprising of large number of processors for doing advanced data processing.
The assets\u2019 residual values, useful lives, and method of depreciation are reviewed at each balance sheet date and
adjusted if appropriate. If an asset\u2019s carrying amount is greater than its estimated recoverable amount, the asset is
immediately written down to the recoverable amount (Note 2.11).
Assets under construction are carried at cost, less accumulated impairment. Depreciation commences when the asset
is ready for its intended use.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForConstructionInProgressExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00280": { "value": "2.6 Property, plant and equipment
Property, plant and equipment are stated at historical cost less accumulated depreciation and any accumulated
impairment losses. Historical cost includes costs directly attributable to the acquisition of the item. Costs are included
in the asset\u2019s carrying amount or recognised as a separate asset, if appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably.
Costs of all repairs and maintenance are expensed as incurred.
Depreciation on assets is calculated using the straight-line method. The assets are depreciated over their estimated
useful life, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Useful life:
\u00a0
Machinery and equipment*
3 - 8 years
\u00a0
Cluster **
5
years
\u00a0
Hardware equipment and furniture
3 - 5 years
\u00a0
\n
*Machinery and equipment are mainly placed onboard the vessel. Parts of the equipment are under water during
operation and have a shorter useful life.
** A cluster consists of IT equipment comprising of large number of processors for doing advanced data processing.
The assets\u2019 residual values, useful lives, and method of depreciation are reviewed at each balance sheet date and
adjusted if appropriate. If an asset\u2019s carrying amount is greater than its estimated recoverable amount, the asset is
immediately written down to the recoverable amount (Note 2.11).
Assets under construction are carried at cost, less accumulated impairment. Depreciation commences when the asset
is ready for its intended use.
An item of property, plant and equipment and any significant part initially recognised is derecognised upon disposal
or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition
of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is
included in the statement of profit or loss when the asset is derecognised.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00283": { "value": "2.6 Property, plant and equipmentDepreciation on assets is calculated using the straight-line method. The assets are depreciated over their estimated
useful life, as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Useful life:
\u00a0
Machinery and equipment*
3 - 8 years
\u00a0
Cluster **
5
years
\u00a0
Hardware equipment and furniture
3 - 5 years
\u00a0
\n", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00284": { "value": "2.7 Leases
The Group assesses at the contract inception whether a contract is, or contains, a lease. That is, if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration.
Group as a lessee
The Group applies a single recognition and measurement approach for all leases, except for short-term leases and
leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets
representing the right to use the underlying assets.
a) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset
is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of
lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement
date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of
the lease term and the estimated useful lives of the assets.
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of
a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are
also subject to impairment (Note 2.10).
b) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value
of lease payments to be made over the lease term. The lease payments include fixed payments less any lease
incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid
under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably
certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the
Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are
recognised as expenses in the period in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease
commencement date because the interest rate implicit in the lease is not readily determinable. After the
commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for
the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification,
a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change
in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase
the underlying asset.
c) Short-term leases and leases of low-value assets
The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment
(i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a
purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment
that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are
recognised as expense on a straight-line basis over the lease term.2.10 Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, such as for goodwill and intangible assets
with infinite useful life, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transaction
can be identified, an appropriate valuation model is applied.
The Group bases its impairment calculation on budget and forecast calculations.
Non-financial assets, other than goodwill previously impaired, are reviewed at each reporting date for possible reversal
of the previously recorded impairment. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior periods.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00285": { "value": "2.8 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired
in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and any accumulated impairment losses.
The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite useful lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and method are
reviewed at least every financial year end.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash-generating unit level (Note 2.10).
The multi-client library consists of surveys of electromagnetic data. The surveys can be licensed to customers on a
non-exclusive basis. Directly attributable costs associated with the production and development of multi-client
projects such as acquisition costs, processing costs, and direct project costs are capitalised.
A multi-client project is considered complete when all components or processes associated with the acquisition and
processing of the data are finished, and all components of the data have been properly stored and made ready for
delivery to customers.
After a project is completed, a straight-line amortisation is applied. The straight-line amortisation is assigned over the
useful life, which is set at four years. The straight-line amortisation is distributed evenly through the financial year
independently of sales during the quarters. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00286": { "value": "2.8 Intangible assets
Intangible assets acquired separately are measured on initial recognition at cost. The cost of intangible assets acquired
in a business combination is fair value as at the date of acquisition. Following initial recognition, intangible assets are
carried at cost less any accumulated amortisation and any accumulated impairment losses.
The useful lives of intangible assets are assessed to be either finite or indefinite.
Intangible assets with finite useful lives are amortised over the useful economic life and assessed for impairment
whenever there is an indication that the intangible asset may be impaired. The amortisation period and method are
reviewed at least every financial year end.
Intangible assets with indefinite useful lives are not amortised, but are tested for impairment annually, either
individually or at the cash-generating unit level (Note 2.10).
The multi-client library consists of surveys of electromagnetic data. The surveys can be licensed to customers on a
non-exclusive basis. Directly attributable costs associated with the production and development of multi-client
projects such as acquisition costs, processing costs, and direct project costs are capitalised.
A multi-client project is considered complete when all components or processes associated with the acquisition and
processing of the data are finished, and all components of the data have been properly stored and made ready for
delivery to customers.
After a project is completed, a straight-line amortisation is applied. The straight-line amortisation is assigned over the
useful life, which is set at four years. The straight-line amortisation is distributed evenly through the financial year
independently of sales during the quarters. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00287": { "value": "2.9 Inventories
Inventories are valued at the lower of cost or net realisable value. Cost is determined using the first-in, first-out (FIFO)
method. Net realisable value is the estimated selling price in the ordinary course of business, less estimated costs of
completion and the estimated costs necessary to make the sale.
The Group\u2019s inventory consists primarily of equipment components and parts, anchors, batteries, and fuel.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00288": { "value": "2.10 Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, such as for goodwill and intangible assets
with infinite useful life, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transaction
can be identified, an appropriate valuation model is applied.
The Group bases its impairment calculation on budget and forecast calculations.
Non-financial assets, other than goodwill previously impaired, are reviewed at each reporting date for possible reversal
of the previously recorded impairment. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior periods.Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00289": { "value": "2.10 Impairment of non-financial assets
The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any
indication exists, or when annual impairment testing for an asset is required, such as for goodwill and intangible assets
with infinite useful life, the Group estimates the asset\u2019s recoverable amount. An asset\u2019s recoverable amount is the
higher of an asset\u2019s or cash-generating unit\u2019s (CGU) fair value less costs of disposal and its value in use. Recoverable
amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely
independent of those from other assets or groups of assets. When the carrying amount of an asset or CGU exceeds its
recoverable amount, the asset is considered impaired and is written down to its recoverable amount.
In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount
rate that reflects current market assessments of the time value of money and the risks specific to the asset. In
determining fair value less costs of disposal, recent market transactions are taken into account. If no such transaction
can be identified, an appropriate valuation model is applied.
The Group bases its impairment calculation on budget and forecast calculations.
Non-financial assets, other than goodwill previously impaired, are reviewed at each reporting date for possible reversal
of the previously recorded impairment. A previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was
recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined, net of depreciation, had no
impairment loss been recognised for the asset in prior periods.The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00290": { "value": "2.11 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs. Trade receivables that do not contain a significant financing component are measured at the
transaction price.
Subsequent measurement
For purposes of subsequent measurements, financial assets are classified in four categories:
-
financial assets at amortised cost (debt instruments)
-
financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
-
financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
-
financial assets at fair value through profit or loss
Financial assets at amortised cost is the most relevant to the Group. The Group measures financial assets at amortised
cost if both of the following conditions are met:
-
the financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows, and
-
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
impaired. The Group\u2019s financial assets at amortised cost includes trade receivables.
The Group does not have any financial assets measured at fair value through OCI, financial assets designated at fair
value through OCI, or financial assets at fair value through profit or loss.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.
Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).
b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00291": { "value": "2.11 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs. Trade receivables that do not contain a significant financing component are measured at the
transaction price.
Subsequent measurement
For purposes of subsequent measurements, financial assets are classified in four categories:
-
financial assets at amortised cost (debt instruments)
-
financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
-
financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
-
financial assets at fair value through profit or loss
Financial assets at amortised cost is the most relevant to the Group. The Group measures financial assets at amortised
cost if both of the following conditions are met:
-
the financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows, and
-
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
impaired. The Group\u2019s financial assets at amortised cost includes trade receivables.
The Group does not have any financial assets measured at fair value through OCI, financial assets designated at fair
value through OCI, or financial assets at fair value through profit or loss.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.
Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).
b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00292": { "value": "2.11 Financial instruments
A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.
a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs. Trade receivables that do not contain a significant financing component are measured at the
transaction price.
Subsequent measurement
For purposes of subsequent measurements, financial assets are classified in four categories:
-
financial assets at amortised cost (debt instruments)
-
financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
-
financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
-
financial assets at fair value through profit or loss
Financial assets at amortised cost is the most relevant to the Group. The Group measures financial assets at amortised
cost if both of the following conditions are met:
-
the financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows, and
-
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
impaired. The Group\u2019s financial assets at amortised cost includes trade receivables.
The Group does not have any financial assets measured at fair value through OCI, financial assets designated at fair
value through OCI, or financial assets at fair value through profit or loss.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.
Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).
b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00294": { "value": "2.11 Financial instrumentsDerecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00293": { "value": "a) Financial assets
Initial recognition and measurement
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost, fair value through
other comprehensive income (OCI), and fair value through profit or loss.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow
characteristics and the Group\u2019s business model for managing them. With the exception of trade receivables that do
not contain a significant financing component, the Group initially measures a financial asset at its fair value plus
transaction costs. Trade receivables that do not contain a significant financing component are measured at the
transaction price.
Subsequent measurement
For purposes of subsequent measurements, financial assets are classified in four categories:
-
financial assets at amortised cost (debt instruments)
-
financial assets at fair value through OCI with recycling of cumulative gains and losses (debt instruments)
-
financial assets designated at fair value through OCI with no recycling of cumulative gains and losses upon
derecognition (equity instruments)
-
financial assets at fair value through profit or loss
Financial assets at amortised cost is the most relevant to the Group. The Group measures financial assets at amortised
cost if both of the following conditions are met:
-
the financial asset is held within a business model with the objective to hold financial assets in order to collect
contractual cash flows, and
-
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding.
Financial assets at amortised cost are subsequently measured using the effective interest rate (EIR) method and are
subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised, modified or
impaired. The Group\u2019s financial assets at amortised cost includes trade receivables.
The Group does not have any financial assets measured at fair value through OCI, financial assets designated at fair
value through OCI, or financial assets at fair value through profit or loss.
Derecognition
A financial asset is derecognised when the rights to receive cash flows from the asset have expired; or the Group has
transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows
in full without material delay to third party under a \u201cpass-through\u201d arrangement; and either (i) the Group has
transferred substantially all the risks and rewards of the asset, or (ii) the Group has neither transferred nor retained
substantially all the risks and rewards relating to the asset, but has transferred control of the asset.
Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00295": { "value": "Impairment of financial assets
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on lifetime ECLs at each reporting date. This is based on the historical credit loss
experience, adjusted for forward-looking factors specific to the debtors and the economic environment, see Note 3
b).The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00297": { "value": "b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00298": { "value": "b) Financial liabilities
Initial recognition and measurement
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or loss, loans
and borrowings, payables, or as derivatives designated as hedging instruments in an effective hedge, as appropriate.
All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.
The Group\u2019s financial liabilities include trade and other payables, loans and borrowings.
Subsequent measurement
The measurement of financial liabilities depends on their classification, as described below:
Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss include financial liabilities held for trading and financial liabilities
designated upon initial recognition at fair value through profit or loss.
This category includes derivative financial instruments entered into by the Group that are not designated as hedging
instruments in hedge relationships as defined by IFRS 9.
Financial liabilities at amortised cost (loans and borrowings)
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are
subsequently measured at amortised cost using the EIR method. Gains and losses are recognised in profit or loss when
the liabilities are derecognised as well as through the EIR amortisation process.
The EIR amortization is included as finance costs in the statement of profit or loss.
This category applies to interest-bearing loans and borrowings.
Convertible bond
The convertible bond is separated into a liability and an equity component. On issuance of the convertible bond, the
fair value of the liability component is determined using a market rate for equivalent non-convertible instrument. This
amount is classified as a financial liability measured at amortised costs (net of transaction costs) until it is extinguished
on conversion or redemption. The remainder of the proceeds is allocated to the conversion option that is recognised
and included in equity. Transaction costs are deducted from equity. The carrying amount of the conversion option is
not remeasured in subsequent years. Transaction costs are apportioned between the liability and equity components
of the convertible bond, based on the allocation of proceeds to the liability and equity components when the
instrument is initially recognised.
Derecognition
A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. When an
existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of
an existing liability are substantially modified, this is treated as derecognition of the original liability and recognition
of a new liability. The difference in the respective carrying amounts is recognised in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00299": { "value": "2.12 Taxes
a) Current income tax
Current income tax assets and liabilities for the current and prior periods are measured using the amount expected to
be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are
those that are enacted or substantively enacted at the reporting date in the countries where the Group operates and
generates taxable income.
Current income tax relating to items recognised directly in equity is recognised in equity and not in the income
statement. Management periodically evaluates positions taken in the tax returns with respect to situations in which
applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
b) Deferred tax
Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax
rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of
the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement.
c) Sales tax
Expenses and assets are recognised net of the amount of sales tax, except:
-
When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in
which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item,
as applicable
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00300": { "value": "b) Deferred tax
Deferred tax is provided for using the liability method on temporary differences between the tax bases of assets and
liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined using tax
rates (and laws) that have been enacted or substantially enacted on the balance sheet date and are expected to apply
when the related deferred tax asset is realised or the deferred tax liability is settled.
Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against
which the temporary differences can be utilised.
Deferred tax is provided on temporary differences arising on investments in subsidiaries, except where the timing of
the reversal of the temporary difference is controlled by the Group and it is probable that the temporary difference
will not reverse in the foreseeable future.
Deferred tax relating to items recognised directly in equity is recognised in equity and not in the income statement.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00301": { "value": "c) Sales tax
Expenses and assets are recognised net of the amount of sales tax, except:
-
When the sales tax incurred on a purchase of assets or services is not recoverable from the taxation authority, in
which case, the sales tax is recognised as part of the cost of acquisition of the asset or as part of the expense item,
as applicable
The net amount of sales tax recoverable from, or payable to, the taxation authority is included as part of receivables
or payables in the statement of financial position.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00302": { "value": "2.13 Employee benefits
a) Pension obligations
The Company operates a defined contribution plan. The net pension cost for the period is presented as an employee
expense.c) Bonus plans
The Group recognises a provision for bonus expenses where contractually obliged or where there is a past practice
that has created a constructive obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00303": { "value": "b) Share-based payments
The Group operates an equity-settled, share-based compensation plan. The cost of equity-settled transactions with
employees is measured by reference to the fair value at the date on which they are granted. The fair value is
determined by an external valuation expert using an appropriate pricing model, further details are given in Note 15.
The cost of equity-settled transactions is recognised in Employee expenses, together with a corresponding increase in
equity, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which
the relevant employees become fully entitled to the award (the vesting date). The cumulative expense recognised for
equity- settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period
has expired and the Group's best estimate of the number of equity instruments that will ultimately vest. The income
statement charge or credit for a period represents the movement in cumulative expense recognised as at the
beginning and end of that period. When options are exercised, the proceeds received net of any directly attributable
transaction costs are credited to share capital (nominal value) and share premium.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00304": { "value": "2.14 Provisions
Provisions are recognised when the Group has a present obligation as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate
can be made of the amount of the obligation.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00305": { "value": "2.15 Cash and short-term deposits
Cash and short-term deposits in the statement of financial position and consolidated statement of cash flows comprise
cash at banks and on hand and short-term highly liquid deposits with a maturity of three months or less, that are
readily convertible to a known amount of cash and subject to an insignificant risk of changes in value.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00319": { "value": "2.16 Changes in accounting policies and disclosures
The accounting principles adopted are consistent with those of the previous year.
2.17 Standards and interpretations issued, but not yet adopted
The financial statements have been prepared based on standards effective for the year ending 31 December 2025.
IASB has issued standards/amendments to standards that are not yet effective.
IFRS 18 Presentation and Disclosure in Financial Statements will be effective from 01 January 2027. The standard will
require an update to the current income statement structure.
The Group plans to implement the new standards, amendments and interpretations when they are effective and
approved by EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00318": { "value": "2.16 Changes in accounting policies and disclosures
The accounting principles adopted are consistent with those of the previous year.
2.17 Standards and interpretations issued, but not yet adopted
The financial statements have been prepared based on standards effective for the year ending 31 December 2025.
IASB has issued standards/amendments to standards that are not yet effective.
IFRS 18 Presentation and Disclosure in Financial Statements will be effective from 01 January 2027. The standard will
require an update to the current income statement structure.
The Group plans to implement the new standards, amendments and interpretations when they are effective and
approved by EU.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00198": { "value": "Note 3 \u2013 Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise trade and other payables and loans and borrowings. Payments
related to EMGS\u2019s Senior Unsecured Convertible Bond 2018/2023 are paid quarterly and are interest only. The main
purpose of these financial liabilities is to finance the Group\u2019s operations. The Group has various financial assets such
as trade receivables, cash and short-term deposits which derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group's executive management oversees the
management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks which
are summarised below.
The Group did not apply hedge accounting in 2025 or 2024.
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise two types of risk for the Group: interest rate risk and currency risk.
The sensitivity analysis in the following sections relates to the position as of 31 December 2025 and 2024. The
sensitivity analysis has been prepared on the basis that the amount of net debt and the portion of financial instruments
in foreign currencies are all constant. The analysis excludes the impact of movements in market variables on the
carrying value of pension, provisions and on the non-financial assets and liabilities of foreign operations.
The sensitivity of the relevant income statement item is the effect of the assumed changes in respective market risk.
This is based on the financial assets and financial liabilities held as of 31 December 2025 and 2024.
i) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily
to the Group's long-term loan with floating interest rate.
With all other variables held constant, a reasonably possible increase in SOFR of 2.5% will increase the Group's annual
net interest expense on the long-term loan by approximately USD 488 thousand as of 31 December 2025 (2024: USD
489 thousand).
ii) Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Group operates internationally and therefore has exposure to foreign
exchange risk arising from transactions executed in other currencies than the functional currency of each company.
EMGS ASA has USD as functional currency, hence the foreign currency risk is primarily with respect to NOK in EMGS
ASA. Approximately 98% of the Group\u2019s sales are denominated in USD (2024: 60%), whilst approximately 64% of costs
are denominated in USD in 2025 (2024: 37%).
Foreign exchange risk arises from future commercial transactions, recognised as assets and liabilities.
The following table summarises the sensitivity to a reasonably possible change in the NOK exchange rate, with all
other variables held constant, of the Group\u2019s profit before tax (due to changes in the fair value of monetary assets and
liabilities). The Group's exposure to foreign currency changes on equity and for all other currencies is not material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Strengthening
Effect on
\u00a0
/ (weakening)
income/(loss)
Amounts in USD 1000
of NOK
before tax
2025
20%
57
\u00a0
-20%
-57
2024
20%
64
\u00a0
-20%
-64
\n
b) Credit risk
The Group is exposed to credit risk from its operating activities (primarily for trade receivables and cash and cash
equivalents). See Note 20 for aging analysis of trade receivables.
i) Trade receivables
The Group trades with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on
an ongoing basis.
The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.
With respect to credit risk arising from the other financial assets of the Group such as cash and cash equivalents, the
Group\u2019s exposure to credit risk arises from default of the counter party, with maximum exposure equal to the carrying
amount of these instruments.
c) Liquidity risk
Liquidity risk is the risk that the Company will not have sufficient liquidity to be able to meet its financial obligations.
EMGS\u2019 sources of liquidity include cash balances, cash flow from operations, borrowings, it\u2019s existing and new bank
facilities and further debt and equity issues. It is the Company\u2019s objective to balance these sources of liquidity.
As of 31 December 2025, the free cash and cash equivalents totaled USD 3.1 million. EMGS\u2019 management follows the
Group\u2019s liquidity risk closely. The bond loan has a maturity date of 9 November 2030. As of the end of 2025, the
Company did not have sufficient liquidity to meet all liabilities.
A material uncertainty continues to exists that may cast significant doubt on the Group\u2019s ability to continue as a going
concern and meet the liquidity requirements. The Company's ability to continue as a going concern will be entirely
dependent on one or more of the following: (i) identifying a new business or project opportunity; (ii) obtaining new
external financing; and/or (iii) a conversion or restructuring of the outstanding indebtedness under EMGS03.
The table below summarises the maturity profile of the Group\u2019s financial liabilities 31 December based on contractual
payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
531
1,063
2,125
4,268
22,220
\u00a0
30,207
Trade and other payables
0
1,124
308
-198
0
0
0
1,233
Other financial liabilities
0
53
46
68
0
0
0
167
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
551
20,085
0
0
0
0
20,637
Trade and other payables
0
3,473
284
442
0
0
0
4,200
Other financial liabilities
0
734
764
991
39
0
0
2,528
\n
See Note 23 for financial liabilities.
Electromagnetic Geoservices ASA Senior Unsecured Convertible Bonds 2018/2023 with a current outstanding amount
of USD 19.5 million restricts the Company's ability, among other things, to sell multi-client library, declare or make any
dividend payments, incur additional indebtedness, change our business, and enter speculative financial derivative
agreements.
i) Capital management
For the purpose of the Group's capital management, capital includes equity attributable to the equity holder of the
parent.
The primary objective of the Group\u2019s capital management is to ensure healthy capital ratios to support its business
and maximise shareholder value.
In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that
it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements.
The Group manages its capital structure and adjusts it considering changes in economic conditions. To maintain or
adjust the capital structure, the Group may refinance its debt, issue new shares or sell assets. Note 23 \u2013 Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
Interest rate
Maturity
2025
2024
Non-current
\u00a0\u00a0\u00a0\u00a0
Senior Unsecured Convertible Bonds 2018/2023EMGS 03
SOFR + 6.50%
November 9th, 2030
19,816
19,658
Lease liabilites
10.0%
1
year
0
39
\u00a0\u00a0\u00a0
19,816
19,697
Current
\u00a0\u00a0\u00a0\u00a0
Lease liabilites
10.0%-11.9%
Up to 1 year
167
2,489
\u00a0\u00a0\u00a0
167
2,489
Total financial liabilities
\u00a0\u00a0
19,983
22,186
\n
USD 32.5 million convertible bond
On 9 May 2018, EMGS secured a USD 32.5 million convertible bond bearing an interest at 3 months LIBOR + 5.50%
p.a. The loan can at any time be converted into common shares in EMGS at the conversion price of USD 0.42677 until
the maturity. On 26 June 2023, EMGS entered into an amendment agreement to switch the reference rate from 3
months LIBOR to the Compounded Daily SOFR. The interest margin remains unchanged at 6.5%, however, a credit
adjustment spread of 0.26161 per cent per annum was added. On 6 May 2025, the Unsecured Convertible Bond
2018/2023 was extended until 9 November 2030. The updated terms have been assessed not to be substantially
different from the original terms. Thus, the original bond has not been derecognised, and the extension has instead
been accounted for as a modification of the original bond. The modification did not lead to any significant adjustments
to the amortised cost of the bond.
The USD 32.5 million convertible bond can be seen as a contract settled by an entity by delivering a fixed amount of
its own equity instruments in exchange for a fixed amount of foreign currency. The economic components of this
convertible bond are:
(a)
A liability. On issuance of the convertible bond, the fair value of the liability component was determined using a
market rate for an equivalent non-convertible bond; and classified as a financial liability measured at amortised
cost (net of transaction costs) until it is extinguished on conversion or redemption.
\n
(b)
An equity component. The residual of the proceeds was allocated to the conversion option that was recognised
\n
in shareholders\u2019 equity.
\n
At inception, the value of the liability component was estimated to USD 30.2 million. Amortised cost as 31 December
\n
2025 was USD 19.8 million (2024: USD 19.7 million) including two separate bond buy-backs with a combined nominal
\n
value of USD 8 million in 2021 and one bond buy-back with a nominal value of USD 5.0 million in 2022. The equity
\n
component, the carrying amount of the conversion option, was estimated to USD 1.9 million at inception and is not
\n
remeasured in subsequent periods.
\n
The convertible bond contains restrictions regarding the Company's ability to sell the multi-client library, declare or
\n
make dividend payments, incur additional indebtedness, change its business or enter into speculative financial
\n
derivative agreements. Subsequent to the end of 2025, the Company received authorization to sell the multi-client
\n
library from the bond holders.
\n
On 2 January 2026, EMGS issued a press release in which it informed that \u201cbased on current activity levels and the
\n
Company's outlook, the existing capital structure is not considered sustainable. One of the potential options the
\n
Company is therefore evaluating, is a partial or complete conversion of the convertible bonds under EMGS03 into new
\n
equity in the Company. It is expected that any such conversion, if implemented, would be carried out at or below the
\n
current market price of the Company's shares. A full conversion at or below the current trading price for the Company's
\n
shares would result in significant dilution for existing shareholders.\u201d
\n
The convertible bond is unsecured.
\n
Lease liabilities and interest bearing debt
\n
The Group has lease contracts for various offices.
\n
The maturity of non-current borrowings is as follows:
\n
The exposure of the Group\u2019s borrowings to interest rate changes related to floating rate obligations and the contractual
\n
repricing dates of those obligations at the balance sheet dates are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
USD denominated
19,816
21,987
NOK denominated
167
199
Other
0
0
Total
19,983
22,186
\n
The carrying amounts and fair value of the non-current borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Senior Unsecured Convertible Bonds 2018/2023(2030) EMGS 03
19,816
19,658
Leasing liabilities
167
2,528
\n
The carrying amount of the Group\u2019s borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
6 months or less
19,983
22,186
6-12 months
0
0
1-5 years
0
0
Over 5 years
0
0
Total
19,983
22,186
\n
The liabilities arising from financing activities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
Non- cash changes
Cash flows
Closing
Opening
Currency
New Leases &
Financial Gain
Financial lease
Amounts in USD 1 000
Modifications
liabilities
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,194
0
2,897
0
-2,603
2,489
Non-current interst bearing loans
19,584
76
0
-1
0
19,658
Non-current lease liablities
139
0
0
0
-100
39
Total 2024
21,917
76
2,897
-1
-2,703
22,186
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2025
Non- cash changes
Cash flows
Closing
New Leases
Financial
Opening
Currency
&
Financial
lease
Modifications
Gain
liabilities
Amounts in USD 1 000
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,489
0
143
0
-2,476
167
Non-current interst bearing loans
19,658
158
0
0
0
19,816
Non-current lease liablities
39
0
0
0
-28
0
Total 2025
22,186
158
143
0
-2,504
19,983
\n
Fair values
\n
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00197": { "value": "Note 3 \u2013 Financial risk management objectives and policies
The Group\u2019s principal financial liabilities comprise trade and other payables and loans and borrowings. Payments
related to EMGS\u2019s Senior Unsecured Convertible Bond 2018/2023 are paid quarterly and are interest only. The main
purpose of these financial liabilities is to finance the Group\u2019s operations. The Group has various financial assets such
as trade receivables, cash and short-term deposits which derive directly from its operations.
The Group is exposed to market risk, credit risk and liquidity risk. The Group's executive management oversees the
management of these risks. The Board of Directors reviews and agrees policies for managing each of these risks which
are summarised below.
The Group did not apply hedge accounting in 2025 or 2024.
a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise two types of risk for the Group: interest rate risk and currency risk.
The sensitivity analysis in the following sections relates to the position as of 31 December 2025 and 2024. The
sensitivity analysis has been prepared on the basis that the amount of net debt and the portion of financial instruments
in foreign currencies are all constant. The analysis excludes the impact of movements in market variables on the
carrying value of pension, provisions and on the non-financial assets and liabilities of foreign operations.
The sensitivity of the relevant income statement item is the effect of the assumed changes in respective market risk.
This is based on the financial assets and financial liabilities held as of 31 December 2025 and 2024.
i) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily
to the Group's long-term loan with floating interest rate.
With all other variables held constant, a reasonably possible increase in SOFR of 2.5% will increase the Group's annual
net interest expense on the long-term loan by approximately USD 488 thousand as of 31 December 2025 (2024: USD
489 thousand).
ii) Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Group operates internationally and therefore has exposure to foreign
exchange risk arising from transactions executed in other currencies than the functional currency of each company.
EMGS ASA has USD as functional currency, hence the foreign currency risk is primarily with respect to NOK in EMGS
ASA. Approximately 98% of the Group\u2019s sales are denominated in USD (2024: 60%), whilst approximately 64% of costs
are denominated in USD in 2025 (2024: 37%).
Foreign exchange risk arises from future commercial transactions, recognised as assets and liabilities.
The following table summarises the sensitivity to a reasonably possible change in the NOK exchange rate, with all
other variables held constant, of the Group\u2019s profit before tax (due to changes in the fair value of monetary assets and
liabilities). The Group's exposure to foreign currency changes on equity and for all other currencies is not material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Strengthening
Effect on
\u00a0
/ (weakening)
income/(loss)
Amounts in USD 1000
of NOK
before tax
2025
20%
57
\u00a0
-20%
-57
2024
20%
64
\u00a0
-20%
-64
\n
b) Credit risk
The Group is exposed to credit risk from its operating activities (primarily for trade receivables and cash and cash
equivalents). See Note 20 for aging analysis of trade receivables.
i) Trade receivables
The Group trades with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on
an ongoing basis.
The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.
With respect to credit risk arising from the other financial assets of the Group such as cash and cash equivalents, the
Group\u2019s exposure to credit risk arises from default of the counter party, with maximum exposure equal to the carrying
amount of these instruments.
c) Liquidity risk
Liquidity risk is the risk that the Company will not have sufficient liquidity to be able to meet its financial obligations.
EMGS\u2019 sources of liquidity include cash balances, cash flow from operations, borrowings, it\u2019s existing and new bank
facilities and further debt and equity issues. It is the Company\u2019s objective to balance these sources of liquidity.
As of 31 December 2025, the free cash and cash equivalents totaled USD 3.1 million. EMGS\u2019 management follows the
Group\u2019s liquidity risk closely. The bond loan has a maturity date of 9 November 2030. As of the end of 2025, the
Company did not have sufficient liquidity to meet all liabilities.
A material uncertainty continues to exists that may cast significant doubt on the Group\u2019s ability to continue as a going
concern and meet the liquidity requirements. The Company's ability to continue as a going concern will be entirely
dependent on one or more of the following: (i) identifying a new business or project opportunity; (ii) obtaining new
external financing; and/or (iii) a conversion or restructuring of the outstanding indebtedness under EMGS03.
The table below summarises the maturity profile of the Group\u2019s financial liabilities 31 December based on contractual
payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
531
1,063
2,125
4,268
22,220
\u00a0
30,207
Trade and other payables
0
1,124
308
-198
0
0
0
1,233
Other financial liabilities
0
53
46
68
0
0
0
167
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
551
20,085
0
0
0
0
20,637
Trade and other payables
0
3,473
284
442
0
0
0
4,200
Other financial liabilities
0
734
764
991
39
0
0
2,528
\n
See Note 23 for financial liabilities.
Electromagnetic Geoservices ASA Senior Unsecured Convertible Bonds 2018/2023 with a current outstanding amount
of USD 19.5 million restricts the Company's ability, among other things, to sell multi-client library, declare or make any
dividend payments, incur additional indebtedness, change our business, and enter speculative financial derivative
agreements.
i) Capital management
For the purpose of the Group's capital management, capital includes equity attributable to the equity holder of the
parent.
The primary objective of the Group\u2019s capital management is to ensure healthy capital ratios to support its business
and maximise shareholder value.
In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that
it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements.
The Group manages its capital structure and adjusts it considering changes in economic conditions. To maintain or
adjust the capital structure, the Group may refinance its debt, issue new shares or sell assets. Note 20 \u2013 Trade receivables and accrued revenues \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accounts receivable
2,292
1,046
Accrued revenues
0
0
Impaired receivable
-413
-146
Total trade receivables and accrued revenues
1,879
900
\n
Trade receivables are non-interest bearing and the payment terms are generally net 30-60 days.
Fair value of the receivables approximates the nominal values, less provision for doubtful receivables.
Generally, the Group trades with recognised, creditworthy customers. The customers are usually large oil companies
with an appropriate credit history.
Only in a few instances, services are performed for smaller companies with limited credit history.
Per 31 December 2025 EMGS has a provision for doubtful trade receivables in the amount of USD 413 thousand (2024:
USD 146).
The aging analysis of trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2025
2 292
218
10
0
1 594
0
470
31 December 2024
1 046
640
73
156
124
0
53
\nNote 23 \u2013 Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
Interest rate
Maturity
2025
2024
Non-current
\u00a0\u00a0\u00a0\u00a0
Senior Unsecured Convertible Bonds 2018/2023EMGS 03
SOFR + 6.50%
November 9th, 2030
19,816
19,658
Lease liabilites
10.0%
1
year
0
39
\u00a0\u00a0\u00a0
19,816
19,697
Current
\u00a0\u00a0\u00a0\u00a0
Lease liabilites
10.0%-11.9%
Up to 1 year
167
2,489
\u00a0\u00a0\u00a0
167
2,489
Total financial liabilities
\u00a0\u00a0
19,983
22,186
\n
USD 32.5 million convertible bond
On 9 May 2018, EMGS secured a USD 32.5 million convertible bond bearing an interest at 3 months LIBOR + 5.50%
p.a. The loan can at any time be converted into common shares in EMGS at the conversion price of USD 0.42677 until
the maturity. On 26 June 2023, EMGS entered into an amendment agreement to switch the reference rate from 3
months LIBOR to the Compounded Daily SOFR. The interest margin remains unchanged at 6.5%, however, a credit
adjustment spread of 0.26161 per cent per annum was added. On 6 May 2025, the Unsecured Convertible Bond
2018/2023 was extended until 9 November 2030. The updated terms have been assessed not to be substantially
different from the original terms. Thus, the original bond has not been derecognised, and the extension has instead
been accounted for as a modification of the original bond. The modification did not lead to any significant adjustments
to the amortised cost of the bond.
The USD 32.5 million convertible bond can be seen as a contract settled by an entity by delivering a fixed amount of
its own equity instruments in exchange for a fixed amount of foreign currency. The economic components of this
convertible bond are:
(a)
A liability. On issuance of the convertible bond, the fair value of the liability component was determined using a
market rate for an equivalent non-convertible bond; and classified as a financial liability measured at amortised
cost (net of transaction costs) until it is extinguished on conversion or redemption.
\n
(b)
An equity component. The residual of the proceeds was allocated to the conversion option that was recognised
\n
in shareholders\u2019 equity.
\n
At inception, the value of the liability component was estimated to USD 30.2 million. Amortised cost as 31 December
\n
2025 was USD 19.8 million (2024: USD 19.7 million) including two separate bond buy-backs with a combined nominal
\n
value of USD 8 million in 2021 and one bond buy-back with a nominal value of USD 5.0 million in 2022. The equity
\n
component, the carrying amount of the conversion option, was estimated to USD 1.9 million at inception and is not
\n
remeasured in subsequent periods.
\n
The convertible bond contains restrictions regarding the Company's ability to sell the multi-client library, declare or
\n
make dividend payments, incur additional indebtedness, change its business or enter into speculative financial
\n
derivative agreements. Subsequent to the end of 2025, the Company received authorization to sell the multi-client
\n
library from the bond holders.
\n
On 2 January 2026, EMGS issued a press release in which it informed that \u201cbased on current activity levels and the
\n
Company's outlook, the existing capital structure is not considered sustainable. One of the potential options the
\n
Company is therefore evaluating, is a partial or complete conversion of the convertible bonds under EMGS03 into new
\n
equity in the Company. It is expected that any such conversion, if implemented, would be carried out at or below the
\n
current market price of the Company's shares. A full conversion at or below the current trading price for the Company's
\n
shares would result in significant dilution for existing shareholders.\u201d
\n
The convertible bond is unsecured.
\n
Lease liabilities and interest bearing debt
\n
The Group has lease contracts for various offices.
\n
The maturity of non-current borrowings is as follows:
\n
The exposure of the Group\u2019s borrowings to interest rate changes related to floating rate obligations and the contractual
\n
repricing dates of those obligations at the balance sheet dates are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
USD denominated
19,816
21,987
NOK denominated
167
199
Other
0
0
Total
19,983
22,186
\n
The carrying amounts and fair value of the non-current borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Senior Unsecured Convertible Bonds 2018/2023(2030) EMGS 03
19,816
19,658
Leasing liabilities
167
2,528
\n
The carrying amount of the Group\u2019s borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
6 months or less
19,983
22,186
6-12 months
0
0
1-5 years
0
0
Over 5 years
0
0
Total
19,983
22,186
\n
The liabilities arising from financing activities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
Non- cash changes
Cash flows
Closing
Opening
Currency
New Leases &
Financial Gain
Financial lease
Amounts in USD 1 000
Modifications
liabilities
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,194
0
2,897
0
-2,603
2,489
Non-current interst bearing loans
19,584
76
0
-1
0
19,658
Non-current lease liablities
139
0
0
0
-100
39
Total 2024
21,917
76
2,897
-1
-2,703
22,186
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2025
Non- cash changes
Cash flows
Closing
New Leases
Financial
Opening
Currency
&
Financial
lease
Modifications
Gain
liabilities
Amounts in USD 1 000
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,489
0
143
0
-2,476
167
Non-current interst bearing loans
19,658
158
0
0
0
19,816
Non-current lease liablities
39
0
0
0
-28
0
Total 2025
22,186
158
143
0
-2,504
19,983
\n
Fair values
\n
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00199": { "value": "a) Market risk
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes
in market prices. Market prices comprise two types of risk for the Group: interest rate risk and currency risk.
The sensitivity analysis in the following sections relates to the position as of 31 December 2025 and 2024. The
sensitivity analysis has been prepared on the basis that the amount of net debt and the portion of financial instruments
in foreign currencies are all constant. The analysis excludes the impact of movements in market variables on the
carrying value of pension, provisions and on the non-financial assets and liabilities of foreign operations.
The sensitivity of the relevant income statement item is the effect of the assumed changes in respective market risk.
This is based on the financial assets and financial liabilities held as of 31 December 2025 and 2024.
i) Interest rate risk
Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The Group's exposure to the risk of changes in market interest rates relates primarily
to the Group's long-term loan with floating interest rate.
With all other variables held constant, a reasonably possible increase in SOFR of 2.5% will increase the Group's annual
net interest expense on the long-term loan by approximately USD 488 thousand as of 31 December 2025 (2024: USD
489 thousand).
ii) Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Group operates internationally and therefore has exposure to foreign
exchange risk arising from transactions executed in other currencies than the functional currency of each company.
EMGS ASA has USD as functional currency, hence the foreign currency risk is primarily with respect to NOK in EMGS
ASA. Approximately 98% of the Group\u2019s sales are denominated in USD (2024: 60%), whilst approximately 64% of costs
are denominated in USD in 2025 (2024: 37%).
Foreign exchange risk arises from future commercial transactions, recognised as assets and liabilities.
The following table summarises the sensitivity to a reasonably possible change in the NOK exchange rate, with all
other variables held constant, of the Group\u2019s profit before tax (due to changes in the fair value of monetary assets and
liabilities). The Group's exposure to foreign currency changes on equity and for all other currencies is not material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Strengthening
Effect on
\u00a0
/ (weakening)
income/(loss)
Amounts in USD 1000
of NOK
before tax
2025
20%
57
\u00a0
-20%
-57
2024
20%
64
\u00a0
-20%
-64
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00200": { "value": "ii) Foreign currency risk
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because
of changes in foreign exchange rates. The Group operates internationally and therefore has exposure to foreign
exchange risk arising from transactions executed in other currencies than the functional currency of each company.
EMGS ASA has USD as functional currency, hence the foreign currency risk is primarily with respect to NOK in EMGS
ASA. Approximately 98% of the Group\u2019s sales are denominated in USD (2024: 60%), whilst approximately 64% of costs
are denominated in USD in 2025 (2024: 37%).
Foreign exchange risk arises from future commercial transactions, recognised as assets and liabilities.
The following table summarises the sensitivity to a reasonably possible change in the NOK exchange rate, with all
other variables held constant, of the Group\u2019s profit before tax (due to changes in the fair value of monetary assets and
liabilities). The Group's exposure to foreign currency changes on equity and for all other currencies is not material.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Strengthening
Effect on
\u00a0
/ (weakening)
income/(loss)
Amounts in USD 1000
of NOK
before tax
2025
20%
57
\u00a0
-20%
-57
2024
20%
64
\u00a0
-20%
-64
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00201": { "value": "b) Credit risk
The Group is exposed to credit risk from its operating activities (primarily for trade receivables and cash and cash
equivalents). See Note 20 for aging analysis of trade receivables.
i) Trade receivables
The Group trades with recognised, creditworthy third parties. It is the Group\u2019s policy that all customers who wish to
trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on
an ongoing basis.
The requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.
With respect to credit risk arising from the other financial assets of the Group such as cash and cash equivalents, the
Group\u2019s exposure to credit risk arises from default of the counter party, with maximum exposure equal to the carrying
amount of these instruments.Note 20 \u2013 Trade receivables and accrued revenues \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accounts receivable
2,292
1,046
Accrued revenues
0
0
Impaired receivable
-413
-146
Total trade receivables and accrued revenues
1,879
900
\n
Trade receivables are non-interest bearing and the payment terms are generally net 30-60 days.
Fair value of the receivables approximates the nominal values, less provision for doubtful receivables.
Generally, the Group trades with recognised, creditworthy customers. The customers are usually large oil companies
with an appropriate credit history.
Only in a few instances, services are performed for smaller companies with limited credit history.
Per 31 December 2025 EMGS has a provision for doubtful trade receivables in the amount of USD 413 thousand (2024:
USD 146).
The aging analysis of trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2025
2 292
218
10
0
1 594
0
470
31 December 2024
1 046
640
73
156
124
0
53
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00296": { "value": "i) Trade receivablesThe requirement for an impairment charge is analysed at each reporting date on an individual basis for each customer.
For trade receivables, the Group applied a simplified approach in calculating expected credit losses (ECL). The Group
recognises a loss allowance based on expected credit losses at each reporting date. This is based on the historical
credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment,
see Note 2.11 a). The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.Note 20 \u2013 Trade receivables and accrued revenues \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accounts receivable
2,292
1,046
Accrued revenues
0
0
Impaired receivable
-413
-146
Total trade receivables and accrued revenues
1,879
900
\n
Trade receivables are non-interest bearing and the payment terms are generally net 30-60 days.
Fair value of the receivables approximates the nominal values, less provision for doubtful receivables.
Generally, the Group trades with recognised, creditworthy customers. The customers are usually large oil companies
with an appropriate credit history.
Only in a few instances, services are performed for smaller companies with limited credit history.
Per 31 December 2025 EMGS has a provision for doubtful trade receivables in the amount of USD 413 thousand (2024:
USD 146).
The aging analysis of trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2025
2 292
218
10
0
1 594
0
470
31 December 2024
1 046
640
73
156
124
0
53
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00202": { "value": "c) Liquidity risk
Liquidity risk is the risk that the Company will not have sufficient liquidity to be able to meet its financial obligations.
EMGS\u2019 sources of liquidity include cash balances, cash flow from operations, borrowings, it\u2019s existing and new bank
facilities and further debt and equity issues. It is the Company\u2019s objective to balance these sources of liquidity.
As of 31 December 2025, the free cash and cash equivalents totaled USD 3.1 million. EMGS\u2019 management follows the
Group\u2019s liquidity risk closely. The bond loan has a maturity date of 9 November 2030. As of the end of 2025, the
Company did not have sufficient liquidity to meet all liabilities.
A material uncertainty continues to exists that may cast significant doubt on the Group\u2019s ability to continue as a going
concern and meet the liquidity requirements. The Company's ability to continue as a going concern will be entirely
dependent on one or more of the following: (i) identifying a new business or project opportunity; (ii) obtaining new
external financing; and/or (iii) a conversion or restructuring of the outstanding indebtedness under EMGS03.
The table below summarises the maturity profile of the Group\u2019s financial liabilities 31 December based on contractual
payments.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
531
1,063
2,125
4,268
22,220
\u00a0
30,207
Trade and other payables
0
1,124
308
-198
0
0
0
1,233
Other financial liabilities
0
53
46
68
0
0
0
167
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest bearing loans and borrowings
0
551
20,085
0
0
0
0
20,637
Trade and other payables
0
3,473
284
442
0
0
0
4,200
Other financial liabilities
0
734
764
991
39
0
0
2,528
\n
See Note 23 for financial liabilities.
Electromagnetic Geoservices ASA Senior Unsecured Convertible Bonds 2018/2023 with a current outstanding amount
of USD 19.5 million restricts the Company's ability, among other things, to sell multi-client library, declare or make any
dividend payments, incur additional indebtedness, change our business, and enter speculative financial derivative
agreements.
i) Capital management
For the purpose of the Group's capital management, capital includes equity attributable to the equity holder of the
parent.
The primary objective of the Group\u2019s capital management is to ensure healthy capital ratios to support its business
and maximise shareholder value.
In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that
it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements.
The Group manages its capital structure and adjusts it considering changes in economic conditions. To maintain or
adjust the capital structure, the Group may refinance its debt, issue new shares or sell assets. Note 23 \u2013 Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
Interest rate
Maturity
2025
2024
Non-current
\u00a0\u00a0\u00a0\u00a0
Senior Unsecured Convertible Bonds 2018/2023EMGS 03
SOFR + 6.50%
November 9th, 2030
19,816
19,658
Lease liabilites
10.0%
1
year
0
39
\u00a0\u00a0\u00a0
19,816
19,697
Current
\u00a0\u00a0\u00a0\u00a0
Lease liabilites
10.0%-11.9%
Up to 1 year
167
2,489
\u00a0\u00a0\u00a0
167
2,489
Total financial liabilities
\u00a0\u00a0
19,983
22,186
\n
USD 32.5 million convertible bond
On 9 May 2018, EMGS secured a USD 32.5 million convertible bond bearing an interest at 3 months LIBOR + 5.50%
p.a. The loan can at any time be converted into common shares in EMGS at the conversion price of USD 0.42677 until
the maturity. On 26 June 2023, EMGS entered into an amendment agreement to switch the reference rate from 3
months LIBOR to the Compounded Daily SOFR. The interest margin remains unchanged at 6.5%, however, a credit
adjustment spread of 0.26161 per cent per annum was added. On 6 May 2025, the Unsecured Convertible Bond
2018/2023 was extended until 9 November 2030. The updated terms have been assessed not to be substantially
different from the original terms. Thus, the original bond has not been derecognised, and the extension has instead
been accounted for as a modification of the original bond. The modification did not lead to any significant adjustments
to the amortised cost of the bond.
The USD 32.5 million convertible bond can be seen as a contract settled by an entity by delivering a fixed amount of
its own equity instruments in exchange for a fixed amount of foreign currency. The economic components of this
convertible bond are:
(a)
A liability. On issuance of the convertible bond, the fair value of the liability component was determined using a
market rate for an equivalent non-convertible bond; and classified as a financial liability measured at amortised
cost (net of transaction costs) until it is extinguished on conversion or redemption.
\n
(b)
An equity component. The residual of the proceeds was allocated to the conversion option that was recognised
\n
in shareholders\u2019 equity.
\n
At inception, the value of the liability component was estimated to USD 30.2 million. Amortised cost as 31 December
\n
2025 was USD 19.8 million (2024: USD 19.7 million) including two separate bond buy-backs with a combined nominal
\n
value of USD 8 million in 2021 and one bond buy-back with a nominal value of USD 5.0 million in 2022. The equity
\n
component, the carrying amount of the conversion option, was estimated to USD 1.9 million at inception and is not
\n
remeasured in subsequent periods.
\n
The convertible bond contains restrictions regarding the Company's ability to sell the multi-client library, declare or
\n
make dividend payments, incur additional indebtedness, change its business or enter into speculative financial
\n
derivative agreements. Subsequent to the end of 2025, the Company received authorization to sell the multi-client
\n
library from the bond holders.
\n
On 2 January 2026, EMGS issued a press release in which it informed that \u201cbased on current activity levels and the
\n
Company's outlook, the existing capital structure is not considered sustainable. One of the potential options the
\n
Company is therefore evaluating, is a partial or complete conversion of the convertible bonds under EMGS03 into new
\n
equity in the Company. It is expected that any such conversion, if implemented, would be carried out at or below the
\n
current market price of the Company's shares. A full conversion at or below the current trading price for the Company's
\n
shares would result in significant dilution for existing shareholders.\u201d
\n
The convertible bond is unsecured.
\n
Lease liabilities and interest bearing debt
\n
The Group has lease contracts for various offices.
\n
The maturity of non-current borrowings is as follows:
\n
The exposure of the Group\u2019s borrowings to interest rate changes related to floating rate obligations and the contractual
\n
repricing dates of those obligations at the balance sheet dates are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
USD denominated
19,816
21,987
NOK denominated
167
199
Other
0
0
Total
19,983
22,186
\n
The carrying amounts and fair value of the non-current borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Senior Unsecured Convertible Bonds 2018/2023(2030) EMGS 03
19,816
19,658
Leasing liabilities
167
2,528
\n
The carrying amount of the Group\u2019s borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
6 months or less
19,983
22,186
6-12 months
0
0
1-5 years
0
0
Over 5 years
0
0
Total
19,983
22,186
\n
The liabilities arising from financing activities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
Non- cash changes
Cash flows
Closing
Opening
Currency
New Leases &
Financial Gain
Financial lease
Amounts in USD 1 000
Modifications
liabilities
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,194
0
2,897
0
-2,603
2,489
Non-current interst bearing loans
19,584
76
0
-1
0
19,658
Non-current lease liablities
139
0
0
0
-100
39
Total 2024
21,917
76
2,897
-1
-2,703
22,186
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2025
Non- cash changes
Cash flows
Closing
New Leases
Financial
Opening
Currency
&
Financial
lease
Modifications
Gain
liabilities
Amounts in USD 1 000
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,489
0
143
0
-2,476
167
Non-current interst bearing loans
19,658
158
0
0
0
19,816
Non-current lease liablities
39
0
0
0
-28
0
Total 2025
22,186
158
143
0
-2,504
19,983
\n
Fair values
\n
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00203": { "value": "i) Capital management
For the purpose of the Group's capital management, capital includes equity attributable to the equity holder of the
parent.
The primary objective of the Group\u2019s capital management is to ensure healthy capital ratios to support its business
and maximise shareholder value.
In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that
it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure
requirements.
The Group manages its capital structure and adjusts it considering changes in economic conditions. To maintain or
adjust the capital structure, the Group may refinance its debt, issue new shares or sell assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00204": { "value": "Note 4 \u2013 Significant accounting estimates, judgements and assumptions
The preparation of the Group\u2019s financial statements requires management to make estimates, judgements and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount
of the assets or liabilities affected in the future periods. Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
4.1 Estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates could deviate
from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment of non-financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a
discounted cash flow (DCF) model. The cash flows are derived from the financial budget approved by the management
and do not include restructuring activities that the Group is not yet committed to or significant future investments
that will enhance the asset\u2019s performance of the cash generating unit being (CGU) tested. The recoverable amount is
sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. These estimates are most relevant to the multi-client library and DeepBlue
recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity
analysis, are disclosed and further explained in Note 16.
DeepBlue
At least annually, management forecasts future cash flows from the Joint Industry Project (\u201cthe DeepBlue\u201d). The
DeepBlue is the Next Generation EM equipment. The project has been on-going since 2012. EMGS performed its first
commercial survey with the DeepBlue equipment in 2017. The net carrying value of the DeepBlue as of 31 December
2024 was USD 2 588 thousand. As of 31 December 2025, the full carrying value of the DeepBlue was impaired.
Impairment of financial assets
In September 2021, Mexican bank regulators revoked Accendo Banco S.A.\u2019s banking license and initiated a liquidation
process of the bank. EMGS had deposits with Accendo of approximately USD 2.1 million. EMGS was entitled to receive
approximately USD 135 thousand from the Mexican Bank Savings Protection Fund. An impairment of the deposits in
the Accendo account, less the USD 135 thousand received, was made at the end of the third quarter 2021 in the
amount of USD 1.9 million. A reliable recovery estimate is not possible at this time, so no adjustment to the impairment
has been made subsequent to the end of 2025.
Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount
and timing of future taxable income. The Group is subject to income taxes in several jurisdictions. Given the wide
range of international business relationships, differences arising between the actual results and the assumptions
made, or future changes in such assumptions, could necessitate future adjustments to tax income and expense already
recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audit by the
tax authorities of the respective countries in which it operates. The amount of such provisions is based on several
factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable
entity and the responsible tax authority. Such differences in interpretation may arise for a wide variety of issues
depending on the conditions prevailing in the respective domicile of the Group companies.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
Unrecognised tax assets as of 31 December 2025 are USD 89 936 thousand (2024: USD 87 358 thousand).
\n
Useful lives of the Group\u2019s property, plant and equipment, and intangible assets (technical innovations, climate-related
\n
matters, Ukraine, Iran and macroeconomic situation)
\n
The Group\u2019s management determines the estimated useful lives and related depreciation and amortisation charges
\n
for its property, plant, and equipment and intangible assets. When remaining useful lives of assets are determined to
\n
be too high, management will make appropriate estimate revisions and adjust depreciation charges prospectively.
\n
Items determined to be technically obsolete, or which have been abandoned will be written off completely.
\n
Management considers technical innovations and increased competition as the most material factor with respect to
\n
assessing the remaining useful life of the Company\u2019s assets.
\n
Additionally, a number of other potential factors are, although it is management\u2019s current assessment that they are
\n
unlikely to have a material impact on the value of our assets, considered. This includes:
\n
\u2022
Geopolitical conflicts
\n
The war in Ukraine and conflict in Iran and the associated global energy situation, has led to increased oil and,
\n
in particular, gas prices, and has increased national governments\u2019 focus on energy security. Although there
\n
are still a number of uncertainties, it is likely that this will result in increased exploration spending and budgets
\n
going forward.
\n
Management continuously assesses the impact of the war in Ukraine, Iran, and the Houthi attacks in the Red
\n
Sea and the potential impacts on the Company\u2019s operations, including with respect to supply chain issues.
\n
\u2022
Climate-related risks
\n
Irrespective of the actual pace of the green transition, it is management\u2019s opinion that the Company is well
\n
positioned. In addition to its core E&P offering, where in particular gas exploration is likely to increase as a
\n
result of gas replacing coal power
\n
\u2022
Other macro considerations
\n
The Company is also subject to a number of macroeconomic factors, which are difficult to predict and where
\n
various experts may disagree as to the likely future developments. Among these factors are, most notably,
\n
future interest rate levels, whether the current high-inflation environment will normalise and any future
\n
economic recessions. Management takes all of these factors into consideration when determining the need
\n
for additional impairments.
\n
4.2 Judgement
\n
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which
\n
have the most significant effect on the amounts recognised in the consolidated financial statements:
\n
Revenue recognition \u2013 contract sales
\n
IFRS 15 requires entities to exercise judgement taking into consideration all the relevant facts and circumstances when
\n
applying each step of the model to contracts with their customers. The Group uses the percentage of completion
\n
method in accounting for its proprietary contracts, as the revenue should be recognised over time by measuring the
\n
progress towards complete satisfaction of the performance obligation. Progress is measured in a manner generally
\n
consistent with the physical progress on the project. Use of the percentage of completion method requires the Group
\n
to estimate the services performed to date as a proportion of the total services to be performed. The proportion of
\n
services performed to total services to be performed can differ from management\u2019s estimates, influencing the amount
\n
of revenue recognised in the period. Generally, the percentage of completion is agreed upon with the customer on a
\n
monthly basis and is based upon acquisition of data, measuring receiver deployment; receiver recovery; and tow lines
\n
completed.
\n
Development costs
\n
Development costs are capitalised in accordance with accounting policy in Note 2.8 c). Initial capitalisation of costs is
based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product
development project has reached a defined milestone according to established project management model. As of 31
December 2025, the carrying amount of capitalised development costs is USD 0 (2024: USD 386 thousand).
4.3 Liquidity and Going Concern Assumption
The Group has prepared its financial statements under the going concern assumption, and the Board confirms in
accordance with Section 4-5 of the Norwegian Accounting Act that the going concern assumption is applicable for the
financial year ended 31 December 2025. However, reference is made to the going concern discussion in the Board of
Directors' Report and to Note 34 (Events after the balance sheet date) for a description of the Transaction whereby
the Company's EM Business has been sold to P-2 Riggs Capital, Inc. (completed 28 April 2026). Following completion
of the Transaction, the Company holds no material assets other than a limited cash position. The Company's
outstanding convertible bond (EMGS03), with a carrying value of USD 19.8 million as of 31 December 2025, is retained
by EMGS and materially exceeds the value of the Company's remaining assets post-Transaction. The Company's ability
to continue as a going concern following the Transaction is subject to material uncertainty, being entirely dependent
on (i) identifying new business or project opportunities, (ii) obtaining new external financing, and/or (iii) a conversion
or restructuring of EMGS03. No assurances can be given that any of the foregoing will be achievable. As of the date of
this annual report, there is no residual value attributable to shareholders other than any option value, which is highly
uncertain. See also \u201cLiquidity risk\u201d above for more information about the going concern assumption.
The cash and cash equivalent position as of 31 December 2025 was USD 3.1 million. The bond loan has a maturity date
of 9 November 2030.
As of 31 December 2025, the carrying value of the Group\u2019s equity was negative USD 10.8 million, down from USD 3.4
million at the end of 2024.
The Company\u2019s equity amounted to negative NOK 121.0 million as of 31 December 2025, down from NOK 13.9 million
at the end of 2024.Note 17 \u2013 Property, plant and equipment and assets under construction \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Machinery and
Hardware and
\u00a0 \u00a0
Assets under
Amounts in USD 1 000
equipment
furniture
Cluster
Total
construction
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
6,502
40
42
6,585
0
Additions
159
10
0
169
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-3,074
-43
-1
-3,118
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
3,587
6
42
3,635
0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
154,520
22,077
12,513
189,110
3,127
Accumulated amortisation and impairment
-150,934
-22,072
-12,471
-185,476
-3,127
Net carrying value
3,587
6
42
3,635
0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
3,587
6
42
3,635
0
Additions
1,113
8
0
1,121
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-1,741
4
-42
-1,779
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
-2,884
0
0
-2,883
0
Closing carrying value
76
18
0
94
0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
155,633
22,085
12,513
190,231
3,127
Accumulated amortisation and impairment
-155,558
-22,068
-12,513
-190,138
-3,127
Net carrying value
76
18
0
94
0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset
Estimated useful life
Machinery and equipment
3 \u2013 8 years
Hardware and furniture
3 - 5 years
Cluster
5 years
\n
Assets under construction
Assets under construction are internal capital expenditure projects that are not completed. These projects are mainly
development and production of acquisition the EM equipment, including receivers, the source and the navigation
system.
The DeepBlue
EMGS commenced a Joint Industry Project (\u201cthe DeepBlue\u201d) in 2012, supported by Shell and Equinor, for developing
the Next Generation EM equipment. The benefit of using the DeepBlue equipment is deeper penetration and
significantly improved imaging at increased burial depths. The improved imaging leads to improved confidence and
enhanced interpretation possibilities. The prototype equipment was completed in 2017 with its first commercial
survey summer 2017. The carrying value of the DeepBlue equipment as of 31 December 2025, after impairment, was
USD 0 (2024: USD 2 588 thousand).
Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.Note 27 \u2013 Leases
The Group has lease contracts for offices. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to
\n
the leased assets. Some of the lease contracts include extension options. See Note 4 for information on extension
\n
options.
\n
Set out below are the carrying amounts of right-of-use assets and lease liabilities recognised and the movements
\n
during the period: The modification to the vessel lease in 2024 is related to the extension of the lease for the Atlantic
\n
Guardian by one year. The modification to the office leases is related to the extension of the Trondheim office lease.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Interest expense
on lease
Right-of-use assets
Lease liabilities
liabilitiles
Office
Vessel leases
leases
IT equipment
Total
Total
As at 1 January 2024
1,170
315
44
1,530
2,333
Additions
0
0
0
0
0
Depreciation expense
-1,822
-184
-44
-2,051
0
Modification
2,823
74
0
2,897
2,897
Payments
0
0
0
0
-2,703
-249
As at 31 December 2024
2,172
205
0
2,376
2,527
-249
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest expense
\u00a0
Right-of-use assets
Lease liabilities
on lease liabilitiles
IT
\u00a0
\u00a0
Amounts in USD 1 000
\u00a0
Vessel leases
\u00a0
Office leases
equipment
\u00a0
Total
\u00a0
Total
\u00a0
As at 1 January 2025
2,172
205
0
2,376
2,527
\u00a0
Additions
0
0
0
0
0
\u00a0
Depreciation expense
-2,172
-191
0
-2,363
0
\u00a0
Modification
0
143
0
143
143
\u00a0
Payments
0
0
0
0
-2,504
-145
As at 31 December 2025
0
156
0
156
167
-145
\n
The maturity analysis of the lease liabilities is disclosed below:
Lease agreements \u2013 minimum lease payments:
\u00a0 \u00a0
No later than 1 year
176
2,628
After 1 year and no more than 5 years
0
40
After more than 5 years
0
0
Total minimum lease payments
176
2,668
Future finance charges on leases
-9
-140
Present value of lease agreements
167
2,528
\n
The following amounts are recognised in profit or loss:
Amounts in USD 1 000
2025
2024
Depreciation expense of right-of-use assets
2,363
2,051
Depreciation capitalised as multi-client expenses
-8
-521
Interest expense on lease liabilities
145
249
Total amounts recognised in profit or loss
2,501
1,778
\n
The Group had total cash outflows for leases of USD 2 649 thousand in 2025 (2024: USD 2 951 thousand). The future
cash outflows relating to leases that have not yet commenced are disclosed in Note 29.
Depreciation of right-of use assets as presented in the Consolidated Income Statement USD 2 355 thousand (2024:
USD 1 529 thousand) is net of depreciation capitalised as multi-client expense as opposed to the Consolidated
Statement of Cash Flows. Gross depreciation of USD 2 363 thousand (2024: USD 2 051 thousand) is included in
operating activities and USD 8 thousand (2024: USD 521) is included in investing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00320": { "value": "Note 4 \u2013 Significant accounting estimates, judgements and assumptions
The preparation of the Group\u2019s financial statements requires management to make estimates, judgements and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount
of the assets or liabilities affected in the future periods. Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
4.1 Estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates could deviate
from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment of non-financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a
discounted cash flow (DCF) model. The cash flows are derived from the financial budget approved by the management
and do not include restructuring activities that the Group is not yet committed to or significant future investments
that will enhance the asset\u2019s performance of the cash generating unit being (CGU) tested. The recoverable amount is
sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. These estimates are most relevant to the multi-client library and DeepBlue
recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity
analysis, are disclosed and further explained in Note 16.
DeepBlue
At least annually, management forecasts future cash flows from the Joint Industry Project (\u201cthe DeepBlue\u201d). The
DeepBlue is the Next Generation EM equipment. The project has been on-going since 2012. EMGS performed its first
commercial survey with the DeepBlue equipment in 2017. The net carrying value of the DeepBlue as of 31 December
2024 was USD 2 588 thousand. As of 31 December 2025, the full carrying value of the DeepBlue was impaired.
Impairment of financial assets
In September 2021, Mexican bank regulators revoked Accendo Banco S.A.\u2019s banking license and initiated a liquidation
process of the bank. EMGS had deposits with Accendo of approximately USD 2.1 million. EMGS was entitled to receive
approximately USD 135 thousand from the Mexican Bank Savings Protection Fund. An impairment of the deposits in
the Accendo account, less the USD 135 thousand received, was made at the end of the third quarter 2021 in the
amount of USD 1.9 million. A reliable recovery estimate is not possible at this time, so no adjustment to the impairment
has been made subsequent to the end of 2025.
Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount
and timing of future taxable income. The Group is subject to income taxes in several jurisdictions. Given the wide
range of international business relationships, differences arising between the actual results and the assumptions
made, or future changes in such assumptions, could necessitate future adjustments to tax income and expense already
recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audit by the
tax authorities of the respective countries in which it operates. The amount of such provisions is based on several
factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable
entity and the responsible tax authority. Such differences in interpretation may arise for a wide variety of issues
depending on the conditions prevailing in the respective domicile of the Group companies.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
\n
Unrecognised tax assets as of 31 December 2025 are USD 89 936 thousand (2024: USD 87 358 thousand).
\n
Useful lives of the Group\u2019s property, plant and equipment, and intangible assets (technical innovations, climate-related
\n
matters, Ukraine, Iran and macroeconomic situation)
\n
The Group\u2019s management determines the estimated useful lives and related depreciation and amortisation charges
\n
for its property, plant, and equipment and intangible assets. When remaining useful lives of assets are determined to
\n
be too high, management will make appropriate estimate revisions and adjust depreciation charges prospectively.
\n
Items determined to be technically obsolete, or which have been abandoned will be written off completely.
\n
Management considers technical innovations and increased competition as the most material factor with respect to
\n
assessing the remaining useful life of the Company\u2019s assets.
\n
Additionally, a number of other potential factors are, although it is management\u2019s current assessment that they are
\n
unlikely to have a material impact on the value of our assets, considered. This includes:
\n
\u2022
Geopolitical conflicts
\n
The war in Ukraine and conflict in Iran and the associated global energy situation, has led to increased oil and,
\n
in particular, gas prices, and has increased national governments\u2019 focus on energy security. Although there
\n
are still a number of uncertainties, it is likely that this will result in increased exploration spending and budgets
\n
going forward.
\n
Management continuously assesses the impact of the war in Ukraine, Iran, and the Houthi attacks in the Red
\n
Sea and the potential impacts on the Company\u2019s operations, including with respect to supply chain issues.
\n
\u2022
Climate-related risks
\n
Irrespective of the actual pace of the green transition, it is management\u2019s opinion that the Company is well
\n
positioned. In addition to its core E&P offering, where in particular gas exploration is likely to increase as a
\n
result of gas replacing coal power
\n
\u2022
Other macro considerations
\n
The Company is also subject to a number of macroeconomic factors, which are difficult to predict and where
\n
various experts may disagree as to the likely future developments. Among these factors are, most notably,
\n
future interest rate levels, whether the current high-inflation environment will normalise and any future
\n
economic recessions. Management takes all of these factors into consideration when determining the need
\n
for additional impairments.
\n
4.2 Judgement
\n
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which
\n
have the most significant effect on the amounts recognised in the consolidated financial statements:
\n
Revenue recognition \u2013 contract sales
\n
IFRS 15 requires entities to exercise judgement taking into consideration all the relevant facts and circumstances when
\n
applying each step of the model to contracts with their customers. The Group uses the percentage of completion
\n
method in accounting for its proprietary contracts, as the revenue should be recognised over time by measuring the
\n
progress towards complete satisfaction of the performance obligation. Progress is measured in a manner generally
\n
consistent with the physical progress on the project. Use of the percentage of completion method requires the Group
\n
to estimate the services performed to date as a proportion of the total services to be performed. The proportion of
\n
services performed to total services to be performed can differ from management\u2019s estimates, influencing the amount
\n
of revenue recognised in the period. Generally, the percentage of completion is agreed upon with the customer on a
\n
monthly basis and is based upon acquisition of data, measuring receiver deployment; receiver recovery; and tow lines
\n
completed.
\n
Development costs
\n
Development costs are capitalised in accordance with accounting policy in Note 2.8 c). Initial capitalisation of costs is
based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product
development project has reached a defined milestone according to established project management model. As of 31
December 2025, the carrying amount of capitalised development costs is USD 0 (2024: USD 386 thousand).
4.3 Liquidity and Going Concern Assumption
The Group has prepared its financial statements under the going concern assumption, and the Board confirms in
accordance with Section 4-5 of the Norwegian Accounting Act that the going concern assumption is applicable for the
financial year ended 31 December 2025. However, reference is made to the going concern discussion in the Board of
Directors' Report and to Note 34 (Events after the balance sheet date) for a description of the Transaction whereby
the Company's EM Business has been sold to P-2 Riggs Capital, Inc. (completed 28 April 2026). Following completion
of the Transaction, the Company holds no material assets other than a limited cash position. The Company's
outstanding convertible bond (EMGS03), with a carrying value of USD 19.8 million as of 31 December 2025, is retained
by EMGS and materially exceeds the value of the Company's remaining assets post-Transaction. The Company's ability
to continue as a going concern following the Transaction is subject to material uncertainty, being entirely dependent
on (i) identifying new business or project opportunities, (ii) obtaining new external financing, and/or (iii) a conversion
or restructuring of EMGS03. No assurances can be given that any of the foregoing will be achievable. As of the date of
this annual report, there is no residual value attributable to shareholders other than any option value, which is highly
uncertain. See also \u201cLiquidity risk\u201d above for more information about the going concern assumption.
The cash and cash equivalent position as of 31 December 2025 was USD 3.1 million. The bond loan has a maturity date
of 9 November 2030.
As of 31 December 2025, the carrying value of the Group\u2019s equity was negative USD 10.8 million, down from USD 3.4
million at the end of 2024.
The Company\u2019s equity amounted to negative NOK 121.0 million as of 31 December 2025, down from NOK 13.9 million
at the end of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00206": { "value": "Note 4 \u2013 Significant accounting estimates, judgements and assumptions
The preparation of the Group\u2019s financial statements requires management to make estimates, judgements and
assumptions that affect the reported amounts of revenues, expenses, assets and liabilities. Uncertainty about these
assumptions and estimates could result in outcomes that could require a material adjustment to the carrying amount
of the assets or liabilities affected in the future periods. Estimates and judgements are continually evaluated and are
based on historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances.
4.1 Estimates and assumptions
The Group makes estimates and assumptions concerning the future. The resulting accounting estimates could deviate
from the actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment of non-financial assets
An impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount,
which is the higher of its fair value less costs of disposal and its value in use. The value in use calculation is based on a
discounted cash flow (DCF) model. The cash flows are derived from the financial budget approved by the management
and do not include restructuring activities that the Group is not yet committed to or significant future investments
that will enhance the asset\u2019s performance of the cash generating unit being (CGU) tested. The recoverable amount is
sensitive to the discount rate used for the DCF model as well as the expected future cash-inflows and the growth rate
used for extrapolation purposes. These estimates are most relevant to the multi-client library and DeepBlue
recognised by the Group. The key assumptions used to determine the recoverable amount, including a sensitivity
analysis, are disclosed and further explained in Note 16.
DeepBlue
At least annually, management forecasts future cash flows from the Joint Industry Project (\u201cthe DeepBlue\u201d). The
DeepBlue is the Next Generation EM equipment. The project has been on-going since 2012. EMGS performed its first
commercial survey with the DeepBlue equipment in 2017. The net carrying value of the DeepBlue as of 31 December
2024 was USD 2 588 thousand. As of 31 December 2025, the full carrying value of the DeepBlue was impaired.
Impairment of financial assets
In September 2021, Mexican bank regulators revoked Accendo Banco S.A.\u2019s banking license and initiated a liquidation
process of the bank. EMGS had deposits with Accendo of approximately USD 2.1 million. EMGS was entitled to receive
approximately USD 135 thousand from the Mexican Bank Savings Protection Fund. An impairment of the deposits in
the Accendo account, less the USD 135 thousand received, was made at the end of the third quarter 2021 in the
amount of USD 1.9 million. A reliable recovery estimate is not possible at this time, so no adjustment to the impairment
has been made subsequent to the end of 2025.
Taxes
Uncertainties exist with respect to the interpretation of complex tax regulations, changes in tax laws, and the amount
and timing of future taxable income. The Group is subject to income taxes in several jurisdictions. Given the wide
range of international business relationships, differences arising between the actual results and the assumptions
made, or future changes in such assumptions, could necessitate future adjustments to tax income and expense already
recorded. The Group establishes provisions, based on reasonable estimates, for possible consequences of audit by the
tax authorities of the respective countries in which it operates. The amount of such provisions is based on several
factors, such as the experience of previous tax audits and differing interpretations of tax regulations by the taxable
entity and the responsible tax authority. Such differences in interpretation may arise for a wide variety of issues
depending on the conditions prevailing in the respective domicile of the Group companies.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the
amount of deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable
profits together with future tax planning strategies.
\n
Unrecognised tax assets as of 31 December 2025 are USD 89 936 thousand (2024: USD 87 358 thousand).
\n
Useful lives of the Group\u2019s property, plant and equipment, and intangible assets (technical innovations, climate-related
\n
matters, Ukraine, Iran and macroeconomic situation)
\n
The Group\u2019s management determines the estimated useful lives and related depreciation and amortisation charges
\n
for its property, plant, and equipment and intangible assets. When remaining useful lives of assets are determined to
\n
be too high, management will make appropriate estimate revisions and adjust depreciation charges prospectively.
\n
Items determined to be technically obsolete, or which have been abandoned will be written off completely.
\n
Management considers technical innovations and increased competition as the most material factor with respect to
\n
assessing the remaining useful life of the Company\u2019s assets.
\n
Additionally, a number of other potential factors are, although it is management\u2019s current assessment that they are
\n
unlikely to have a material impact on the value of our assets, considered. This includes:
\n
\u2022
Geopolitical conflicts
\n
The war in Ukraine and conflict in Iran and the associated global energy situation, has led to increased oil and,
\n
in particular, gas prices, and has increased national governments\u2019 focus on energy security. Although there
\n
are still a number of uncertainties, it is likely that this will result in increased exploration spending and budgets
\n
going forward.
\n
Management continuously assesses the impact of the war in Ukraine, Iran, and the Houthi attacks in the Red
\n
Sea and the potential impacts on the Company\u2019s operations, including with respect to supply chain issues.
\n
\u2022
Climate-related risks
\n
Irrespective of the actual pace of the green transition, it is management\u2019s opinion that the Company is well
\n
positioned. In addition to its core E&P offering, where in particular gas exploration is likely to increase as a
\n
result of gas replacing coal power
\n
\u2022
Other macro considerations
\n
The Company is also subject to a number of macroeconomic factors, which are difficult to predict and where
\n
various experts may disagree as to the likely future developments. Among these factors are, most notably,
\n
future interest rate levels, whether the current high-inflation environment will normalise and any future
\n
economic recessions. Management takes all of these factors into consideration when determining the need
\n
for additional impairments.
\n
4.2 Judgement
\n
In the process of applying the Group\u2019s accounting policies, management has made the following judgements, which
\n
have the most significant effect on the amounts recognised in the consolidated financial statements:
\n
Revenue recognition \u2013 contract sales
\n
IFRS 15 requires entities to exercise judgement taking into consideration all the relevant facts and circumstances when
\n
applying each step of the model to contracts with their customers. The Group uses the percentage of completion
\n
method in accounting for its proprietary contracts, as the revenue should be recognised over time by measuring the
\n
progress towards complete satisfaction of the performance obligation. Progress is measured in a manner generally
\n
consistent with the physical progress on the project. Use of the percentage of completion method requires the Group
\n
to estimate the services performed to date as a proportion of the total services to be performed. The proportion of
\n
services performed to total services to be performed can differ from management\u2019s estimates, influencing the amount
\n
of revenue recognised in the period. Generally, the percentage of completion is agreed upon with the customer on a
\n
monthly basis and is based upon acquisition of data, measuring receiver deployment; receiver recovery; and tow lines
\n
completed.
\n
Development costs
\n
Development costs are capitalised in accordance with accounting policy in Note 2.8 c). Initial capitalisation of costs is
based on management\u2019s judgement that technological and economic feasibility is confirmed, usually when a product
development project has reached a defined milestone according to established project management model. As of 31
December 2025, the carrying amount of capitalised development costs is USD 0 (2024: USD 386 thousand).
4.3 Liquidity and Going Concern Assumption
The Group has prepared its financial statements under the going concern assumption, and the Board confirms in
accordance with Section 4-5 of the Norwegian Accounting Act that the going concern assumption is applicable for the
financial year ended 31 December 2025. However, reference is made to the going concern discussion in the Board of
Directors' Report and to Note 34 (Events after the balance sheet date) for a description of the Transaction whereby
the Company's EM Business has been sold to P-2 Riggs Capital, Inc. (completed 28 April 2026). Following completion
of the Transaction, the Company holds no material assets other than a limited cash position. The Company's
outstanding convertible bond (EMGS03), with a carrying value of USD 19.8 million as of 31 December 2025, is retained
by EMGS and materially exceeds the value of the Company's remaining assets post-Transaction. The Company's ability
to continue as a going concern following the Transaction is subject to material uncertainty, being entirely dependent
on (i) identifying new business or project opportunities, (ii) obtaining new external financing, and/or (iii) a conversion
or restructuring of EMGS03. No assurances can be given that any of the foregoing will be achievable. As of the date of
this annual report, there is no residual value attributable to shareholders other than any option value, which is highly
uncertain. See also \u201cLiquidity risk\u201d above for more information about the going concern assumption.
The cash and cash equivalent position as of 31 December 2025 was USD 3.1 million. The bond loan has a maturity date
of 9 November 2030.
As of 31 December 2025, the carrying value of the Group\u2019s equity was negative USD 10.8 million, down from USD 3.4
million at the end of 2024.
The Company\u2019s equity amounted to negative NOK 121.0 million as of 31 December 2025, down from NOK 13.9 million
at the end of 2024.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00205": { "value": "4.3 Liquidity and Going Concern Assumption
The Group has prepared its financial statements under the going concern assumption, and the Board confirms in
accordance with Section 4-5 of the Norwegian Accounting Act that the going concern assumption is applicable for the
financial year ended 31 December 2025. However, reference is made to the going concern discussion in the Board of
Directors' Report and to Note 34 (Events after the balance sheet date) for a description of the Transaction whereby
the Company's EM Business has been sold to P-2 Riggs Capital, Inc. (completed 28 April 2026). Following completion
of the Transaction, the Company holds no material assets other than a limited cash position. The Company's
outstanding convertible bond (EMGS03), with a carrying value of USD 19.8 million as of 31 December 2025, is retained
by EMGS and materially exceeds the value of the Company's remaining assets post-Transaction. The Company's ability
to continue as a going concern following the Transaction is subject to material uncertainty, being entirely dependent
on (i) identifying new business or project opportunities, (ii) obtaining new external financing, and/or (iii) a conversion
or restructuring of EMGS03. No assurances can be given that any of the foregoing will be achievable. As of the date of
this annual report, there is no residual value attributable to shareholders other than any option value, which is highly
uncertain. See also \u201cLiquidity risk\u201d above for more information about the going concern assumption.
The cash and cash equivalent position as of 31 December 2025 was USD 3.1 million. The bond loan has a maturity date
of 9 November 2030.
As of 31 December 2025, the carrying value of the Group\u2019s equity was negative USD 10.8 million, down from USD 3.4
million at the end of 2024.
The Company\u2019s equity amounted to negative NOK 121.0 million as of 31 December 2025, down from NOK 13.9 million
at the end of 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00207": { "value": "Note 5 \u2013 Shared revenue
In prior years, the Group has entered several cooperation agreements regarding EM multi-client surveys in the Barents
Sea, Gulf of Mexico and Brazil. The cooperation agreements are joint operations.
EMGS has received funding and/or seismic data against a revenue share on prefunding, late sales and uplift revenues.
EMGS has provided the vessel, performed the data acquisition and finally provided the data processing services. The
acquired data remains the property of EMGS.
When EMGS licenses data to customers in areas subject to revenue sharing, the Group invoices and collects payments
from the customers for the entire sales amount. The related accounts receivable is presented gross, while the portion
due to the partner upon collection from the customer is presented as a short-term liability.
EMGS did not recognize any revenue in 2025 or from 2024 from the sale of multi-client library with cooperation
agreements. EMGS only recognises revenue net of revenue share on late sales in which a cooperation agreement is
applicable.", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00209": { "value": "Note 6 \u2013 Segment
For management purposes, the Group is organised into one reportable segment. The Group offers EM services, and
the sale contracts and costs are incurred worldwide. The current Chief Operating Decision Maker, as defined in IFRS
8, is the CEO of EMGS ASA.
The Group uses a patented electromagnetic survey method to find hydrocarbons in offshore reservoirs. The Group\u2019s
services help oil and gas companies to improve their exploration success rates.
Management monitors the operating result of the single reportable segment for the purpose of making decisions
about resource allocation and performance assessment.
\n
No operating segments have been aggregated to form the above reportable operating segment. The customers are
\n
international oil companies, and the risk and profitability are similar in the different geographical areas.
\n
The Group's property, plant and equipment is mainly the survey equipment stored at Fosen, Norway. As the surveys
\n
are executed worldwide, the Group is not able to allocate any assets to different geographical areas.
\n
Geographic information
\n
Revenues from external customers:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Europe, Middle East and Africa*
109
30
Norway
4,044
15,057
North and South America
100
9,344
Asia and the Pacific Ocean
19,332
296
Total
23,585
24,727
\n
The revenue information above is based on the location of the survey.
\n
In 2025, EMGS recorded USD 19,660 thousand in contract sales (for 2024: USD 1,467 thousand), USD 3,515 thousand
\n
in multi-client prefunding revenue (for 2024: USD 21,388 thousand), and USD 350 thousand in late sales revenue (for
\n
2024: USD 1,758 thousand)
\n
As of 31 December 2025, EMGS did not have any Contract Assets (2024: USD 0) or Contract Liabilities (2024: USD 0).
\n
Two external customers amounted to 10% or more of the Group's total revenues in 2025 (three external customer in
\n
2024). Total revenues from these customers were in 2025 USD 9 843 thousand and USD 9 457 thousand (for 2024:
\nUSD 9 344 thousand, USD 5 885 thousand, and USD 5 766 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00208": { "value": "Note 6 \u2013 Segment
For management purposes, the Group is organised into one reportable segment. The Group offers EM services, and
the sale contracts and costs are incurred worldwide. The current Chief Operating Decision Maker, as defined in IFRS
8, is the CEO of EMGS ASA.
The Group uses a patented electromagnetic survey method to find hydrocarbons in offshore reservoirs. The Group\u2019s
services help oil and gas companies to improve their exploration success rates.
Management monitors the operating result of the single reportable segment for the purpose of making decisions
\n
about resource allocation and performance assessment.
\n
No operating segments have been aggregated to form the above reportable operating segment. The customers are
\n
international oil companies, and the risk and profitability are similar in the different geographical areas.
\n
The Group's property, plant and equipment is mainly the survey equipment stored at Fosen, Norway. As the surveys
\n
are executed worldwide, the Group is not able to allocate any assets to different geographical areas.
\n
Geographic information
\n
Revenues from external customers:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Europe, Middle East and Africa*
109
30
Norway
4,044
15,057
North and South America
100
9,344
Asia and the Pacific Ocean
19,332
296
Total
23,585
24,727
\n
The revenue information above is based on the location of the survey.
\n
In 2025, EMGS recorded USD 19,660 thousand in contract sales (for 2024: USD 1,467 thousand), USD 3,515 thousand
\n
in multi-client prefunding revenue (for 2024: USD 21,388 thousand), and USD 350 thousand in late sales revenue (for
\n
2024: USD 1,758 thousand)
\n
As of 31 December 2025, EMGS did not have any Contract Assets (2024: USD 0) or Contract Liabilities (2024: USD 0).
\n
Two external customers amounted to 10% or more of the Group's total revenues in 2025 (three external customer in
\n
2024). Total revenues from these customers were in 2025 USD 9 843 thousand and USD 9 457 thousand (for 2024:
\nUSD 9 344 thousand, USD 5 885 thousand, and USD 5 766 thousand). ", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00210": { "value": "Note 7 \u2013 Charter hire, fuel and crew expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Charter hire and crew expenses
5,866
6,991
Fuel
2,734
3,033
Withholding tax cost
384
1,366
Capitalisation of multi-client costs
-1,045
-4,137
Other external services & Impai
8,172
1,614
Total charter hire, fuel and crew expenses
16,110
8,867
\n
In 2025, EMGS impaired inventory by USD 2.7 million based on a reassessment of the net realisable value.
\n
In 2024, EMGS reversed a USD 2.9 million tax accrual from 2012-2013 related to withholding tax. This
\n
reversal was based on an opinion from legal counsel and is not included in the table above, but was instead
\n
included as a separate line item in the colsolidated income statement.
Note 8 \u2013 Employee expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Employee expenses
\u00a0 \u00a0
Salaries
2,771
2,727
Social security tax
438
485
Pension costs (Note 22)
234
223
Other payments
149
101
Cost of share based payment (Note 15)
0
0
Total employee expenses
3,592
3,536
Compensation of key management personnel of the Group
\u00a0 \u00a0
Salary
1,273
720
Bonus paid in the year
0
0
Share options
0
0
Pension benefits
32
42
Other benefits
4
5
Total management remuneration
1,310
766
\n
The average number of full-time equivalents was 20 in 2025 (2024: 20.1).
The average number of full-time equivalents in management was 3 in 2025 (2024: 3).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Share
Pension
Other
Total
Amounts in USD 1 000
\u00a0
Salaries
Bonus
options
benefit
benefits**
remuneration
Executive Management
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bj\u00f8rn Petter Lindhom, CEO*
2025
371
0
0
1,3
0
371
Knut Anders Eimstad, CFO
2025
197
0
0
15,2
2
199
Dag Helland-Hansen, Global EA / President EMEA
2025
263
0
0
16
2
265,2
Total
\u00a0
831
0
0
32,4
4
835,3
\n
In November of 2024, CEO Bj\u00f8rn Petter Lindhom switched from an employment contract to a consulting agreement.
Note 9 \u2013 Other operating expenses
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Office rental and housing expenses
155
168
Consumables and maintenance
444
301
Consultancy fees *
2,539
1,621
Travel expenses
140
194
Insurance
315
414
Marketing
62
82
Other operating expenses
219
268
Total other operating expenses
3,874
3,047
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
* Fees to auditor included in consultancy fees:
2025
2024
Statutory audit services
205
208
Further assurance services
6
6
Tax advisory services
249
7
Total fees to auditor
460
221
\n
*The fees to auditor are for the Group included subsidiaries, and do not include VAT.
\n
Note 10 \u2013 Research and development costs
\n
In 2025, EMGS capitalised USD 0 (2024: USD 386 thousand) in development costs related to a successful equipment
\n
test of the newly developed Neptune source. Given the demobilisation of the Atlantic Guardian, and the subsequent
\n
inability to generate revenue, the Neptune source was fully impaired in 2025 after an analysis of the value of the
\nequipment. Note 16 \u2013 Intangible assets
\u00a0
Software and
\u00a0
Multi-client
\u00a0 \u00a0
Amounts in USD 1 000
licenses
Patents
library
Neptune
Total
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
13
0
951
0
964
Additions
0
0
4,512
386
4,898
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
-11
0
-1,878
0
-1,889
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
2
0
3,585
386
3,972
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,400
3,667
166,411
386
187,865
Accumulated amortisation and impairment
-17,398
-3,667
-162,826
0
-183,892
Net carrying value
2
0
3,585
386
3,972
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
0
0
3,585
387
3,972
Additions
0
0
1,199
1
1,200
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
0
0
-2,388
0
-2,388
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
-818
-388
-1,206
Closing carrying value
0
0
1,578
0
1,578
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,401
3,667
167,611
0
189,065
Accumulated amortisation and impairment
-17,401
-3,667
-166,032
0
-187,486
Net carrying value
0
0
1,578
0
1,578
Asset
Estimated useful life
Patents
10 \u2013 15 years
Software and licenses
3 years
Multi-client library
4 years
\n
Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).
Note 17 \u2013 Property, plant and equipment and assets under construction
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Machinery and
Hardware and
\u00a0 \u00a0
Assets under
Amounts in USD 1 000
equipment
furniture
Cluster
Total
construction
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
6,502
40
42
6,585
0
Additions
159
10
0
169
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-3,074
-43
-1
-3,118
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
3,587
6
42
3,635
0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
154,520
22,077
12,513
189,110
3,127
Accumulated amortisation and impairment
-150,934
-22,072
-12,471
-185,476
-3,127
Net carrying value
3,587
6
42
3,635
0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
3,587
6
42
3,635
0
Additions
1,113
8
0
1,121
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-1,741
4
-42
-1,779
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
-2,884
0
0
-2,883
0
Closing carrying value
76
18
0
94
0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
155,633
22,085
12,513
190,231
3,127
Accumulated amortisation and impairment
-155,558
-22,068
-12,513
-190,138
-3,127
Net carrying value
76
18
0
94
0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset
Estimated useful life
Machinery and equipment
3 \u2013 8 years
Hardware and furniture
3 - 5 years
Cluster
5 years
\n
Assets under construction
Assets under construction are internal capital expenditure projects that are not completed. These projects are mainly
development and production of acquisition the EM equipment, including receivers, the source and the navigation
system.
The DeepBlue
EMGS commenced a Joint Industry Project (\u201cthe DeepBlue\u201d) in 2012, supported by Shell and Equinor, for developing
the Next Generation EM equipment. The benefit of using the DeepBlue equipment is deeper penetration and
significantly improved imaging at increased burial depths. The improved imaging leads to improved confidence and
enhanced interpretation possibilities. The prototype equipment was completed in 2017 with its first commercial
survey summer 2017. The carrying value of the DeepBlue equipment as of 31 December 2025, after impairment, was
USD 0 (2024: USD 2 588 thousand).
Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00212": { "value": "Note 8 \u2013 Employee expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Employee expenses
\u00a0 \u00a0
Salaries
2,771
2,727
Social security tax
438
485
Pension costs (Note 22)
234
223
Other payments
149
101
Cost of share based payment (Note 15)
0
0
Total employee expenses
3,592
3,536
Compensation of key management personnel of the Group
\u00a0 \u00a0
Salary
1,273
720
Bonus paid in the year
0
0
Share options
0
0
Pension benefits
32
42
Other benefits
4
5
Total management remuneration
1,310
766
\n
The average number of full-time equivalents was 20 in 2025 (2024: 20.1).
The average number of full-time equivalents in management was 3 in 2025 (2024: 3).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Share
Pension
Other
Total
Amounts in USD 1 000
\u00a0
Salaries
Bonus
options
benefit
benefits**
remuneration
Executive Management
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bj\u00f8rn Petter Lindhom, CEO*
2025
371
0
0
1,3
0
371
Knut Anders Eimstad, CFO
2025
197
0
0
15,2
2
199
Dag Helland-Hansen, Global EA / President EMEA
2025
263
0
0
16
2
265,2
Total
\u00a0
831
0
0
32,4
4
835,3
\nIn November of 2024, CEO Bj\u00f8rn Petter Lindhom switched from an employment contract to a consulting agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00211": { "value": "The average number of full-time equivalents was 20 in 2025 (2024: 20.1).
The average number of full-time equivalents in management was 3 in 2025 (2024: 3).
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0 \u00a0 \u00a0 \u00a0
Share
Pension
Other
Total
Amounts in USD 1 000
\u00a0
Salaries
Bonus
options
benefit
benefits**
remuneration
Executive Management
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Bj\u00f8rn Petter Lindhom, CEO*
2025
371
0
0
1,3
0
371
Knut Anders Eimstad, CFO
2025
197
0
0
15,2
2
199
Dag Helland-Hansen, Global EA / President EMEA
2025
263
0
0
16
2
265,2
Total
\u00a0
831
0
0
32,4
4
835,3
In November of 2024, CEO Bj\u00f8rn Petter Lindhom switched from an employment contract to a consulting agreement.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00214": { "value": "Note 9 \u2013 Other operating expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Office rental and housing expenses
155
168
Consumables and maintenance
444
301
Consultancy fees *
2,539
1,621
Travel expenses
140
194
Insurance
315
414
Marketing
62
82
Other operating expenses
219
268
Total other operating expenses
3,874
3,047
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
* Fees to auditor included in consultancy fees:
2025
2024
Statutory audit services
205
208
Further assurance services
6
6
Tax advisory services
249
7
Total fees to auditor
460
221
\n*The fees to auditor are for the Group included subsidiaries, and do not include VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00213": { "value": "Note 9 \u2013 Other operating expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Office rental and housing expenses
155
168
Consumables and maintenance
444
301
Consultancy fees *
2,539
1,621
Travel expenses
140
194
Insurance
315
414
Marketing
62
82
Other operating expenses
219
268
Total other operating expenses
3,874
3,047
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
* Fees to auditor included in consultancy fees:
2025
2024
Statutory audit services
205
208
Further assurance services
6
6
Tax advisory services
249
7
Total fees to auditor
460
221
\n*The fees to auditor are for the Group included subsidiaries, and do not include VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00215": { "value": "Note 9 \u2013 Other operating expenses \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Office rental and housing expenses
155
168
Consumables and maintenance
444
301
Consultancy fees *
2,539
1,621
Travel expenses
140
194
Insurance
315
414
Marketing
62
82
Other operating expenses
219
268
Total other operating expenses
3,874
3,047
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
* Fees to auditor included in consultancy fees:
2025
2024
Statutory audit services
205
208
Further assurance services
6
6
Tax advisory services
249
7
Total fees to auditor
460
221
\n*The fees to auditor are for the Group included subsidiaries, and do not include VAT.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00216": { "value": "Note 10 \u2013 Research and development costs
In 2025, EMGS capitalised USD 0 (2024: USD 386 thousand) in development costs related to a successful equipment
\n
test of the newly developed Neptune source. Given the demobilisation of the Atlantic Guardian, and the subsequent
\n
inability to generate revenue, the Neptune source was fully impaired in 2025 after an analysis of the value of the
equipment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00222": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00217": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00218": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00219": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00220": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00221": { "value": "Note 11 \u2013 Financial items \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Financial income:
\u00a0 \u00a0
Interest income
317
926
Gains on financial assets and liabilities
-
-
Total financial income
317
926
Financial expenses:
\u00a0 \u00a0
Interest expenses lease liabilities
145
249
Interest expense on bonds
2,352
2,489
Interest expense partner contribution DeepBlue source
-
-
Foreign exchange losses related to loans and receivables
21
17
Foreign exchange losses related to liabilities at amortised cost
\u00a0
-
Financial costs repayment of bond
\u00a0
-
Impairment financial assest
-
-
Other interest expenses
175
471
Total financial expenses
2,693
3,226
Net financial items
(2,376)
(2,300)
\nThe exchange rate effects in 2025 and 2024 are mainly related to trade payables in NOK in EMGS ASA.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00224": { "value": "Note 12 \u2013 Income tax expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Change in deferred tax asset
0
0
Current tax
1,271
503
Total income tax expense
1,271
503
\n
The expense/(benefit) for income taxes from continuing operations differs from the amount computed when applying
the Norwegian statutory tax rate to income/(loss) before taxes as the result of the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Income/(Loss) before tax
-12,984
3,323
Tax at the domestic rate of 22%
-2,856
731
Non-deductible expenses
279
61
Change in non recognised deferred tax asset
2,577
-792
Effect of change in tax rate
0
0
Effect of change in accounting principles
0
0
Foreign income taxes
1,271
503
Total tax charge
1,271
503
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00223": { "value": "Note 12 \u2013 Income tax expense \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Change in deferred tax asset
0
0
Current tax
1,271
503
Total income tax expense
1,271
503
\n
The expense/(benefit) for income taxes from continuing operations differs from the amount computed when applying
the Norwegian statutory tax rate to income/(loss) before taxes as the result of the following:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Income/(Loss) before tax
-12,984
3,323
Tax at the domestic rate of 22%
-2,856
731
Non-deductible expenses
279
61
Change in non recognised deferred tax asset
2,577
-792
Effect of change in tax rate
0
0
Effect of change in accounting principles
0
0
Foreign income taxes
1,271
503
Total tax charge
1,271
503
\n
Note 13 \u2013 Deferred tax
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Deferred taxes detailed:
\u00a0 \u00a0
Property, plant and equipment
-1,994
201
Inventory
0
0
Accrued foreign income taxes
-183
-401
Loss carried forward
-87,758
-87,158
Total deferred tax (asset)/liability
-89,936
-87,358
Non-recognised deferred tax assets
89,936
87,358
Net deferred tax asset
0
0
\n
Deferred tax assets are recognised only to the extent that the realisation of the related tax benefit through the future
taxable profits is probable.
Unused tax losses are generated in Brazil, Norway, and the US. It can be carried forward indefinitely in Brazil, and
Norway whilst in the US it can be carried forward in 20 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00225": { "value": "Note 13 \u2013 Deferred tax \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Deferred taxes detailed:
\u00a0 \u00a0
Property, plant and equipment
-1,994
201
Inventory
0
0
Accrued foreign income taxes
-183
-401
Loss carried forward
-87,758
-87,158
Total deferred tax (asset)/liability
-89,936
-87,358
Non-recognised deferred tax assets
89,936
87,358
Net deferred tax asset
0
0
\n
Deferred tax assets are recognised only to the extent that the realisation of the related tax benefit through the future
taxable profits is probable.
Unused tax losses are generated in Brazil, Norway, and the US. It can be carried forward indefinitely in Brazil, and
Norway whilst in the US it can be carried forward in 20 years.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00226": { "value": "Note 14 \u2013 Share capital, share premium and other paid in capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of
Ordinary
\u00a0
Other paid-in
\u00a0
\u00a0
shares
share capital
\u00a0
capital
\u00a0
Amounts in USD 1 000 (except number of
\u00a0\u00a0
Share
\u00a0 \u00a0
shares)
\u00a0 \u00a0
premium
\u00a0
Total
At 1 January 2024
130,969,690
15,285
0
56,305
71,589
At 31 December 2024
130,969,690
15,285
0
56,305
71,589
At 1 January 2025
130,969,690
15,285
0
56,305
71,589
At 31 December 2025
130,969,690
15,285
0
56,305
71,589
\n
The Board is granted authorisation to increase the share capital by 30,123,029 shares so the total authorised number
of ordinary shares is 161 092 719 (2024: 161 092 719) with a par value of USD 0.10 (NOK 1) per share. Total number
of shares as of 31 December 2025 is 130 969 690 (2024: 130 969 690). All issued shares are denominated in NOK and
fully paid.
The largest shareholders as of 31 December 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of
\u00a0
\u00a0
ordinary shares
Percentage
MOMENTUM S.A.R.L.
43,327,467
33.08%
PERESTROIKA AS
38,652,795
29.51%
SKOIE, TOR FREDRIK
2,994,500
2.29%
NORDNET LIVSFORSIKRING AS
1,944,284
1.48%
JAGLAND, ERIK SMITH
1,518,885
1.16%
HAWKEYE INVEST AS
1,052,194
0.80%
TRULSEN, LASSE H\u00c5VARD
1,000,000
0.76%
T\u00d8RUM, ARNOLD GUNNAR
900,000
0.69%
Nordnet Bank AB
861,789
0.66%
SKOGMO, OLE J\u00d8RGEN
845,000
0.65%
STAVSETH AS
800,000
0.61%
SULASMIN
578,129
0.44%
EIKANGER INVEST AS
550,000
0.42%
KONGSRUD, RUNE JACOB
507,837
0.39%
GALTUNG, LARS OTTO
503,936
0.38%
HERMANSEN, TORGEIR
500,000
0.38%
SLENESET BYGG AS
480,254
0.37%
\u00d8VERLAND, JARLE
457,039
0.35%
ANDERSEN, GEIR
450,000
0.34%
BERNTSEN, GEIR
416,000
0.32%
Other
32,629,581
24.91%
Total
130,969,690
100%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00227": { "value": "Note 14 \u2013 Share capital, share premium and other paid in capital \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of
Ordinary
\u00a0
Other paid-in
\u00a0
\u00a0
shares
share capital
\u00a0
capital
\u00a0
Amounts in USD 1 000 (except number of
\u00a0\u00a0
Share
\u00a0 \u00a0
shares)
\u00a0 \u00a0
premium
\u00a0
Total
At 1 January 2024
130,969,690
15,285
0
56,305
71,589
At 31 December 2024
130,969,690
15,285
0
56,305
71,589
At 1 January 2025
130,969,690
15,285
0
56,305
71,589
At 31 December 2025
130,969,690
15,285
0
56,305
71,589
\n
The Board is granted authorisation to increase the share capital by 30,123,029 shares so the total authorised number
of ordinary shares is 161 092 719 (2024: 161 092 719) with a par value of USD 0.10 (NOK 1) per share. Total number
of shares as of 31 December 2025 is 130 969 690 (2024: 130 969 690). All issued shares are denominated in NOK and
fully paid.
The largest shareholders as of 31 December 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Number of
\u00a0
\u00a0
ordinary shares
Percentage
MOMENTUM S.A.R.L.
43,327,467
33.08%
PERESTROIKA AS
38,652,795
29.51%
SKOIE, TOR FREDRIK
2,994,500
2.29%
NORDNET LIVSFORSIKRING AS
1,944,284
1.48%
JAGLAND, ERIK SMITH
1,518,885
1.16%
HAWKEYE INVEST AS
1,052,194
0.80%
TRULSEN, LASSE H\u00c5VARD
1,000,000
0.76%
T\u00d8RUM, ARNOLD GUNNAR
900,000
0.69%
Nordnet Bank AB
861,789
0.66%
SKOGMO, OLE J\u00d8RGEN
845,000
0.65%
STAVSETH AS
800,000
0.61%
SULASMIN
578,129
0.44%
EIKANGER INVEST AS
550,000
0.42%
KONGSRUD, RUNE JACOB
507,837
0.39%
GALTUNG, LARS OTTO
503,936
0.38%
HERMANSEN, TORGEIR
500,000
0.38%
SLENESET BYGG AS
480,254
0.37%
\u00d8VERLAND, JARLE
457,039
0.35%
ANDERSEN, GEIR
450,000
0.34%
BERNTSEN, GEIR
416,000
0.32%
Other
32,629,581
24.91%
Total
130,969,690
100%
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00228": { "value": "Note 15 \u2013 Share based payment transactions
The expense recognised for employee services during the year is:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Expense arising from share based payment transactions
0
0
The vesting period is the period during which the conditions to obtain the right to exercise are to be satisfied. The
options granted in previous years vest as follows:
\u2022 25% on the one-year anniversary of the Grant Date
\u2022 25% on the two-year anniversary of the Grant Date
\u2022 25% on the three-year anniversary of the Grant Date
\u2022 25% on the four-year anniversary of the Grant Date
The Grant expires two years following the Vesting Date. A condition to hold options within the Company is continued
employment.
The expected volatility reflects the assumption that the historical volatility is indicative of future trends, which may
not be actual outcome.
The Group has no legal or constructive obligation to repurchase or settle the options in cash.
The cost of the options is calculated based on the Black Scholes option pricing model.
The following table lists the inputs to the model used for the plan for the option granted during the year ended 31
December 2025:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
2025
Expected volatility
86%
Risk free interest rate
1.28%
Expected life of options (years)
3.5
Weighted average share price (USD)
2.14
\n
Expected volatility was determined based on historic volatility on comparable listed companies. Movements in the
number of share options outstanding and their related weighted average exercise prices are as follows:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Granted
0.00
-
0.00
0
Exercised
0.00
-
0.00
0
Released
0.00
-
0.00
0
Forfeited
0.00
-
0.00
0
Expired
0.19
-
37,500
0.21
-37,500
At 31 December
0.22
37,500
0.19
75,000
Exercisable at 31 December
0.22
37,500
0.19
75,000
\n
Share options outstanding at the end of the year have the following expiry date and exercise prices:
\n\n\n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0
In USD per share
Options
2026
0.22
37,500
\u00a0 \u00a0
37,500
\n
The weighted average remaining contractual life for the share options outstanding as of 31 December 2025 is 0.1 years
(2024: 0.6 years).
No options were granted in 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00229": { "value": "Note 16 \u2013 Intangible assets
\u00a0
Software and
\u00a0
Multi-client
\u00a0 \u00a0
Amounts in USD 1 000
licenses
Patents
library
Neptune
Total
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
13
0
951
0
964
Additions
0
0
4,512
386
4,898
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
-11
0
-1,878
0
-1,889
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
2
0
3,585
386
3,972
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,400
3,667
166,411
386
187,865
Accumulated amortisation and impairment
-17,398
-3,667
-162,826
0
-183,892
Net carrying value
2
0
3,585
386
3,972
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
0
0
3,585
387
3,972
Additions
0
0
1,199
1
1,200
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
0
0
-2,388
0
-2,388
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
-818
-388
-1,206
Closing carrying value
0
0
1,578
0
1,578
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,401
3,667
167,611
0
189,065
Accumulated amortisation and impairment
-17,401
-3,667
-166,032
0
-187,486
Net carrying value
0
0
1,578
0
1,578
Asset
Estimated useful life
Patents
10 \u2013 15 years
Software and licenses
3 years
Multi-client library
4 years
\n
Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00230": { "value": "Note 16 \u2013 Intangible assets
\u00a0
Software and
\u00a0
Multi-client
\u00a0 \u00a0
Amounts in USD 1 000
licenses
Patents
library
Neptune
Total
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
13
0
951
0
964
Additions
0
0
4,512
386
4,898
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
-11
0
-1,878
0
-1,889
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
2
0
3,585
386
3,972
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,400
3,667
166,411
386
187,865
Accumulated amortisation and impairment
-17,398
-3,667
-162,826
0
-183,892
Net carrying value
2
0
3,585
386
3,972
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
0
0
3,585
387
3,972
Additions
0
0
1,199
1
1,200
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
0
0
-2,388
0
-2,388
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
-818
-388
-1,206
Closing carrying value
0
0
1,578
0
1,578
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,401
3,667
167,611
0
189,065
Accumulated amortisation and impairment
-17,401
-3,667
-166,032
0
-187,486
Net carrying value
0
0
1,578
0
1,578
Asset
Estimated useful life
Patents
10 \u2013 15 years
Software and licenses
3 years
Multi-client library
4 years
\n
Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).
Note 17 \u2013 Property, plant and equipment and assets under construction
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Machinery and
Hardware and
\u00a0 \u00a0
Assets under
Amounts in USD 1 000
equipment
furniture
Cluster
Total
construction
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
6,502
40
42
6,585
0
Additions
159
10
0
169
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-3,074
-43
-1
-3,118
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
3,587
6
42
3,635
0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
154,520
22,077
12,513
189,110
3,127
Accumulated amortisation and impairment
-150,934
-22,072
-12,471
-185,476
-3,127
Net carrying value
3,587
6
42
3,635
0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
3,587
6
42
3,635
0
Additions
1,113
8
0
1,121
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-1,741
4
-42
-1,779
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
-2,884
0
0
-2,883
0
Closing carrying value
76
18
0
94
0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
155,633
22,085
12,513
190,231
3,127
Accumulated amortisation and impairment
-155,558
-22,068
-12,513
-190,138
-3,127
Net carrying value
76
18
0
94
0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset
Estimated useful life
Machinery and equipment
3 \u2013 8 years
Hardware and furniture
3 - 5 years
Cluster
5 years
\n
Assets under construction
Assets under construction are internal capital expenditure projects that are not completed. These projects are mainly
development and production of acquisition the EM equipment, including receivers, the source and the navigation
system.
The DeepBlue
EMGS commenced a Joint Industry Project (\u201cthe DeepBlue\u201d) in 2012, supported by Shell and Equinor, for developing
the Next Generation EM equipment. The benefit of using the DeepBlue equipment is deeper penetration and
significantly improved imaging at increased burial depths. The improved imaging leads to improved confidence and
enhanced interpretation possibilities. The prototype equipment was completed in 2017 with its first commercial
survey summer 2017. The carrying value of the DeepBlue equipment as of 31 December 2025, after impairment, was
USD 0 (2024: USD 2 588 thousand).
Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.Note 27 \u2013 Leases
The Group has lease contracts for offices. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to
\n
the leased assets. Some of the lease contracts include extension options. See Note 4 for information on extension
\n
options.
\n
Set out below are the carrying amounts of right-of-use assets and lease liabilities recognised and the movements
\n
during the period: The modification to the vessel lease in 2024 is related to the extension of the lease for the Atlantic
\n
Guardian by one year. The modification to the office leases is related to the extension of the Trondheim office lease.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Interest expense
on lease
Right-of-use assets
Lease liabilities
liabilitiles
Office
Vessel leases
leases
IT equipment
Total
Total
As at 1 January 2024
1,170
315
44
1,530
2,333
Additions
0
0
0
0
0
Depreciation expense
-1,822
-184
-44
-2,051
0
Modification
2,823
74
0
2,897
2,897
Payments
0
0
0
0
-2,703
-249
As at 31 December 2024
2,172
205
0
2,376
2,527
-249
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest expense
\u00a0
Right-of-use assets
Lease liabilities
on lease liabilitiles
IT
\u00a0
\u00a0
Amounts in USD 1 000
\u00a0
Vessel leases
\u00a0
Office leases
equipment
\u00a0
Total
\u00a0
Total
\u00a0
As at 1 January 2025
2,172
205
0
2,376
2,527
\u00a0
Additions
0
0
0
0
0
\u00a0
Depreciation expense
-2,172
-191
0
-2,363
0
\u00a0
Modification
0
143
0
143
143
\u00a0
Payments
0
0
0
0
-2,504
-145
As at 31 December 2025
0
156
0
156
167
-145
\n
The maturity analysis of the lease liabilities is disclosed below:
Lease agreements \u2013 minimum lease payments:
\u00a0 \u00a0
No later than 1 year
176
2,628
After 1 year and no more than 5 years
0
40
After more than 5 years
0
0
Total minimum lease payments
176
2,668
Future finance charges on leases
-9
-140
Present value of lease agreements
167
2,528
\n
The following amounts are recognised in profit or loss:
Amounts in USD 1 000
2025
2024
Depreciation expense of right-of-use assets
2,363
2,051
Depreciation capitalised as multi-client expenses
-8
-521
Interest expense on lease liabilities
145
249
Total amounts recognised in profit or loss
2,501
1,778
\n
The Group had total cash outflows for leases of USD 2 649 thousand in 2025 (2024: USD 2 951 thousand). The future
cash outflows relating to leases that have not yet commenced are disclosed in Note 29.
Depreciation of right-of use assets as presented in the Consolidated Income Statement USD 2 355 thousand (2024:
USD 1 529 thousand) is net of depreciation capitalised as multi-client expense as opposed to the Consolidated
Statement of Cash Flows. Gross depreciation of USD 2 363 thousand (2024: USD 2 051 thousand) is included in
operating activities and USD 8 thousand (2024: USD 521) is included in investing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00231": { "value": "Note 16 \u2013 Intangible assets
\u00a0
Software and
\u00a0
Multi-client
\u00a0 \u00a0
Amounts in USD 1 000
licenses
Patents
library
Neptune
Total
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
13
0
951
0
964
Additions
0
0
4,512
386
4,898
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
-11
0
-1,878
0
-1,889
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
2
0
3,585
386
3,972
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,400
3,667
166,411
386
187,865
Accumulated amortisation and impairment
-17,398
-3,667
-162,826
0
-183,892
Net carrying value
2
0
3,585
386
3,972
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
0
0
3,585
387
3,972
Additions
0
0
1,199
1
1,200
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
0
0
-2,388
0
-2,388
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
-818
-388
-1,206
Closing carrying value
0
0
1,578
0
1,578
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,401
3,667
167,611
0
189,065
Accumulated amortisation and impairment
-17,401
-3,667
-166,032
0
-187,486
Net carrying value
0
0
1,578
0
1,578
Asset
Estimated useful life
Patents
10 \u2013 15 years
Software and licenses
3 years
Multi-client library
4 years
\n
Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00248": { "value": "Note 16 \u2013 Intangible assets
\u00a0
Software and
\u00a0
Multi-client
\u00a0 \u00a0
Amounts in USD 1 000
licenses
Patents
library
Neptune
Total
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
13
0
951
0
964
Additions
0
0
4,512
386
4,898
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
-11
0
-1,878
0
-1,889
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
2
0
3,585
386
3,972
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,400
3,667
166,411
386
187,865
Accumulated amortisation and impairment
-17,398
-3,667
-162,826
0
-183,892
Net carrying value
2
0
3,585
386
3,972
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
0
0
3,585
387
3,972
Additions
0
0
1,199
1
1,200
Transferred from assets under construction to intangible assets
0
0
0
0
0
Accumulated costs on disposals
0
0
0
0
0
Amortisation charge
0
0
-2,388
0
-2,388
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
-818
-388
-1,206
Closing carrying value
0
0
1,578
0
1,578
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
17,401
3,667
167,611
0
189,065
Accumulated amortisation and impairment
-17,401
-3,667
-166,032
0
-187,486
Net carrying value
0
0
1,578
0
1,578
Asset
Estimated useful life
Patents
10 \u2013 15 years
Software and licenses
3 years
Multi-client library
4 years
\n
Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).
Note 17 \u2013 Property, plant and equipment and assets under construction
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Machinery and
Hardware and
\u00a0 \u00a0
Assets under
Amounts in USD 1 000
equipment
furniture
Cluster
Total
construction
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
6,502
40
42
6,585
0
Additions
159
10
0
169
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-3,074
-43
-1
-3,118
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
3,587
6
42
3,635
0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
154,520
22,077
12,513
189,110
3,127
Accumulated amortisation and impairment
-150,934
-22,072
-12,471
-185,476
-3,127
Net carrying value
3,587
6
42
3,635
0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
3,587
6
42
3,635
0
Additions
1,113
8
0
1,121
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-1,741
4
-42
-1,779
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
-2,884
0
0
-2,883
0
Closing carrying value
76
18
0
94
0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
155,633
22,085
12,513
190,231
3,127
Accumulated amortisation and impairment
-155,558
-22,068
-12,513
-190,138
-3,127
Net carrying value
76
18
0
94
0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset
Estimated useful life
Machinery and equipment
3 \u2013 8 years
Hardware and furniture
3 - 5 years
Cluster
5 years
\n
Assets under construction
Assets under construction are internal capital expenditure projects that are not completed. These projects are mainly
development and production of acquisition the EM equipment, including receivers, the source and the navigation
system.
The DeepBlue
EMGS commenced a Joint Industry Project (\u201cthe DeepBlue\u201d) in 2012, supported by Shell and Equinor, for developing
the Next Generation EM equipment. The benefit of using the DeepBlue equipment is deeper penetration and
significantly improved imaging at increased burial depths. The improved imaging leads to improved confidence and
enhanced interpretation possibilities. The prototype equipment was completed in 2017 with its first commercial
survey summer 2017. The carrying value of the DeepBlue equipment as of 31 December 2025, after impairment, was
USD 0 (2024: USD 2 588 thousand).
Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.Note 27 \u2013 Leases
The Group has lease contracts for offices. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to
\n
the leased assets. Some of the lease contracts include extension options. See Note 4 for information on extension
\n
options.
\n
Set out below are the carrying amounts of right-of-use assets and lease liabilities recognised and the movements
\n
during the period: The modification to the vessel lease in 2024 is related to the extension of the lease for the Atlantic
\n
Guardian by one year. The modification to the office leases is related to the extension of the Trondheim office lease.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Interest expense
on lease
Right-of-use assets
Lease liabilities
liabilitiles
Office
Vessel leases
leases
IT equipment
Total
Total
As at 1 January 2024
1,170
315
44
1,530
2,333
Additions
0
0
0
0
0
Depreciation expense
-1,822
-184
-44
-2,051
0
Modification
2,823
74
0
2,897
2,897
Payments
0
0
0
0
-2,703
-249
As at 31 December 2024
2,172
205
0
2,376
2,527
-249
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest expense
\u00a0
Right-of-use assets
Lease liabilities
on lease liabilitiles
IT
\u00a0
\u00a0
Amounts in USD 1 000
\u00a0
Vessel leases
\u00a0
Office leases
equipment
\u00a0
Total
\u00a0
Total
\u00a0
As at 1 January 2025
2,172
205
0
2,376
2,527
\u00a0
Additions
0
0
0
0
0
\u00a0
Depreciation expense
-2,172
-191
0
-2,363
0
\u00a0
Modification
0
143
0
143
143
\u00a0
Payments
0
0
0
0
-2,504
-145
As at 31 December 2025
0
156
0
156
167
-145
\n
The maturity analysis of the lease liabilities is disclosed below:
Lease agreements \u2013 minimum lease payments:
\u00a0 \u00a0
No later than 1 year
176
2,628
After 1 year and no more than 5 years
0
40
After more than 5 years
0
0
Total minimum lease payments
176
2,668
Future finance charges on leases
-9
-140
Present value of lease agreements
167
2,528
\n
The following amounts are recognised in profit or loss:
Amounts in USD 1 000
2025
2024
Depreciation expense of right-of-use assets
2,363
2,051
Depreciation capitalised as multi-client expenses
-8
-521
Interest expense on lease liabilities
145
249
Total amounts recognised in profit or loss
2,501
1,778
\n
The Group had total cash outflows for leases of USD 2 649 thousand in 2025 (2024: USD 2 951 thousand). The future
cash outflows relating to leases that have not yet commenced are disclosed in Note 29.
Depreciation of right-of use assets as presented in the Consolidated Income Statement USD 2 355 thousand (2024:
USD 1 529 thousand) is net of depreciation capitalised as multi-client expense as opposed to the Consolidated
Statement of Cash Flows. Gross depreciation of USD 2 363 thousand (2024: USD 2 051 thousand) is included in
operating activities and USD 8 thousand (2024: USD 521) is included in investing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00232": { "value": "Impairment of multi-client library
The Group performs impairment tests when there are indicators of impairment at least once a year. The Group
considers the relationship between the total revenue forecast and the book value of each multi-client project when
reviewing for indicators of impairment, hence the book value of the multi-client projects is highly influenced by the
future sales forecasts.
The Group impaired USD 0.8 million in 2025 (2024: USD 0 million). The impairment was based on decreased customer
interest in specific projects, not the multi-client library as a whole. The impairment test was done for each multi-client
project individually. The net present value of the future sales for each project was compared to the book value of the
project. When calculating the net present value of future sales, a discount rate of 15% was used. A 1 % increase in the
discount rate would have reduced the total net present value of future sales by USD 54 thousand (2024: USD 54), but
it would not have resulted in an impairment in 2025 of USD 9 thousand (2024: USD 0).Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00233": { "value": "Note 17 \u2013 Property, plant and equipment and assets under construction \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Machinery and
Hardware and
\u00a0 \u00a0
Assets under
Amounts in USD 1 000
equipment
furniture
Cluster
Total
construction
Year ended 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
6,502
40
42
6,585
0
Additions
159
10
0
169
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-3,074
-43
-1
-3,118
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
0
0
0
0
0
Closing carrying value
3,587
6
42
3,635
0
At 31 December 2024
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
154,520
22,077
12,513
189,110
3,127
Accumulated amortisation and impairment
-150,934
-22,072
-12,471
-185,476
-3,127
Net carrying value
3,587
6
42
3,635
0
Year ended 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Opening carrying value
3,587
6
42
3,635
0
Additions
1,113
8
0
1,121
0
Accumulated costs on disposals
0
0
0
0
0
Transferred from assets under construction to PPE
0
0
0
0
0
Transferred from assets under construction to
intangible assets
0
0
0
0
0
Depreciation charge
-1,741
4
-42
-1,779
0
Accumulated depreciation on disposals
0
0
0
0
0
Impairment
-2,884
0
0
-2,883
0
Closing carrying value
76
18
0
94
0
At 31 December 2025
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Accumulated cost
155,633
22,085
12,513
190,231
3,127
Accumulated amortisation and impairment
-155,558
-22,068
-12,513
-190,138
-3,127
Net carrying value
76
18
0
94
0
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Asset
Estimated useful life
Machinery and equipment
3 \u2013 8 years
Hardware and furniture
3 - 5 years
Cluster
5 years
\n
Assets under construction
Assets under construction are internal capital expenditure projects that are not completed. These projects are mainly
development and production of acquisition the EM equipment, including receivers, the source and the navigation
system.
The DeepBlue
EMGS commenced a Joint Industry Project (\u201cthe DeepBlue\u201d) in 2012, supported by Shell and Equinor, for developing
the Next Generation EM equipment. The benefit of using the DeepBlue equipment is deeper penetration and
significantly improved imaging at increased burial depths. The improved imaging leads to improved confidence and
enhanced interpretation possibilities. The prototype equipment was completed in 2017 with its first commercial
survey summer 2017. The carrying value of the DeepBlue equipment as of 31 December 2025, after impairment, was
USD 0 (2024: USD 2 588 thousand).
Impairment test of the DeepBlue
The Group performs impairment tests when there are indicators of impairment and at least once a year. The Group
considers the relationship between the total revenue forecast and the total carrying value of the DeepBlue when
reviewing for indicators of impairment.
The impairment test was negatively impacted by lack of backlog and ability to generate revenue if backlog was secured
and as a result an impairment of USD 1,294 thousand was made in 2025, while no impairment was made to the
DeepBlue equipment set in 2024.
The discount rate used in the net present value calculation was based on the specific circumstances of the Group and
was derived from its weighted average cost of capital (WACC). The WACC took both debt and equity into account. The
cost of equity was derived from the expected return on investment by the Group's investors. The cost of debt was
based on the interest-bearing borrowings the Group is obliged to service. The beta factor was in line with the industry
beta.", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00234": { "value": "Note 18 - Other receivables and prepayments
Amounts in USD 1 000
2025
2024
Non-current
\u00a0 \u00a0
Other receivables and prepayments
1,157
3,297
Financial lease receivables
0
0
\u00a0
1,157
3,297
Current
\u00a0 \u00a0
Other receivables and prepayments
1,492
2,334
\u00a0
1,492
2,334
Total other receivables
and prepayments
2,649
5,631
\nNote 20 \u2013 Trade receivables and accrued revenues \n \n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accounts receivable
2,292
1,046
Accrued revenues
0
0
Impaired receivable
-413
-146
Total trade receivables and accrued revenues
1,879
900
\n
Trade receivables are non-interest bearing and the payment terms are generally net 30-60 days.
Fair value of the receivables approximates the nominal values, less provision for doubtful receivables.
Generally, the Group trades with recognised, creditworthy customers. The customers are usually large oil companies
with an appropriate credit history.
Only in a few instances, services are performed for smaller companies with limited credit history.
Per 31 December 2025 EMGS has a provision for doubtful trade receivables in the amount of USD 413 thousand (2024:
USD 146).
The aging analysis of trade receivables is as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
31 December 2025
2 292
218
10
0
1 594
0
470
31 December 2024
1 046
640
73
156
124
0
53
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00235": { "value": "Note 18 - Other receivables and prepayments
Amounts in USD 1 000
2025
2024
Non-current
\u00a0 \u00a0
Other receivables and prepayments
1,157
3,297
Financial lease receivables
0
0
\u00a0
1,157
3,297
Current
\u00a0 \u00a0
Other receivables and prepayments
1,492
2,334
\u00a0
1,492
2,334
Total other receivables
and prepayments
2,649
5,631
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00262": { "value": "Note 18 - Other receivables and prepayments
Amounts in USD 1 000
2025
2024
Non-current
\u00a0 \u00a0
Other receivables and prepayments
1,157
3,297
Financial lease receivables
0
0
\u00a0
1,157
3,297
Current
\u00a0 \u00a0
Other receivables and prepayments
1,492
2,334
\u00a0
1,492
2,334
Total other receivables
and prepayments
2,649
5,631
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00263": { "value": "Note 18 - Other receivables and prepayments
Amounts in USD 1 000
2025
2024
Non-current
\u00a0 \u00a0
Other receivables and prepayments
1,157
3,297
Financial lease receivables
0
0
\u00a0
1,157
3,297
Current
\u00a0 \u00a0
Other receivables and prepayments
1,492
2,334
\u00a0
1,492
2,334
Total other receivables
and prepayments
2,649
5,631
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00264": { "value": "Note 18 - Other receivables and prepayments
Amounts in USD 1 000
2025
2024
Non-current
\u00a0 \u00a0
Other receivables and prepayments
1,157
3,297
Financial lease receivables
0
0
\u00a0
1,157
3,297
Current
\u00a0 \u00a0
Other receivables and prepayments
1,492
2,334
\u00a0
1,492
2,334
Total other receivables
and prepayments
2,649
5,631
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00236": { "value": "Note 19 \u2013 Spare parts, fuel, anchors and batteries
Amounts in USD 1 000
2025
2024
Equipment components and parts, at cost
350
2,612
Anchors and batteries, at cost
0
486
Fuel, at cost
0
322
Total Spare parts, fuel, anchors and batteries
350
3,421
\n
An impairment of USD 2,667 thousand, related to spare parts, fuel anchors and batteries was made in 2025, while no
impairment was made in 2024. The carrying value of the inventory was supported by the net realizable value of the
inventory, as a result of returning Atlantic Guardian and not securing a replacement vessel the carrying value was
changed to the resale value. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00237": { "value": "Note 21 \u2013 Cash and cash equivalents and restricted cash \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Cash and cash equivalents
3,116
9,122
Restricted cash
732
748
Total cash and cash equivalents and restriced cash
3,848
9,870
\n
Cash earns interest at floating rates based on daily bank deposit rates.
Restricted cash consists of USD 149 thousand held in restricted accounts as security against employee taxes withheld
and USD 583 thousand as security against a standby letter of credit issued related to an acquisition project. In 2024,
USD 748 thousand was held in restricted accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00238": { "value": "Note 21 \u2013 Cash and cash equivalents and restricted cash \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Cash and cash equivalents
3,116
9,122
Restricted cash
732
748
Total cash and cash equivalents and restriced cash
3,848
9,870
\n
Cash earns interest at floating rates based on daily bank deposit rates.
Restricted cash consists of USD 149 thousand held in restricted accounts as security against employee taxes withheld
and USD 583 thousand as security against a standby letter of credit issued related to an acquisition project. In 2024,
USD 748 thousand was held in restricted accounts.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00239": { "value": "Note 22 \u2013 Employee benefit obligations
The Company is required to have an occupational pension plan in accordance with the Norwegian law on required
occupational pension (\"lov om obligatorisk tjenestepensjon\"). The Company's pension arrangements fulfill the
requirements of the law.
In 2025, the defined contribution plan involved a contribution level of 5 % of Base Salary from 0 to 7.1 G and 15 % of
Base Salary from 7.1 up to 12 G, where G is the National Insurance basic amount (Folketrygdens grunnbel\u00f8p). G
equals to NOK 130 160 as of 31 December 2025.
The Company`s contribution to the Norwegian defined contribution plan for the year ended 31 December 2025 was
USD 226 thousand (2024: USD 200 thousand).
As of 31 December 2025, there were 20 employees covered by the defined contribution pension plan (2024: 19).
Defined contribution schemes
Employees not eligible for coverage under the defined contribution plan applicable in Norway are eligible to
participate in other Company pension schemes or to receive a pension compensation. All the schemes are considered
defined contribution plans. For some of the schemes, subject to statutory limitations, employees may make voluntary
contributions in addition to the Company\u2019s contributions. Total pension scheme contributions made by the Company
in 2025 was USD 227 thousand (2024: USD 220 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00242": { "value": "Note 23 \u2013 Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
Interest rate
Maturity
2025
2024
Non-current
\u00a0\u00a0\u00a0\u00a0
Senior Unsecured Convertible Bonds 2018/2023EMGS 03
SOFR + 6.50%
November 9th, 2030
19,816
19,658
Lease liabilites
10.0%
1
year
0
39
\u00a0\u00a0\u00a0
19,816
19,697
Current
\u00a0\u00a0\u00a0\u00a0
Lease liabilites
10.0%-11.9%
Up to 1 year
167
2,489
\u00a0\u00a0\u00a0
167
2,489
Total financial liabilities
\u00a0\u00a0
19,983
22,186
\n
USD 32.5 million convertible bond
On 9 May 2018, EMGS secured a USD 32.5 million convertible bond bearing an interest at 3 months LIBOR + 5.50%
p.a. The loan can at any time be converted into common shares in EMGS at the conversion price of USD 0.42677 until
the maturity. On 26 June 2023, EMGS entered into an amendment agreement to switch the reference rate from 3
months LIBOR to the Compounded Daily SOFR. The interest margin remains unchanged at 6.5%, however, a credit
adjustment spread of 0.26161 per cent per annum was added. On 6 May 2025, the Unsecured Convertible Bond
2018/2023 was extended until 9 November 2030. The updated terms have been assessed not to be substantially
different from the original terms. Thus, the original bond has not been derecognised, and the extension has instead
been accounted for as a modification of the original bond. The modification did not lead to any significant adjustments
to the amortised cost of the bond.
The USD 32.5 million convertible bond can be seen as a contract settled by an entity by delivering a fixed amount of
its own equity instruments in exchange for a fixed amount of foreign currency. The economic components of this
convertible bond are:
(a)
A liability. On issuance of the convertible bond, the fair value of the liability component was determined using a
market rate for an equivalent non-convertible bond; and classified as a financial liability measured at amortised
cost (net of transaction costs) until it is extinguished on conversion or redemption.
(b)
An equity component. The residual of the proceeds was allocated to the conversion option that was recognised
\n
in shareholders\u2019 equity.
\n
At inception, the value of the liability component was estimated to USD 30.2 million. Amortised cost as 31 December
\n
2025 was USD 19.8 million (2024: USD 19.7 million) including two separate bond buy-backs with a combined nominal
\n
value of USD 8 million in 2021 and one bond buy-back with a nominal value of USD 5.0 million in 2022. The equity
\n
component, the carrying amount of the conversion option, was estimated to USD 1.9 million at inception and is not
\n
remeasured in subsequent periods.
\n
The convertible bond contains restrictions regarding the Company's ability to sell the multi-client library, declare or
\n
make dividend payments, incur additional indebtedness, change its business or enter into speculative financial
\n
derivative agreements. Subsequent to the end of 2025, the Company received authorization to sell the multi-client
\n
library from the bond holders.
\n
On 2 January 2026, EMGS issued a press release in which it informed that \u201cbased on current activity levels and the
\n
Company's outlook, the existing capital structure is not considered sustainable. One of the potential options the
\n
Company is therefore evaluating, is a partial or complete conversion of the convertible bonds under EMGS03 into new
\n
equity in the Company. It is expected that any such conversion, if implemented, would be carried out at or below the
\n
current market price of the Company's shares. A full conversion at or below the current trading price for the Company's
\n
shares would result in significant dilution for existing shareholders.\u201d
\n
The convertible bond is unsecured.
\n
Lease liabilities and interest bearing debt
\n
The Group has lease contracts for various offices.
\n
The maturity of non-current borrowings is as follows:
\n
The exposure of the Group\u2019s borrowings to interest rate changes related to floating rate obligations and the contractual
\n
repricing dates of those obligations at the balance sheet dates are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
USD denominated
19,816
21,987
NOK denominated
167
199
Other
0
0
Total
19,983
22,186
\n
The carrying amounts and fair value of the non-current borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Senior Unsecured Convertible Bonds 2018/2023(2030) EMGS 03
19,816
19,658
Leasing liabilities
167
2,528
The carrying amount of the Group\u2019s borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
6 months or less
19,983
22,186
6-12 months
0
0
1-5 years
0
0
Over 5 years
0
0
Total
19,983
22,186
\n
The liabilities arising from financing activities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
Non- cash changes
Cash flows
Closing
Opening
Currency
New Leases &
Financial Gain
Financial lease
Amounts in USD 1 000
Modifications
liabilities
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,194
0
2,897
0
-2,603
2,489
Non-current interst bearing loans
19,584
76
0
-1
0
19,658
Non-current lease liablities
139
0
0
0
-100
39
Total 2024
21,917
76
2,897
-1
-2,703
22,186
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2025
Non- cash changes
Cash flows
Closing
New Leases
Financial
Opening
Currency
&
Financial
lease
Modifications
Gain
liabilities
Amounts in USD 1 000
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,489
0
143
0
-2,476
167
Non-current interst bearing loans
19,658
158
0
0
0
19,816
Non-current lease liablities
39
0
0
0
-28
0
Total 2025
22,186
158
143
0
-2,504
19,983
\n
Fair values
\n
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00240": { "value": "Note 23 \u2013 Financial liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
Interest rate
Maturity
2025
2024
Non-current
\u00a0\u00a0\u00a0\u00a0
Senior Unsecured Convertible Bonds 2018/2023EMGS 03
SOFR + 6.50%
November 9th, 2030
19,816
19,658
Lease liabilites
10.0%
1
year
0
39
\u00a0\u00a0\u00a0
19,816
19,697
Current
\u00a0\u00a0\u00a0\u00a0
Lease liabilites
10.0%-11.9%
Up to 1 year
167
2,489
\u00a0\u00a0\u00a0
167
2,489
Total financial liabilities
\u00a0\u00a0
19,983
22,186
\n
USD 32.5 million convertible bond
On 9 May 2018, EMGS secured a USD 32.5 million convertible bond bearing an interest at 3 months LIBOR + 5.50%
p.a. The loan can at any time be converted into common shares in EMGS at the conversion price of USD 0.42677 until
the maturity. On 26 June 2023, EMGS entered into an amendment agreement to switch the reference rate from 3
months LIBOR to the Compounded Daily SOFR. The interest margin remains unchanged at 6.5%, however, a credit
adjustment spread of 0.26161 per cent per annum was added. On 6 May 2025, the Unsecured Convertible Bond
2018/2023 was extended until 9 November 2030. The updated terms have been assessed not to be substantially
different from the original terms. Thus, the original bond has not been derecognised, and the extension has instead
been accounted for as a modification of the original bond. The modification did not lead to any significant adjustments
to the amortised cost of the bond.
The USD 32.5 million convertible bond can be seen as a contract settled by an entity by delivering a fixed amount of
its own equity instruments in exchange for a fixed amount of foreign currency. The economic components of this
convertible bond are:
(a)
A liability. On issuance of the convertible bond, the fair value of the liability component was determined using a
market rate for an equivalent non-convertible bond; and classified as a financial liability measured at amortised
cost (net of transaction costs) until it is extinguished on conversion or redemption.
\n
(b)
An equity component. The residual of the proceeds was allocated to the conversion option that was recognised
\n
in shareholders\u2019 equity.
\n
At inception, the value of the liability component was estimated to USD 30.2 million. Amortised cost as 31 December
\n
2025 was USD 19.8 million (2024: USD 19.7 million) including two separate bond buy-backs with a combined nominal
\n
value of USD 8 million in 2021 and one bond buy-back with a nominal value of USD 5.0 million in 2022. The equity
\n
component, the carrying amount of the conversion option, was estimated to USD 1.9 million at inception and is not
\n
remeasured in subsequent periods.
\n
The convertible bond contains restrictions regarding the Company's ability to sell the multi-client library, declare or
\n
make dividend payments, incur additional indebtedness, change its business or enter into speculative financial
\n
derivative agreements. Subsequent to the end of 2025, the Company received authorization to sell the multi-client
\n
library from the bond holders.
\n
On 2 January 2026, EMGS issued a press release in which it informed that \u201cbased on current activity levels and the
\n
Company's outlook, the existing capital structure is not considered sustainable. One of the potential options the
\n
Company is therefore evaluating, is a partial or complete conversion of the convertible bonds under EMGS03 into new
\n
equity in the Company. It is expected that any such conversion, if implemented, would be carried out at or below the
\n
current market price of the Company's shares. A full conversion at or below the current trading price for the Company's
\n
shares would result in significant dilution for existing shareholders.\u201d
\n
The convertible bond is unsecured.
\n
Lease liabilities and interest bearing debt
\n
The Group has lease contracts for various offices.
\n
The maturity of non-current borrowings is as follows:
\n
The exposure of the Group\u2019s borrowings to interest rate changes related to floating rate obligations and the contractual
\n
repricing dates of those obligations at the balance sheet dates are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
USD denominated
19,816
21,987
NOK denominated
167
199
Other
0
0
Total
19,983
22,186
\n
The carrying amounts and fair value of the non-current borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Senior Unsecured Convertible Bonds 2018/2023(2030) EMGS 03
19,816
19,658
Leasing liabilities
167
2,528
\n
The carrying amount of the Group\u2019s borrowings are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
6 months or less
19,983
22,186
6-12 months
0
0
1-5 years
0
0
Over 5 years
0
0
Total
19,983
22,186
\n
The liabilities arising from financing activities are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2024
Non- cash changes
Cash flows
Closing
Opening
Currency
New Leases &
Financial Gain
Financial lease
Amounts in USD 1 000
Modifications
liabilities
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,194
0
2,897
0
-2,603
2,489
Non-current interst bearing loans
19,584
76
0
-1
0
19,658
Non-current lease liablities
139
0
0
0
-100
39
Total 2024
21,917
76
2,897
-1
-2,703
22,186
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
2025
Non- cash changes
Cash flows
Closing
New Leases
Financial
Opening
Currency
&
Financial
lease
Modifications
Gain
liabilities
Amounts in USD 1 000
Current interest bearing loans
0
0
0
0
0
0
Current lease liabilities
2,489
0
143
0
-2,476
167
Non-current interst bearing loans
19,658
158
0
0
0
19,816
Non-current lease liablities
39
0
0
0
-28
0
Total 2025
22,186
158
143
0
-2,504
19,983
\n
Fair values
\n
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00241": { "value": "Fair values
The fair value hierarchy discloses how fair value is determined for financial instruments recorded at fair value in the
\n
consolidated financial statement.
\n
Level 1: quoted prices (unadjusted) in active markets for identical assets and liabilities.
\n
Level 2: assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs
\n
that are observable either directly or indirectly.
\n
Level 3: techniques for which all inputs which have a significant effect on the recorded fair value that is not based on
\n
observable market data.
\n
The carrying amounts of cash and cash equivalents, restricted cash, trade receivables, other receivables, trade
\n
payables and other short-term liabilities approximate their respective fair values because of the short maturities of
\nthose instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00243": { "value": "Note 24 \u2013 Trade payables
Trade payables are generally non-interest bearing and the payment terms are net 30 days. Fair value of the payables
\nequals the nominal value of USD 432 thousand (2024: USD 2 709 thousand). Note 26 \u2013 Other short-term liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accrued expenses
392
1,016
Holiday pay
308
284
Social security taxes and other public duties
261
263
Other short term liabilities
39
18
Other refundable taxes
-198
-90
Total other short term liabilities
801
1,491
\nAccrued expenses are generally on 30 days payment terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00244": { "value": "Note 25 \u2013 Provisions
As of 31 December 2025, the group has made one provision in the amount of USD 171 thousand, related to a corporate
\nsocial responsibility obligation in India (2024: USD 0). ", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00247": { "value": "Note 26 \u2013 Other short-term liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accrued expenses
392
1,016
Holiday pay
308
284
Social security taxes and other public duties
261
263
Other short term liabilities
39
18
Other refundable taxes
-198
-90
Total other short term liabilities
801
1,491
\nAccrued expenses are generally on 30 days payment terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00246": { "value": "Note 26 \u2013 Other short-term liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accrued expenses
392
1,016
Holiday pay
308
284
Social security taxes and other public duties
261
263
Other short term liabilities
39
18
Other refundable taxes
-198
-90
Total other short term liabilities
801
1,491
\nAccrued expenses are generally on 30 days payment terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00245": { "value": "Note 26 \u2013 Other short-term liabilities \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Amounts in USD 1 000
2025
2024
Accrued expenses
392
1,016
Holiday pay
308
284
Social security taxes and other public duties
261
263
Other short term liabilities
39
18
Other refundable taxes
-198
-90
Total other short term liabilities
801
1,491
\nAccrued expenses are generally on 30 days payment terms.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00249": { "value": "Note 27 \u2013 Leases
The Group has lease contracts for offices. The Group\u2019s obligations under its leases are secured by the lessor\u2019s title to
\n
the leased assets. Some of the lease contracts include extension options. See Note 4 for information on extension
\n
options.
\n
Set out below are the carrying amounts of right-of-use assets and lease liabilities recognised and the movements
\n
during the period: The modification to the vessel lease in 2024 is related to the extension of the lease for the Atlantic
\n
Guardian by one year. The modification to the office leases is related to the extension of the Trondheim office lease.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
Interest expense
on lease
Right-of-use assets
Lease liabilities
liabilitiles
Office
Vessel leases
leases
IT equipment
Total
Total
As at 1 January 2024
1,170
315
44
1,530
2,333
Additions
0
0
0
0
0
Depreciation expense
-1,822
-184
-44
-2,051
0
Modification
2,823
74
0
2,897
2,897
Payments
0
0
0
0
-2,703
-249
As at 31 December 2024
2,172
205
0
2,376
2,527
-249
\n \n
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Interest expense
\u00a0
Right-of-use assets
Lease liabilities
on lease liabilitiles
IT
\u00a0
\u00a0
Amounts in USD 1 000
\u00a0
Vessel leases
\u00a0
Office leases
equipment
\u00a0
Total
\u00a0
Total
\u00a0
As at 1 January 2025
2,172
205
0
2,376
2,527
\u00a0
Additions
0
0
0
0
0
\u00a0
Depreciation expense
-2,172
-191
0
-2,363
0
\u00a0
Modification
0
143
0
143
143
\u00a0
Payments
0
0
0
0
-2,504
-145
As at 31 December 2025
0
156
0
156
167
-145
\n
The maturity analysis of the lease liabilities is disclosed below:
Lease agreements \u2013 minimum lease payments:
\u00a0 \u00a0
No later than 1 year
176
2,628
After 1 year and no more than 5 years
0
40
After more than 5 years
0
0
Total minimum lease payments
176
2,668
Future finance charges on leases
-9
-140
Present value of lease agreements
167
2,528
\n
The following amounts are recognised in profit or loss:
Amounts in USD 1 000
2025
2024
Depreciation expense of right-of-use assets
2,363
2,051
Depreciation capitalised as multi-client expenses
-8
-521
Interest expense on lease liabilities
145
249
Total amounts recognised in profit or loss
2,501
1,778
\n
The Group had total cash outflows for leases of USD 2 649 thousand in 2025 (2024: USD 2 951 thousand). The future
cash outflows relating to leases that have not yet commenced are disclosed in Note 29.
Depreciation of right-of use assets as presented in the Consolidated Income Statement USD 2 355 thousand (2024:
USD 1 529 thousand) is net of depreciation capitalised as multi-client expense as opposed to the Consolidated
Statement of Cash Flows. Gross depreciation of USD 2 363 thousand (2024: USD 2 051 thousand) is included in
operating activities and USD 8 thousand (2024: USD 521) is included in investing activities.", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00250": { "value": "Note 28 - Contingencies
The Group does not have any contingent liabilities in respect of matters arising in the ordinary course of business.
The Group has given a guarantee to a client as specified below.
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Guarantees on client contracts
571
571
Other guarantees/collateral
0
0
Total guarantees
571
571
\n
Note 29 - Commitments
Lease commitments:
The Group has lease agreements on IT-equipment, offices and vessels.
The future aggregate minimum lease payments under non-cancellable leases are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
No later than 1 year
167
2,509
After 1 year and no more than 5 years
0
43
Total operating lease commitments
167
2,552
\n
Contract terms on renewal of the leases are to be negotiated at or before the expiry of the contracts. The Atlantic
Guardian lease was not renewed and the vessel was returned on the 20
th
of October, 2025.
Note 30 \u2013 Legal claims
EMGS is engaged in several tax discussions with the Brazilian internal revenue service. These discussions are related
to two main categories of claims by the IRS: (i) a non-approval by the IRS of certain tax offset requests by EMGS related
to a credit of Social Contribution on Net Profits (all as provided for under Brazilian law); and (ii) payment of an
administrative penalty fee of 50% over a previously disputed tax credit claim. EMGS disputes all of the claims received
from the IRS and has initiated administrative proceedings in Brazil to that effect. While EMGS views a negative
outcome as unlikely, should EMGS ultimately be unsuccessful in disputing these claims, the aggregate potential
additional tax liability amounts to approximately USD 200 thousand (exclusive of interest and penalties).
Additionally, on 23 April 2025 the Company received a letter from a former business partner. In the letter the former
business partner presented a claim for damages against EMGS in an amount of approximately USD 7.5 million, which
was subsequently reduced to USD 2.4 million in September 2025. The claim is based on an alleged breach of contract
by EMGS. The Company considers the claim to be without merit and of a frivolous nature. No provision has been made
in the accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00251": { "value": "Note 28 - Contingencies
The Group does not have any contingent liabilities in respect of matters arising in the ordinary course of business.
The Group has given a guarantee to a client as specified below.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Guarantees on client contracts
571
571
Other guarantees/collateral
0
0
Total guarantees
571
571
\nNote 30 \u2013 Legal claims
EMGS is engaged in several tax discussions with the Brazilian internal revenue service. These discussions are related
to two main categories of claims by the IRS: (i) a non-approval by the IRS of certain tax offset requests by EMGS related
to a credit of Social Contribution on Net Profits (all as provided for under Brazilian law); and (ii) payment of an
administrative penalty fee of 50% over a previously disputed tax credit claim. EMGS disputes all of the claims received
from the IRS and has initiated administrative proceedings in Brazil to that effect. While EMGS views a negative
outcome as unlikely, should EMGS ultimately be unsuccessful in disputing these claims, the aggregate potential
additional tax liability amounts to approximately USD 200 thousand (exclusive of interest and penalties).
Additionally, on 23 April 2025 the Company received a letter from a former business partner. In the letter the former
business partner presented a claim for damages against EMGS in an amount of approximately USD 7.5 million, which
was subsequently reduced to USD 2.4 million in September 2025. The claim is based on an alleged breach of contract
by EMGS. The Company considers the claim to be without merit and of a frivolous nature. No provision has been made
in the accounts. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00252": { "value": "Note 29 - Commitments
Lease commitments:
The Group has lease agreements on IT-equipment, offices and vessels.
The future aggregate minimum lease payments under non-cancellable leases are as follows:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
No later than 1 year
167
2,509
After 1 year and no more than 5 years
0
43
Total operating lease commitments
167
2,552
\n
Contract terms on renewal of the leases are to be negotiated at or before the expiry of the contracts. The Atlantic
Guardian lease was not renewed and the vessel was returned on the 20
th
of October, 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00253": { "value": "Note 31 \u2013 Earnings/(loss) per share
Basic earnings/(loss) per share is calculated by dividing net profit attributable to ordinary equity holders of the
Company by the weighted average number of ordinary shares outstanding during the year.
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
Income/(loss) attributable to equity holders of the Company
-14,254
2,820
Basic earnings per share
-0.11
0.02
Diluted earnings per share
-0.11
0.02
\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Weighted average number of ordinary shares for the purpose of basic earnings per share (thousands)
130,970
130,970
Effect of dilutive potential shares:
\u00a0 \u00a0
Share options (thousands)
38
75
Weighted average number of ordinary shares for the purpose of diluted earnings per share (thousands)
130,979
130,988
\nThe Company has one category of dilutive potential ordinary shares: share options.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00254": { "value": "Note 32 \u2013 Related party transactions
The following table provides the amounts paid on transactions that have been entered into with related parties for
the relevant financial year:
\n\n\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
Amounts in USD 1 000
2025
2024
\u00a0
0
0
Momentum S.A.R.L.
0
0
Perestroika AS
0
0
RWC European Focus Master Inc.
0
0
Total
0
0
\n", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00255": { "value": "Note 33 \u2013 Investment in subsidiaries \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Share
\u00a0 \u00a0 \u00a0
\u00a0
ownership/
ownership/
\u00a0 \u00a0 \u00a0
\u00a0
voting
voting
Equity 31
Equity 31
\u00a0
\u00a0
rights 2025
rights 2025
December
December
\u00a0
Company
\u00a0 \u00a0
2025
2024
Location
EMGS Americas 1 AS
100%
100%
12,226
12,288
Oslo, Norway
EM Multi-client AS
100%
100%
-158
5,908
Oslo, Norway
EMGS Global AS
100%
100%
212
422
Oslo, Norway
EMGS Americas Inc
100%
100%
-1,166
-1,103
Delaware, USA
EMGS Shipping Mexico S. de R.L. de C.V.
99%/100%
99%/100%
137
204
Col. Del Valle, Mexico
EMGS Sea Bed Logging Mexico S.A. de C.V.
100%
100%
-3,870
-3,554
Col. Del Valle, Mexico
EMGS Services Mexico S.A. de C.V.
99%
99%
238
249
Col. Del Valle, Mexico
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
British Columbia,
Electromagnetic Geoservices Canada Inc
100%
100%
-549
-533
Canada
Servicios Geologicos Electromagneticos do Brasil
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ltda
100%
100%
-44,817
-44,770
Rio de Janeiro, Brasil
EMGS Holdco Shipping AS
100%
100%
2
0
Oslo, Norway
Electromagnetic Geoservices UK Ltd
100%
100%
278
295
London, UK
Electromagnetic Geoservices Malaysia Sdn Bhd
1%/100%
1%/100%
335
335
Kuala Lumpur, Malaysia
EMGS Asia Pacific Sdn Bhd
100%
100%
763
763
Kuala Lumpur, Malaysia
The Group consolidates emgs Shipping Mexico S. de R.L. de C.V. at 100 % as the Company has control over these
companies.
The Group has started the process of voluntary winding up of EMGS Asia Pacific Sdn Bhd and EMGS Electromagnetic
Geoservices Malaysia Sdn Bhd.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00256": { "value": "Note 33 \u2013 Investment in subsidiaries \n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\t\n\t\t\n\t\n
\u00a0 \u00a0
\u00a0
Share
Share
\u00a0 \u00a0 \u00a0
\u00a0
ownership/
ownership/
\u00a0 \u00a0 \u00a0
\u00a0
voting
voting
Equity 31
Equity 31
\u00a0
\u00a0
rights 2025
rights 2025
December
December
\u00a0
Company
\u00a0 \u00a0
2025
2024
Location
EMGS Americas 1 AS
100%
100%
12,226
12,288
Oslo, Norway
EM Multi-client AS
100%
100%
-158
5,908
Oslo, Norway
EMGS Global AS
100%
100%
212
422
Oslo, Norway
EMGS Americas Inc
100%
100%
-1,166
-1,103
Delaware, USA
EMGS Shipping Mexico S. de R.L. de C.V.
99%/100%
99%/100%
137
204
Col. Del Valle, Mexico
EMGS Sea Bed Logging Mexico S.A. de C.V.
100%
100%
-3,870
-3,554
Col. Del Valle, Mexico
EMGS Services Mexico S.A. de C.V.
99%
99%
238
249
Col. Del Valle, Mexico
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
British Columbia,
Electromagnetic Geoservices Canada Inc
100%
100%
-549
-533
Canada
Servicios Geologicos Electromagneticos do Brasil
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Ltda
100%
100%
-44,817
-44,770
Rio de Janeiro, Brasil
EMGS Holdco Shipping AS
100%
100%
2
0
Oslo, Norway
Electromagnetic Geoservices UK Ltd
100%
100%
278
295
London, UK
Electromagnetic Geoservices Malaysia Sdn Bhd
1%/100%
1%/100%
335
335
Kuala Lumpur, Malaysia
EMGS Asia Pacific Sdn Bhd
100%
100%
763
763
Kuala Lumpur, Malaysia
The Group consolidates emgs Shipping Mexico S. de R.L. de C.V. at 100 % as the Company has control over these
companies.
The Group has started the process of voluntary winding up of EMGS Asia Pacific Sdn Bhd and EMGS Electromagnetic
Geoservices Malaysia Sdn Bhd.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "TagsThatMustBeAppliedIfCorrespondingInformationIsPresentInAReport_Label_00257": { "value": "Note 34 \u2013 Events after the reporting period
EMGS discloses update on going concern and capital structure
In January 2026, EMGS announced that it was evaluating a partial or complete conversion of the convertible bonds under
EMGS03.
EMGS enters non-binding term sheet for asset transaction
In March 2026, EMGS signed a non-binding term sheet with an undisclosed independent, third-party for a transaction
under which the third-party will acquire EMGS\u2019 business operations and assets, including the multi-client library, property
plant and equipment, hardware, IPR, contractual positions and all of the Company\u2019s employees.
EMGS signs agreement for asset sale transaction
In March 2026, EMGS entered in a binding transaction agreement with P-2 Riggs Capital, Inc. under which Riggs Capital will
acquire the EM Business after is has been transferred to one of EMGS\u2019 existing subsidiaries. The consideration to EMGS
under the transaction is up to USD 2.5 million, whereof USD 1 million is paid on closing and USD 1.5 million is a conditional
earn-out subject to certain future conditions being met. The Transaction was completed on 28 April 2026.
Asset sale transaction completed
In April 2026, the asset transaction with P2-Riggs Capital, Inc. under which Riggs Capital acquired the EM Business after it
was transferred to one of EMGS\u2019 existing subsidiaries, was completed.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:5967007LIEEXZXI7OG55", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }