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"pp-value-8-1": {
"value": "Akastor ASA i limited liability company whose shares are publicly traded. ",
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}
},
"f5908": {
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}
},
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},
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},
"pp-value-11-1": {
"value": " The largest shareholder is er ASA as of December 31, 2023. The group is an oilfield services investment company with a portfolio of industrial holdings and other investments. Akastor is listed on the Oslo Stock Exchange under the ticker AKAST. Information on the group\u2019s structure is provided in Note 29 Group companies. Information on other related party relationships of the group is provided in Note 30 Related parties.",
"dimensions": {
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"pp-value-1-1": {
"value": "The consolidated financial statements of Akastor ASA and its subsidiaries (collectively referred as Akastor or the group, and separately as group companies) for the year ended December 31, 2023 were approved by the board of directors and CEO on March 19, 2024. The consolidated financial statements will be authorized by the Annual General Meeting on April 16, 2024.Note 2 | Basis for preparationGoing concern basis of accountingThe consolidated financial statements have been prepared on a going concern basis, which assumes that the group will be able to meet the mandatory terms and conditions of the banking facilities as disclosed in Note 25 Capital management. Please refer to Board of Directors\u2019 report for more information about going concern assessment. Basis of measurementThe consolidated financial statements have been prepared on the historical cost basis except for the following material items, which are measured on an alternative basis on each reporting date:\ue603\ue679 Non-derivative financial instruments at Fair Value through Profit or Loss (FVTPL) are measured at fair value.\ue603\ue679 Debt instruments at Fair Value through Other Comprehensive Income (FVOCI) are measured at fair value.\ue603\ue679 Contingent considerations assumed in business disposals are measured at fair value.\ue603\ue679 Net defined benefit (asset) liability is recognized at fair value of plan assets less the present value of the defined benefit obligation.Functional and presentation currencyThe consolidated financial statements are presented in NOK, which is Akastor ASA\u2019s functional currency. All financial information presented in NOK has been rounded to the nearest million (NOK million), except when otherwise stated. The subtotals and totals in some of the tables in these consolidated financial statements may not equal the sum of the amounts shown due to rounding.When the functional currency in a reporting unit is changed, the effect of the change is accounted for prospectively.Use of estimates and judgementsThe preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. The items involving a higher degree of judgement or complexity, and items where assumptions and estimates are material to the consolidated financial statements, are disclosed in Note 4 Significant accounting estimates and judgements.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.Note 1 | Corporate informationBasis of accountingThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of December 31, 2023.Note 3 | Significant accounting policiesSummary of significant accounting policiesThe 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.Basis of consolidationSubsidiariesSubsidiaries are entities controlled by the group. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date of which control ceases.Loss of controlOn the loss of control, the group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity. Any resulting gain or loss is recognized in the income statement. Any interest retained in the former subsidiary is measured at fair value when control is lost. Subsequently it is accounted for as an equity-accounted investee or as a financial asset depending on the level of influence retained.Any contingent consideration receivable is measured at fair value at the disposal date. Changes in the fair value of the contingent consideration from divestment of a subsidiary for transactions will be recognized in Other income as gain or loss.Investments in joint ventures The group\u2019s interests in equity-accounted investees comprise interests in joint ventures.A joint venture is an arrangement in which the group has joint control, whereby the group has rights to the net assets of the arrangement, rather to its assets and obligations for its liabilities. Joint control is established by contractual agreement requiring unanimous consent of the ventures for strategic, financial and operating decisions. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the group\u2019s share of the profit and loss and other comprehensive income of the equity-accounted investees. When the group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and further losses are not recognized except to the extent that the group incurs legal or constructive obligations or has made payments on behalf of the investee.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealized gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with joint ventures are eliminated to the extent of the group\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized, but are considered in the overall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-current assets or disposal groups are classified as a held for sale.Discontinued operationsA discontinued operation is a component of the group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier.In the consolidated income statement, income and expenses from discontinued operations are reported separately from income and expenses from continuing operations, down to the level of profit after taxes. When an operation is classified as a discontinued operation, the comparative income statement is restated as if the operation had been discontinued from the start of the comparative year.The statement of cash flow includes the cash flow from discontinued operations prior to the disposal. Cash flows attributable to the operating, investing and financing activities of discontinued operations are presented in the notes to the extent these represent cash flows with third parties.Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in a foreign currency are translated using the exchange rate on the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates. The results and financial positions of all the group entities that have a functional currency different from the group\u2019s presentation currency are translated into the presentation currency as follows:\ue603\ue679 Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.\ue603\ue679 Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are included in other comprehensive income as currency translation reserve. These translation differences are reclassified to the income statement upon disposal of the related operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operation are considered as part of the net investment in that foreign operation, when the settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from these monetary items are recognized in other comprehensive income.Current/non-current classificationAn asset is classified as current when it is expected to be realized or is intended for sale or consumption in the group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realized or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period, or if the group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortized costs, FVOCI or FVTPL. The classification depends on the group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. \ue603\ue679 A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). \ue603\ue679 A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. \ue603\ue679 All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial. assets.Other investmentsOther investments include equity and debt investments in companies where the group has neither control nor significant influence, usually represented by less than 20 percent of the voting power. The investments are categorized as financial assets measured at FVTPL or FVOCI and recognized at fair value at the reporting date. Subsequent to initial recognition, changes in financial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI, interest income calculated using the effective interest method, foreign exchange gains and losses and impairment losses are recognized in profit and loss. Other changes in fair value are recognized in other comprehensive income and presented as part of fair value reserve. When financial asset measured at FVOCI is derecognized, the gain or loss accumulated in other comprehensive income is reclassified to profit and loss. Trade and other receivablesTrade and other receivables are generally classified as financial assets measured at amortized costs. They are recognized at the original invoiced amount, less loss allowance made for credit losses. The interest rate element is disregarded if insignificant, which is the case for the majority of the group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and are generally classified as financial assets measured at amortized costs. Such financial assets are recognized initially at fair value and subsequent measurement at amortized cost using the effective interest method, less any impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less.Trade and other payablesTrade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the income statement over the period of the borrowings on an effective interest basis.Share capitalOrdinary shares are classified as equity. Repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares.Finance income and expenseFinance income and expense include interest income and expense, foreign exchange gains and losses, dividend income, as well as change in fair value of financial assets measured at FVTPL. Interest expenses include discounting effects from liabilities measured at fair value. Revenue from contract with customersMajority of the group\u2019s revenue from contract with customers is service revenue generated from rendering of services to customers. The customers simultaneously receive and consume the benefits provided by these services. The group has assessed that these performance obligations are satisfied over time. Under some service contracts, the invoices are based on hours or days performed at agreed rates. The revenue is recognized according to progress, or using the invoiced amounts when the invoiced amounts directly correspond with the value of the services that are transferred to the customers. Under day rate chartering contract, the group is remunerated by the customer by an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. The charterer determines, within the contractual limits, how a vessel is utilized. The right to use the vessel falls un under the scope of IFRS 16 \u201cLeases\u201d. The portion of lease revenue of the contract value is estimated at an overall level. Income taxDeferred tax assets are recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Measurement of deferred tax assets are reviewed at each reporting date.Impairment of financial assetsTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. When estimating ECLs, the group considers reasonable and supportable information that is relevant and available without undue cost or effort, based on the group\u2019s historical experience including forward-looking information. The gross carrying amount of trade receivable is written off when the group has no reasonable expectations of recovering a trade receivable in its entirety or a portion thereof. Debt instruments measured at amortized cost or at FVOCIThe group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The loss allowance is charged to profit and loss. LeasesLease liabilitiesAt the lease commencement date, the group recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the group's incremental interest rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or as appropriate, changes in the assessment of whether an extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease termThe group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The group applies judgment in evaluating whether it is reasonably certain to exercise extension option, considering all relevant factors that create economic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.The group recognizes lease payments received under operating leases as income on a straight line basis over the lease term as part of \u201cLease revenue\u201d.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses. If the components of property, plant and equipment have different useful lives, they are accounted for as separate components. Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment. Employee benefitsDefined contribution plansObligations for contributions to defined contribution pension plans are recognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods; discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the income statement.Fair value measurementWhen available, the group measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument. Note 4 | Significant accounting estimates and judgementsEstimates and judgements are continually reviewed and are based on historical experiences and expectations of future events. The resulting accounting estimates will, by definition, seldom accurately match actual results, but are based on the best estimate at the time. Estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below.Fair value measurementThe group has invested in significant financial assets that require the measurement of fair value. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The fair value measurement requires a high degree of judgment. Judgements include considerations of inputs such as cash flow projection, discount rate and volatility. Further information about the fair value measurement using level 3 inputs is included in Note 27 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fair value through other comprehensive income (FVOCI). The impairment of these financial assets is subject to expected credit loss. The loss allowance is recognized in profit and loss and reduces the fair value loss otherwise recognized in OCI. The loss allowance is based on assumptions of expected cash flows from the debt instruments. When making these assumptions, the group uses judgements selecting the similar inputs as used in the fair value measurement since the valuation model also considers the present value of expected cash flows from such investments. Key assumptions include the expected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from disposals are measured at fair value at transaction date. When a deferred and contingent consideration meets the definition of a financial asset or liability, it is subsequently remeasured at fair value at the reporting date. The determination of fair value is based on discounted cash flows. Key assumptions made by the management include the probability of meeting each performance target and the discount factor.Income taxesValuation of deferred tax assets is dependent on management\u2019s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.Tax authorities may challenge calculation of income taxes from prior periods. Such processes may lead to changes to prior periods\u2019 taxable income, resulting in changes to income tax expense. When tax authorities challenge income tax calculations, management is required to make estimates of the probability and amount of possible tax adjustments. Such estimates may change as additional information becomes known. Further details about income taxes are included in Note 11 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factors determined on the basis of actuarial assumptions. These assumptions include financial factors such as the discount rate, expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made. However, it is reasonably certain that such factors will change over the very long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Further information about the pension obligations and the assumptions used are included in Note 23 Employee benefits - pension.Legal disputes and contingent liabilitiesAs an investment company, Akastor and its portfolio companies from time to time engage in mergers, acquisitions and other transactions that could expose the companies to financial and other non-operational risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence as at the reporting date. Note 5 | Discontinued operationsDiscontinued operations AGR On April 18, 2023, Akastor completed the transaction with ABL Group ASA (ABL Group) for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash. Through this sale, Akastor becomes a shareholder in ABL Group, which offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. Further, shareholdings in F\u00f8n Energy Services and Maha Energy were carved out of the transaction and remain with Akastor. Upon completion of the transaction, a total of 18 166 667 Consideration Shares in ABL Group was issued to Akastor\u2019s wholly owned subsidiary RGA Energy Holdings AS in addition to Closing Cash Amount of NOK 5 million. 2/3 of ABL shares were transferred to Nordea and DNB as settlement of the loans they previously had against AGR. Akastor retains 1/3 of the ABL shares (6 055 556), which equals an ownership share in ABL Group of 4.9%. All Consideration Shares are subject to a 12 month lock-up period.Following the transaction, AGR was deconsolidated and classified as discontinued operations. The comparative consolidated income statement has been re-presented to show the discontinued operations separately from continuing operations. Results of discontinued operationsAmounts in NOK million 2023 2022Revenue 257 789Expenses (243) (723)Net financial items (2) (14)Profit (loss) before tax 13 53Income tax - (3)Profit (loss) from operating activities, net of tax 12 50Gain on sale of discontinued operations 110 4Net profit from discontinued operations 122 55 Basic/diluted earnings per share from discontinued operations (NOK) 0.45 0.20Gain on sale from the disposal in 2023 included gain of NOK 104 million for AGR divestment which included currency translation differences of NOK 2 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal. The remaining gain of NOK 6 million in 2023 as well as the gain in 2022 were related to re-assessment of contingent considerations related to divestments from prior years. Cash flows from (used in) discontinued operationsAmounts in NOK million 2023 2022Net cash from operating activities 57 31 Net cash from investing activities (incl. net cash proceeds from sale of the operations) (67) (14)Net cash from financing activities (1) (4)Net cash flow from discontinued operations (11) 13 Disposal of entities in 2023Disposal of Cool Sorption In December 2022, Akastor entered into a share purchase agreement with Diamond Key International Pty. Ltd. for the sale of all shares in Cool Sorption A/S (\u201cCool Sorption\u201d) for DKK 20.4 million on a cash and debt free basis. Accordingly, Cool Sorption was presented as a disposal group held for sale as of December 31, 2022. The sale transaction was completed in February 2023. Cool Sorption is a specialist supplier of Vapour Recovery Units (VRU) and systems and was included in \u201cOther holdings\u201d in segment reporting prior to the sale. The disposal of Cool Sorption resulted in an accounting gain of NOK 16 million, included as \"Other income\" in the income statement for 2023.Disposal of AGRIn April 2023, Akastor completed the transaction with ABL Group ASA for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash, see more information about the transaction in Note 5 Discontinued operations. The disposal of AGR resulted in an accounting gain of NOK 104 million, included as \"Net profit (loss) from discontinued operations\" in the income statement for 2023.Effect of disposal on the financial position of the group1)Amounts in NOK million COOL SORPTION AGRDeferred tax assets (7) (37)Intangible assets and goodwill (2) (148)Property, plant and equipment - (3)Right-of-Use assets - (12)Trade and other receivables (40) (151)Cash and cash equivalents (5) (49)Total assets (53) (400)Pension liabilities - 7Deferred tax liabilities - 4Lease liabilities - 12Trade and other payables 37 158Total liabilities 37 181Non controlling interest - 39Currency translation reserve - 2Net assets and liabilities disposed (15) (177)Total consideration at fair value 31 281 Gain on sale, net of tax 16 104 Portion of consideration received in cash, net of transaction costs 21 (14)Cash and cash equivalents disposed of (5) (49)Net cash flow from disposal 16 (63)1) Cool Sorption was presented as disposal group held for sale as of December 31, 2022.Disposal of entities in 2022Disposal of AGR Wind ServicesIn February 2022, Akastor, through AGR, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Akastor transferred the shares in AGR Wind Services AS to F\u00f8n Energy Services. As compensation for the transfer, Akastor received 44% ownership in F\u00f8n Energy Services. The disposal of AGR Wind Services resulted in an accounting gain of NOK 21 million in 2022.F\u00f8n Energy Services is classified as a joint venture to the group and accounted for using the equity method. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Note 6 | Disposal of subsidiaries Note 7 | Operating segmentsBasis for segmentationAs of December 31, 2023, Akastor has identified the following operating segments as described below. After the divestment of AGR in April 2023, DDW Offshore is identified as a reportable segment from 2023. Since DDW Offshore was previously included in \"Other holdings\", the comparable segment information has been re-presented.\ue603\ue679 HMH is a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor's wholly owned subsidiary, MHWirth AS. HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. \ue603\ue679 AKOFS Offshore is a global provider of vessel-based subsea well construction and intervention services to the oil and gas industry, covering all phases from conceptual development to project execution and offshore operations.\ue603\ue679 DDW Offshore owns three modern Anchor Handling Tug Supply (AHTS) vessels with capability to operate and support clients on a world-wide basis. The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields.\ue603\ue679 Other holdings mainly include 4.9 percent shareholdings in ABL Group, 15 percent economic interest in NES Fircroft, 44 percent of the joint venture F\u00f8n Energy Services, equity instruments in Maha Energy and Awilco Drilling, as well as economic interests in four drilling equipment contracts with Jurong Shipyard (DRU contracts). In addition, this segment includes corporate functions and certain long-term office lease contracts that remained in Akastor after the demerger from Aker Solutions in 2014.HMH and AKOFS Offshore are classified as joint ventures and accounted for using the equity method, see Note 15 Equity-accounted investees. The segment information of the two joint ventures is presented at 100% basis. Measurement of segment performanceSegment performance is measured by operating profit before depreciation, amortization and impairment (EBITDA) which is reviewed by the group\u2019s Executive Management Group (the chief operating decision maker). Segment profit, together with key financial information as described below, gives the Executive Management Group relevant information in evaluating the results of the operating segments and is relevant in evaluating the results of the segments relative to other entities operating within these industries. Information about reportable segmentsEquity-accounted Consolidated 1)investees entitiesTotal AKOFS Off-DDW Other operating Adjustment Total Amounts in NOK million Note HMH (JV)shore (JV)Offshoreholdingssegmentsof JVsAkastor2023Income statementExternal revenue and other income 8 8 264 1 369 231 51 9 914 (9 632) 282 Total revenue and other income 8 264 1 369 231 51 9 914 (9 632) 282 Operating profit before depreciation, amortization and impairment (EBITDA) 1 262 345 84 (87) 1 605 (1 607) (2)Depreciation, amortization and impairment 13, 14, 28 (659) (415) (17) (11) (1 102) 1 074 (28)Operating profit (loss) (EBIT) 603 (70) 67 (98) 503 (533) (31)AssetsCurrent operating assets 5 787 586 77 530 6 979 (6 373) 606 Non-current operating assets 7 249 4 239 231 1 076 12 795 (8 066) 4 729 Finance lease receivables - - - 19 19 - 19 Segment assets 13 036 4 825 308 1 625 19 793 (14 439) 5 354 LiabilitiesCurrent operating liabilities 3 586 421 45 294 4 347 (4 008) 339 Non-current operating liabilities 446 6 - 337 788 (451) 337 Lease liabilities 387 994 - 34 1 415 (1 381) 34 Segment liabilities 4 419 1 421 45 665 6 550 (5 840) 709 2)Net current operating assets - - 32 236 267 - 267 2)Net capital employed 3 015 407 263 960 4 645 - 4 645 1) Segment information presented at 100% basis 2) Refers to figures included in Akastor\u2019s consolidated statement of financial position. Equity-accounted Consolidated 1)investees entitiesAdjustment of JVs and AKOFS Total dis- Offshore DDW Other operating continued Total Amounts in NOK million Note HMH (JV)(JV)OffshoreholdingssegmentsoperationsAkastor2022 (re-presented)Income statementExternal revenue and other income 8 6 477 1 425 147 122 8 172 (7 902) 269 Total revenue and other income 6 477 1 425 147 122 8 172 (7 902) 269 Operating profit before depreciation, amortization and impairment (EBITDA) 762 458 7 (98) 1 129 (1 220) (91)Depreciation, amortization and impairment 13, 14, 28 (457) (376) (39) (12) (884) 833 (51)Operating profit (loss) (EBIT) 306 81 (32) (111) 245 (387) (142)AssetsCurrent operating assets 4 725 578 45 734 6 082 (5 146) 937 Non-current operating assets 7 158 4 517 232 857 12 764 (7 945) 4 819 Finance lease receivables - - 180 38 218 - 218 Assets held for sale - - - 43 43 - 43 Segment assets 11 883 5 095 457 1 673 19 108 (13 091) 6 017 LiabilitiesCurrent operating liabilities 3 235 393 124 431 4 183 (3 490) 693 Non-current operating liabilities 452 6 102 447 1 008 (446) 562 Lease liabilities 344 1 245 - 72 1 662 (1 577) 85 Liabilities held for sale - - - 32 32 - 32 Segment liabilities 4 032 1 644 226 982 6 884 (5 512) 1 372 2)Net current operating assets - - (79) 303 224 19 243 2)Net capital employed 2 863 615 231 690 4 399 246 4 645 1) Segment information presented at 100% basis. 2) Refers to figures included in Akastor\u2019s consolidated statement of financial position. Reconciliations of information on reportable segments to IFRS measuresAmounts in NOK million Note 2023 2022AssetsTotal segment assets 5 354 6 017 Cash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Consolidated assets 6 048 6 804 LiabilitiesTotal segment liabilities 709 1 372 Current borrowings 21 1 133 1 142 Non-current borrowings 21 236 198 Consolidated liabilities 2 078 2 712 Geographical informationGeographical revenue is presented on the basis of geographical location of the group companies selling to the customers. Non-current segment assets and capital expenditures are based on the geographical location of the assets. Non-current assets exclud-ing deferred tax assets and Revenue and other incomefinancial instruments2022Amounts in NOK million 2023Re-presented 2023 2022Norway 282 187 664 1 036Netherlands - - 3 094 2 883Denmark - 82 - -Other countries - - - 14Total 282 269 3 758 3 913Major customerRevenues from one customer of DDW Offshore represent approximately NOK 120 million (NOK 25 million in 2022) of the group\u2019s total revenue. Note 8 | Revenue and other incomeThe group generates revenue primarily from day rate contracts in DDW Offshore, which owns three modern Anchor Handling Tug Supply (AHTS) vessels. A day rate contract is a contract where DDW Offshore is remunerated by the customer at an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. It is estimated that 40% of the contract value is service revenue while the remaining is lease portion of the revenue. 2022Amounts in NOK million Note 2023Re-presentedRevenue from contracts with customers 121 169Other revenue and incomeLease revenue 28 147 97 Other revenue - 1 Gain (loss) on disposal of subsidiaries 16 -Gain on disposals of assets (2) 2 Total revenue and other income 282 269 Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2023Major contract/revenue typesService revenue 93 28 121Total Revenue from contracts with customers 93 28 121 Timing of revenue recognitionTransferred over time 93 28 121 Total Revenue from contracts with customers 93 28 121 Lease revenue 140 7 147Other revenue and income (2) 16 14 Total external revenue and other income in segment reporting 231 51 282 DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2022 (re-presented)Major contract/revenue typesConstruction revenue - 48 48 Service revenue 58 63 121 Total Revenue from contracts with customers 58 111 169 Timing of revenue recognitionTransferred over time 58 111 169 Total Revenue from contracts with customers 58 111 169 Lease revenue 87 10 97Other revenue and income 2 1 3Total external revenue and other income in seg-ment reporting 147 122 269 Contract balancesAmounts in NOK million Note 2023 2022Receivables, which are included in \u201ctrade and other receivables\u201d 22 115 Contract assets 18 11 61 Contract liabilities 24 7 25 Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2023 or 2022.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2023 that was included in contract liabilities in the beginning of the year was NOK 16 million (NOK 14 million in 2022). Transaction price allocated to the remaining performance obligationsRevenue of NOK 4 million is expected to be recognized in 2024 related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2023.Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. Note 11 | Income taxEffective tax rateThe table below reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in Norway. 2022Amounts in NOK million 2023Re-presentedProfit (loss) before tax, continuing operations (384) (312)Tax income (expense) using the company's domestic tax rate 84 22.0% 69 22.0% Tax effects of:Difference between local tax rate and Norwegian tax rate (1) (0.2%) - (0.1%)1)Permanent differences (72) (18.7%) (79) (25.3%)Prior year adjustments (deferred tax) - - 1 0.3% 2)Recognition of previously unrecognized deferred tax assets 14 3.6% 36 11.6% 3)Write down of tax loss or deferred tax assets (26) (6.8%) (26) (8.2%)Total tax income (expenses) - - 1 0.2% 1) Relates mainly to net profit and loss after tax from equity-accounted investees and profit and loss recognized on various tax-exempted investments.2) Relates mainly to previously not recognized tax loss carry-forward in Norway. 3) The impairment relates mainly to unrecognized tax loss and deductible temporary differences in Akastor Corporate entities.Change in net recognized deferred tax assets (liabilities)Net deferred Amounts in NOK million Notetax assetsBalance as of December 31, 2021 38 Recognized in profit and loss 2 Classified as held for sale (6)Balance as of December 31, 2022 33 Disposal of subsidiaries 6 (33)Balance as of December 31, 2023 - Tax loss carry-forwards and deductible temporary differences for which no deferred tax assets are recognizedDeferred tax assets have not been recognized in respect of tax loss carry-forwards or deductible temporary differences when the group evaluates that it is not probable that future taxable profit will be available against which the group can utilize these benefits based on forecasts and realistic expectations. Amounts in NOK million 2023 2022Expiry within one year - 14 Expiry in more than one year or later 411 375 1)Indefinite 3 140 1 350 Total 3 551 1 739 1) In February 2024, the Norwegian Tax Appeals Board overturned a 2020 decision from the tax authorities. Following the decision from the Tax Appeals Board, the tax authorities dropped a similar case. The total disputed amount was NOK 1 455 million. The unrecognized tax losses carried forward has been correspondingly increased.Unrecognized other deductible temporary differences are NOK 1 112 million in 2023 (NOK 1 169 million in 2022). Note 12 | Earnings per shareAkastor ASA holds 1 813 974 treasury shares at year end 2023 (1 985 164 in 2022). Treasury shares are not included in the weighted average number of ordinary shares.2022Amounts in NOK million 2023Re-presentedProfit (loss) from continuing operations (384) (312)Non-controlling interests (3) (19)Profit (loss) attributable to ordinary shares from continuing operations (386) (331)Profit (loss) from discontinued operations 122 55Profit (loss) attributable to ordinary shares (264) (276)Basic/ diluted earnings per shareThe calculation of basic/diluted earnings per share is based on the profit (loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding.2023 2022Issued ordinary shares as of January 1 274 000 000 274 000 000 Weighted average number of issued ordinary shares for the year adjusted for treasury shares 272 180 398 272 002 629 Basic/ diluted earnings (loss) per share (NOK) (0.97) (1.01) Basic/ diluted earnings (loss) per share for continuing operations (NOK) (1.42) (1.22) Basic/ diluted earnings (loss) per share for discontinued operations (NOK) 0.45 0.20Note 13 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, equipment, Amounts in NOK million Note Vesselssoftware TotalHistorical costBalance as of January 1, 2022 282 101 384Additions (2) 1 (1) Reclassification to held for sale - (9) (9)Currency translation differences 35 - 35Balance as of December 31, 2022 315 93 408 Additions 9 - 9Disposals and scrapping - (85) (85)Disposal of subsidiaries 6 - (8) (8)Currency translation differences 10 - 10Balance as of December 31, 2023 334 - 334Accumulated depreciationBalance as of January 1, 2022 (38) (94) (133)1)Depreciation for the year (18) (3) (21)Impairment (21) - (21)Reclassifications to held for sale - 9 9Currency translation differences (6) - (6)Balance as of December 31, 2022 (83) (88) (171)1)Depreciation for the year (17) (2) (20)Disposals and scrapping - 85 85Disposal of subsidiaries 6 - 6 6Currency translation differences (2) - (2)Balance as of December 31, 2023 (103) - (103)Book value as of December 31, 2022 232 5 237Book value as of December 31, 2023 231 - 2311) Includes depreciation of NOK 2 million from discontinued operations in 2023 (NOK 5 million in 2022).DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The vessels are depreciated on a straight-line basis over their expected economic lives of 20-25 years. The group has not identified assets expected to have a significant shorter useful life due to climate-related risks.NOK 4 million has been capitalized in 2023 (NOK 9 million in 2022) related to development activities in discontinued operations. No research and development costs were expensed in 2023 or 2022. Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)Note 15 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 30 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 44%Balance as of January 1, 2023 2 863 615 24 3 502 Additions - 96 1 97 Share of net profit (loss) (41) (315) (7) (363)Share of other comprehensive income 53 (16) - 37 Share of changes directly in equity 52 - - 52 Currency translation differences 87 26 - 113 Balance as of December 31, 2023 3 015 407 17 3 439 HMHOn October 1, 2021, Akastor completed the transaction to bring together Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture company HMH Holding B.V. (HMH). Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. HMH is a premier provider of drilling systems, equipment and aftermarket services.AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. F\u00f8n Energy ServicesIn February 2022, Akastor, through its subsidiary AGR AS, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Following the transaction, Akastor and IKM each holds 44% of the shares in F\u00f8n Energy Services, and have joint control over the company. See Note 6 for more information about the transaction. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Summary of financial information for significant equity-accounted investee (100 percent basis)HMH AKOFSAmounts in NOK million 2023 2022 2023 2022Current assets 6 468 5 645 832 888 \u2013 Cash and cash equivalents 638 468 247 310 Non-current assets 7 539 7 193 4 239 4 517 Current liabilities (3 923) (3 770) (985) (1 844) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (323) (476) (564) (1 451)Non-current liabilities (4 054) (3 341) (3 272) (2 331) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (3 609) (2 889) (3 266) (2 325)Net assets (100%) 6 029 5 726 814 1 230 Akastor's share of net assets (50%) 3 015 2 863 407 615Akastor's carrying amount of the investment 3 015 2 863 407 615Revenue 8 264 6 477 1 369 1 425 Depreciation, amortization and impairment (659) (457) (415) (376)Interest income 27 - 14 5 Interest expense (377) (364) (380) (302)Income tax expense (167) (78) (62) (6)Profit (loss) for the year (82) (164) (629) (358)Other comprehensive income (loss) 106 (50) (31) (102)Total comprehensive income (loss) (100%) 24 (215) (661) (459)Akastor's share of total comprehensive income (loss) (50%) 12 (107) (330) (230)Note 16 | Other investmentsAmounts in NOK million Note 2023 2022NES Fircroft investment 711 636 Aker Pensjonskasse 30 158 158 ABL Group investment 79 -Awilco Drilling investment 17 10 Odfjell Drilling warrants 56 34 Other equity securities 30 31 Total other investments 27 1 051 869 Shares in Step Oiltools B.V. - 162Total current investments 27 - 162NES Fircroft Akastor holds around 15% economic ownership interest in NES Fircroft, a global technical and engineering staffing provider. The investment, consisting mainly of debt instruments, is measured at fair value. See Note 27 Financial instruments for more information about the fair value measurement of debt instruments in NES Fircroft. Aker PensjonskasseAker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse. The ownership does not constitute control since Akastor does not have the power to govern the financial and operating policies so as to obtain benefits from the activities in this entity.ABL GroupAkastor holds 4.9% of the common shares in ABL Group, which is listed on the Oslo Stock Exchange.Awilco Drilling Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed on the Oslo Euronext Growth.Odfjell Drilling warrantsAkastor holds a warrant structure with a maximum potential of 6.8 million common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Odfjell Drilling is listed on the Oslo Stock Exchange.Shares in Step Oiltools B.V.Step Oiltools was part of the MHWirth business contributed from Akastor to the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor whilst the ownership does not constitute control since Akastor is not exposed to variable returns from the legal ownership. In 2023, management of HMH started the liquidation process of Step Oiltools and the value of both shares and liability is impaired as result of reassessment of expected net proceeds from the liquidation. Net financial position related to Step Oiltools was not impacted by the reassessment. See also Note 22 Other liabilities for more information about the liabilities related to Step Oiltools. Note 17 | Non-current interest-bearing receivablesAmounts in NOK million 2023 2022Receivables from AKOFS Offshore 262 226Receivables from HMH 244 218Seller\u2019s credit to Odfjell Drilling - 200Receivables from Aker Pensjonskasse 23 22Seller\u2019s credit to Diamond Key International 12 -Receivable from F\u00f8n Energy Services 9 2Total non- current interest-bearing receivables 550 668In 2022, Akastor sold the preference shares in Odfjell Drilling for a total consideration of USD 95.2 million, of which USD 75.2 million was settled in cash while the remaining USD 20 million was settled through a seller\u2019s credit agreement towards Odfjell Drilling. The seller\u2019s credit agreement was settled in 2023.Note 18 | Trade and other receivablesAmounts in NOK million Note 2023 2022Trade receivables 76 204 Less provision for impairment (1) (64)Trade receivables, net of provision 75 140 1)Other receivables 512 556 Trade and other receivables 27 586 696 Advances to suppliers - 2 Contract assets 8 11 61 Prepaid expenses 4 11 Total 601 7691) Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2024. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022. Net financial position related to the contracts was not impacted by the reassessment. Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2023 2022Not overdue 48 145 Past due 0-30 days 15 3 Past due 31-90 days 12 1 Past due more than 90 days - 56 Total trade receivables 76 204 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2023, trade receivables of a face value of NOK 1 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2023 2022Balance as of January 1 64 57 Write down/utilized (65) -Currency translation differences 2 7 Balance as of December 31 1 64 Note 20 | Capital and reservesThe Board of Directors has not proposed dividend for 2023 or 2022.Note 19 | Cash and cash equivalentsAmounts in NOK million 2023 2022Restricted cash - 2Interest-bearing deposits 144 117 Total cash and cash equivalents 144 119 Additional undrawn committed bank revolving credit facilities amount to NOK 335 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 479 million as of December 31, 2023. See also Note 21 Borrowings.Share capitalAkastor ASA has one class of shares, ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at General Meetings. Total outstanding shares are 274 000 000 at par value NOK 0.592 per share (NOK 0.592 in 2022). All issued shares are fully paid.Treasury shares Sale of 171 190 treasury shares to employees was carried out in 2023 in connection with the company\u2019s variable pay program. As of December 31, 2023, Akastor ASA holds 1 813 974 treasury shares (1 985 164 treasury shares in 2022), representing 0.66 percent of total outstanding shares.Hedging reserveAs of December 31, 2023, the group had no cash flow hedges. The hedging reserve is related to share of other comprehensive income in equity accounted investees.Fair value reserveThe fair value reserve comprises the cumulative net changes in the fair value of financial assets classified as Fair Value through OCI (FVOCI) until these assets are impaired or derecognized. Currency translation reserveThe currency translation reserve includes exchange differences arising from the translation of the net investments in foreign operations, foreign exchange gain or loss on loans defined as part of net investments in foreign operations, as well as the group\u2019s share of currency translation differences in equity accounted investees. Upon the disposal of investments in foreign operations during 2023, the accumulated currency translation differences of NOK 2 million related to the disposed entities were reclassified from the currency translation reserve to the income statement. Note 21 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 26 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2023Revolving credit facility (USD 60 million) USD 60 616 Jun 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 241 million) NOK 241 241 Jun 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 375 million) NOK 82 82 Jul 2024 NIBOR + margin 12%ABL/Maha share financing NOK 57 57 Uncommitted NIBOR + margin 1.5%Term loan DDW Offshore USD 31 309 Sep 2026 Fixed rate 10.85%HMH Loan Note USD 4 41 Oct 2024 Fixed rate 8.0%Overdraft NOK 24Total borrowings 1 369Current borrowings 1 133Non-current borrowings 236Total borrowings 1 369 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340Current borrowings 1 142Non-current borrowings 198 Total borrowings 1 340 1) In February 2024, the maturity date of Revolving credit facilities and Aker facility was extended to June and July 2024, respectively. 2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.For information about contractual maturities of borrowings including interest In September 2023, DDW Offshore completed a refinancing provided by payments and the period in which they mature, see Note 26 Financial risk EnTrust Global\u2019s Blue Ocean Funds as lenders. The new term loan of USD management and exposures. 31 million matures in September 2026. The facility is guaranteed by Akastor ASA and the lenders benefit from first priority mortgages in the vessels. This Bank debtfacility includes restrictions which are customary for these kinds of secured The revolving credit facilities are provided by a bank syndicate consisting financing.of high-quality Nordic and international banks, with DNB acting as agent. The terms and conditions include restrictions which are customary for these kinds of facilities, including inter alia negative pledge provisions and restrictions on acquisitions, disposals and mergers, dividend distribution and change of control provisions. For information about financial covenants, see Note 25 Capital management. Reconciliation of liabilities arising from financing activitiesRevolving Subordi-Term loan Other, credit nated Aker Term loan \u2013 DDW including Total Amounts in NOK millionfacilitiesfacility AGROffshoreoverdraftborrowingsBalance as of December 31, 2021 721 3 185 467 11 1 387Proceeds from borrowings 736 20 - - - 756 Repayment of borrowings (711) (20) - (254) (11) (996)Changes from financing cash flows 25 - - (254) (11) (240)Changes in capitalized borrowing costs 13 - - - - 13Accrued interest (incl. commitment fees) (1) 13 13 -9 - 33Foreign exchange movements 96 - - 50 - 146Balance as of December 31, 2022 854 16 198 272 - 1 340Proceeds from borrowings 50 60 - 316 81 507 Repayment of borrowings (74) (20) (9) (279) - (382)Changes from financing cash flows (24) 40 (9) 36 81 125Settlement with ABL shares - - (188) - - (188)Reclassification - - - - 37 37Changes in capitalized borrowing costs 2 - - - - 2Accrued interest (incl.commitment fees) (1) 26 (1) (8) 3 20Foreign exchange movements 23 - - 8 1 32Balance as of December 31, 2023 856 82 - 309 121 1 369See Note 28 Leases for reconciliation of liabilities arising from leasing activities.Note 22 | Other liabilitiesAmounts in NOK million Note 2023 2022Deferred gain 9 30Deferred settlement obligations 27 246 326Liability for profit split 27 - 102Other liabilities 27 - 1Total other non-current liabilities 255 459Liability related to Step Oitools 27 - 162Total other current liabilities - 162 Deferred gain Liability for profit splitIn May 2018, Akastor invested in preferred equity and warrants in Odfjell DDW Offshore AS had obligation to share 50 percent of the sale proceeds Drilling. On initial recognition, the investment in warrants was recognized at from disposal of two of its vessels with its lenders prior to April 2024. The fair value and the difference between the fair value and the transaction price, liability for profit split was fully settled in 2023. NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain is subsequently amortized and recognized to profit and loss at straight-line Liability related to Step Oiltools basis over six years. See Note 16 Other investments for more information Step Oiltools was part of the MHWirth business contributed from Akastor to about the warrant investment. the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor. The liability reflects the obligation Deferred settlement obligationsto transfer disposal proceeds to HMH when the ownership structure is Deferred settlement obligations represent contingent considerations resolved. In 2023, management of HMH started the liquidation process of resulting from disposal of subsidiaries. The obligations are mainly related Step Oiltools and the value of both shares and liability is impaired as result to provision for indemnity liabilities for pension plans in connection with of reassessment of expected net proceeds from the liquidation. Net financial MHWirth divestment as well as guaranteed preferred return to Mitsui and position related to Step Oiltools was not impacted by the reassessment. MOL in connection with AKOFS Offshore divestment. See also Note 16 Other investments for more information about the Step Oiltools shares. Note 23 | Employee benefits \u2013 pensionAkastor\u2019s pension costs represent the future pension entitlement earned Norwegian employers are obliged to provide an employment pension plan, by employees in the financial year. In a defined contribution plan the which can be organized as a defined benefit plan or as a defined contribution company is responsible for paying an agreed contribution to the employee\u2019s plan. The Norwegian companies in Akastor have closed the earlier defined pension assets. In such a plan, this annual contribution is also the cost. In benefit plans in 2008 and are now providing defined contribution plans for a defined benefit plan, it is the company\u2019s responsibility to provide a certain all employees.pension. The measurement of the cost and the pension liability for such arrangements is subject to actuarial valuations. Akastor has over a long Defined benefit plantime period gradually moved from defined benefit arrangements to defined Employees who were 58 years or older in 2008, when the change took contribution plans. Consequently, the impact of the remaining defined place, are still in the defined benefit plan, which is a funded plan. There are benefit plans is gradually reduced.no longer any active employees in this plan. The group has also unfunded executive pension plans that are closed for new members. The estimated Pension plans in Norwaycontributions expected to be paid during 2024 amount to NOK 13 million.The main pension arrangement in Norway is a general pension plan organized by the Norwegian Government. This arrangement provides the main general pension entitlement of all Norwegians. All pension arrangements by employers consequently represent limited additional pension entitlements.Pension cost2022 Amounts in NOK million 2023Re-presentedDefined benefit plans - 1Defined contribution plans including AFP 2 2Total pension cost 2 3Movement in net defined benefit (asset) liabilityPension obligation Pension asset Net pension obligationAmounts in NOK million 2023 2022 2023 2022 2023 2022Balance as of January 1 301 332 (205) (224) 96 108Disposal of subsidiaries as of January 1, 2023 (12) - 4 - (8) -Included in profit or loss Service cost - 1 - - - 1Interest cost (income) 6 4 (3) (2) 3 2 Total 6 4 (3) (2) 3 2 Included in OCI Remeasurements (loss) gain: Actuarial loss (gain) 11 (12) (5) (3) 6 (15)Return on plan assets excluding interest income - - 1 25 1 25 Effect of movements in exchange rates 3 7 (2) (6) 1 -Total 14 (5) (6) 16 8 11OtherBenefits paid by the plan (30) (30) 24 24 (6) (6)Contributions paid into the plan - - (11) (20) (11) (20)Total (30) (30) (13) 5 (17) (26)Balance as of December 31 279 301 (197) (205) 82 96 The discount rates and other assumptions in 2023 and 2022 are based on the Norwegian high quality corporate bond rate and recommendations from the Norwegian Accounting Standards Board. It should be expected that fluctuations in the discount rates would also lead to fluctuations in the pension indexations. The total effect of fluctuations in economic assumptions is consequently unlikely to be very significant. Sensitivity analysisReasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2023 by the amounts shown below.Amounts in NOK million Increase DecreaseDiscount rate (1% movement) (15) 16Future pension growth (1% movement) 15 (13)The change in discount rate assumptions would affect plan assets in the income statement in next period as it would change the estimated asset return but have no effect on pension assets as of year-end.Plan assetsAmounts in NOK million 2023 2022Bonds 40 48Fund/private equity 57 56 Total plan assets in Norway at fair value 97 104 Equity securities - 25 Debt securities 100 76Total plan assets in US at fair value 100 101Total plan assets at fair value 197 205 The equity portfolio is invested globally. The fair value of the equities is Association. The Bond investments have on average a high credit rating. based on their quoted prices at the reporting date without any deduction for Most of the investments are in Norwegian municipalities with a credit rating estimated future selling cost.of AA.The investments in bonds are done in the Norwegian market and most of The investment in fund/private equity is mainly funds that invests in listed the bonds are not listed on any exchange. The market value as at year end securities and where the fund value is based on quoted prices.is based on official prices provided by the Norwegian Securities Dealers Defined benefit obligation \u2013 actuarial assumptionsThe group\u2019s significant defined benefit plans are in Norway. The followings are the principal actuarial assumptions at the reporting date for the plans in Norway.Norway2023 2022Discount rate 3.10% 3.20%Asset return 2.25% 2.00%Salary progression 3.50% 3.75%Pension indexation 1.8 -3.3% 1.7 -3.5%Mortality table K2013 K2013Life expectancy of male pensioners (in years) 22.8 22.7Life expectancy of female pensioners (in years) 26.1 26.0Note 24 | Trade and other payables Amounts in NOK million Note 2023 2022Trade creditors 17 67 Accrued expenses 96 1791)Liability for profit split - 89Trade and other payables 27 113 335Public duty and tax payables 8 46 Contract liabilities 8 7 25 2)Deferred settlement obligations 27 176 91 Total trade and other payables 305 4981) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of its vessels, which was fully settled in 2023. 2) Relates to current portion of deferred settlement obligations, see Note 22 for more informationBook value of trade creditors and other current liabilities is approximately equal to fair value.Note 25 | Capital managementAkastor\u2019s capital management is designed to ensure that the group has sufficient financial flexibility to carry out its strategic targets, both short-term and long-term. Akastor is targeting to maintain a financial structure that, through solidity and cash flow, secures the group\u2019s strong long-term creditworthiness, as well as maximize value creation for its shareholders through:\ue603\ue679 Investing in projects and business areas which will increase the company\u2019s Return On Capital Employed (ROCE) over time.\ue603\ue679 Optimizing the company\u2019s capital structure to ensure both sufficient and timely funding over time to finance its activities at the lowest cost.Investment policyAkastor\u2019s capital management is based on a rigorous investment selection process which considers not only Akastor\u2019s weighted average cost of capital and strategic orientation but also external factors such as market expectations.Funding policyLiquidity planningAkastor has a strong focus on its liquidity situation to meet its capital needs and ensure solvency for its financial obligations. Akastor had a liquidity reserve per year end 2023 of NOK 479 million, composed of an undrawn committed credit facility of NOK 335 million and cash and cash equivalents of NOK 144 million.Funding of operationsAkastor\u2019s group funding policy is that subsidiaries should finance their operations with the treasury department (Akastor Treasury). This ensures optimal availability and transfer of cash within the group and better control of the company\u2019s overall debt as well as cheaper funding for its operations. However, DDW Offshore is financed directly through a USD 31 million Term loan maturing in 2026. Funding durationAkastor emphasizes financial flexibility and steers its capital structure accordingly to limit its liquidity and refinancing risks. In this perspective, loans and other external borrowings are to be renegotiated well in advance of their due date and generally for periods of 3 to 5 years. However, as a result of MHWirth divestment in 2021 and the required refinancing carried out in connection with this, corporate facilities currently have a shorter duration as realization of assets are expected to be carried out in the short to medium term.Funding costAkastor aims to have diversified funding sources in order to reach the lowest possible cost of capital. These funding sources might include:\ue603\ue679 The use of banks based on syndicated credit facilities.\ue603\ue679 The issue of debt instruments in the Norwegian capital market.\ue603\ue679 The issue of debt instruments in foreign capital markets.Ratios used in monitoring of capital/covenantsAkastor monitors capital on the basis of a gearing ratio (net debt/equity) and equity ratio (equity/total assets). These ratios are similar to covenants as defined in the loan agreement entered into in 2022 for the revolving credit facilities which are shown below. See Note 21 Borrowings for details about these loans.\ue603\ue679 The company\u2019s gearing ratio shall not exceed 0.5 times and is calculated from the consolidated total borrowings to the consolidated Equity.\ue603\ue679 Equity ratio shall not be lower than 32.5%, calculated from the consolidated total equity to consolidated total assets.\ue603\ue679 Minimum liquidity amount shall exceed NOK 150 million on consolidated level.The ratios are calculated based on net debt including cash and borrowings, consolidated equity and consolidated total assets, however adjusted for certain items as defined in the loan agreement. Covenants ratios are based on accounting principles as of December 31, 2023. The covenants are monitored on a regular basis by the Akastor Treasury department to ensure compliance with the loan agreements which are tested and reported on a quarterly basis. Akastor was in compliance with its covenants as of December 31, 2023. In February 2024, the group extended the maturity of the corporate revolving credit facilities to June/July 2024. DDW Offshore's external financing has two financial covenants; i) a minimum liquidity of USD 1.425 million and ii) a minimum asset cover ratio of 120% (Market Value of the vessels / Secured Loan Amount) .Note 26 | Financial risk management and exposuresThe group is exposed to a variety of financial risks: currency risk, interest rate risk, price risk, credit risk, liquidity risk and capital risk. The capital market risk affects the value of financial instruments held. The objective of financial risk management is to manage and control financial risk exposures and thereby increase the predictability of earnings and minimize potential adverse effects on the group\u2019s financial performance. Risk management is present in every project. It is the responsibility of the project managers, with the support of Akastor Treasury, to identify, evaluate and hedge financial risks under policies approved by the Board of Directors. The group has well-established principles for overall risk management, as well as policies for the use of derivatives and financial investments. There have not been any changes in these policies during the year. Currency riskThe group\u2019s exposure to currency risk is primarily against USD. In addition, The group has significant investments in portfolio companies that operate internationally and are exposed to currency risk on commercial transactions, recognized assets and liabilities and net investments in foreign operations.Exposure to currency riskChanges in currency rates change the values of borrowings, receivables and cash balances. 2023 2022Amounts in million USD USDCash and cash equivalents (3) -Intercompany loans 60 48 Loans and receivables 89 109 Deferred settlement obligations (41) (42)Balance sheet exposure 104 115 Net exposure (NOK million) 1 063 1 141Sensitivity analysisA strengthening of USD against NOK as of December 31 would have affected the measurement of financial instruments denominated in a foreign currency and increased (decreased) income statement by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. Figures in the table below only include the effect in income statement for change in currency regarding financial instruments and do not include effect from operating cost and revenue.Effect of weakening of NOK against USD:Profit (loss) after taxAmounts in NOK million 2023 2022USD (10%) 106 114A strengthening of the NOK against USD as of December 31 would have issued at variable rates as well as cash expose the group to cash flow had the equal but opposite effect on the above amounts, on the basis that interest rate risk. Borrowings and receivables issued at fixed rates expose all other variables remain constant. The sensitivity analysis does not include the group to fair value interest rate risk. However, as these borrowings are effects on the consolidated result and equity from changed exchange rates measured at amortized cost, interest rate variations do not affect profit and used for consolidation of foreign subsidiaries.loss when held to maturity.The primary currency-related risk is the risk of reduced competitiveness An increase of 100 basis points in interest rates during 2023 would have abroad in the case of a strengthened NOK. This risk relates to future increased (decreased) profit and loss by the amounts shown on the table commercial contracts and is not included in the sensitivity analysis above.below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same Interest rate riskbasis as for 2022.The group\u2019s interest rate risk arises from cash balances, interest-bearing borrowings and interest-bearing receivables. Borrowings and receivables Effect of increase of 100 basis points in interest rates on profit (loss) before taxAmounts in NOK million 2023 2022Cash and cash equivalents 1 1Interest-bearing receivables 6 4Borrowings (13) (17)Net (6) (12)A decrease of 100 basis points in interest rates during 2023 would have had the equal but opposite effect on the above amounts, on the basis that all other variables remain constant. There are no effects on equity as there are no interest swaps.Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiaries and related parties as of December 31, 2023 (estimated remaining exposure as of December 31, 2023):\ue603\ue679 Performance guarantees on behalf of group companies of nil (NOK 17 million in 2022)\ue603\ue679 Performance guarantees on behalf of related parties of NOK 1.5 billion (NOK 2.2 million in 2022)\ue603\ue679 Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.1 billion (NOK 2.6 billion in 2022)\ue603\ue679 Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.2 billion in 2022)Although guarantees are financial instruments, they are considered contingent obligations and the notional amounts are not included in the financial statements. See more information about guarantees for related parties in Note 30 Related parties. Credit riskCredit risk is the risk of financial losses to the group if customer or counterparty to financial investments/instruments fails to meet contractual obligations and arise principally from investment securities and receivables. The group evaluates that significant credit risk concentrations are related to external receivables. The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets (see Note 27 Financial instruments) and contract assets (see Note 8 Revenue and other income). The group does not hold collateral as security. The group reviews the creditworthiness of counterparty when entering into significant or long-term contract and actively monitors its credit exposure to each counterparty. Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its financial liabilities. The group manages its liquidity to ensure that it will always have sufficient liquidity reserves to meet its liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Akastor Treasury maintains flexibility in funding by maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow from its portfolio companies and therefore to a large degree depends on realization Price riskThe group is exposed to fluctuations in market prices in the operational areas related to contracts, including changes in market prices for raw materials, equipment and development in wages. These risks are to the extent possible managed in bid processes by locking in committed prices from vendors as a basis for offers to customer or through escalation clauses with customers. of assets to reduce debt and improve liquidity. In order to mitigate refinancing risk when the corporate financing facilities mature and secure available liquidity, the group is in accordance with its strategy focusing on realization of holdings. Liquidity risk has been mitigated in the short term through the extension of the current corporate financing facilities through to June and July 2024, to be replaced by new corporate credit lines, which have been committed, but subject to the amount received following the DRU arbitration award. If the proceeds from DRU arbitration come in at a lower value than anticipated, Akastor will need to source other means of funding such as through a bond financing. The group policy for the purpose of optimizing availability and flexibility of cash within the group is to operate a centrally managed cash pooling arrangement. An important condition for the participants (business units) in such cash pooling arrangements is that the group as an owner of such pools is financially viable and is able to prove its capability to service its obligations concerning repayment of any net deposits made by business units. Management monitors rolling quarterly forecasts of the group\u2019s liquidity reserve on the basis of expected cash flow. Climate riskAkastor, as an investment company, is exposed to climate related risks, mainly transition risks and physical risks which are closely linked to the risks identified by the portfolio companies it has ownership interests in. The group\u2019s most significant group of assets, equity-accounted investees, consists primarily of investments in HMH and AKOFS Offshore. The largest climate-related risks are related to the transition to a low-emission economy, and an expected decrease in the oil and gas sector, which will be challenging in terms of access to and cost of capital. In addition, large oil companies are shifting towards low-carbon production, leading to changes in customer requirements that may require new investments in technology. Overall, this may lead to negative impact on the equity of these investees and thus reduction of the value of Akastor\u2019s investments.With regards to the physical assets in the group, mainly attributed to the vessels held by DDW Offshore, the group is mainly exposed to physical risks such as extreme weather changes. The group has not identified significant changes when assessing useful life or impairment testing of the vessels due to climate related risks. For the 2023 financial statements, the group has not identified any material impacts on judgement and estimates due to climate-related risks. Akastor and its portfolio companies preform climate related risk and opportunity assessment based on the methodology described in the Task Force on Climate-Related Financial Disclosures (TCFD) on a regular basis. Assessment of risks is carried out in preparation of the group\u2019s financial statements. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20232)Borrowings 21 1 369 1 511 1 042 183 95 190 - Lease liabilities 28 34 34 18 14 2 - - Deferred settlement obligations 22, 24 589 424 171 8 74 45 127 Trade and other payables 24 121 121 121 - - - - Total financial liabilities 2 114 2 090 1 352 204 171 235 127 3)Financial guarantees 3 850 31 265 1 499 1 665 390 20222)Borrowings 21 1 340 1 403 59 334 852 157 - Lease liabilities 28 85 89 27 22 34 6 1 Other non-current liabilities 22 103 110 - - 110 - -Other current liabilities 22 162 162 - 162 - - - Deferred settlement obligations 22, 24 417 429 103 8 91 102 126 Trade and other payables 24 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.Note 27 | Financial instruments Accounting classifications and fair valuesLevel 2 - fair values are based on inputs other than quoted prices included The following table shows the carrying amounts and fair values of financial in Level 1 that are observable for the asset or liability, either directly or assets and financial liabilities, including their levels in the fair value indirectly.hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a Level 3 - fair values are based on unobservable inputs, mainly based on reasonable approximation of fair value. For financial instruments measured internal assumptions used in the absence of quoted prices from an active at fair value, the levels in the fair value hierarchy are as shown below.market or other observable price inputs.Level 1 - fair values are based on prices quoted in an active market for identical assets or liabilities.2023 2022Financial Financial instruments instruments Carrying measured at Carrying measured at Fair value Amounts in NOK million Noteamountfair valueamountfair valuehierarchyFinancial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 16 125 125 40 40 Level 1 1)Equity securities 16 158 158 321 321 Level 3Warrants 16 56 56 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 16 711 711 636 636 Level 3 Financial assets not measured at fair value Financial assets at amortized costCash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Trade and other receivables 18 586 696 Financial assets 2 332 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 21 (1 369) (1 371) (1 340) (1 342) Level 2Other financial liabilitiesTrade and other payables 24 (113) (335)Other non-current liabilities 22 - (103)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 22, 24 (422) (422) (417) (417) Level 3Other current liabilities 22 - - (162) (162) Level 3Financial liabilities (1 904) (2 357) 1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Additions - (3)Settlements (18) 24 Net gain (loss) in the income statement (48) 136Balance as of December 31, 2023 926 422Measurement of fair values at level 3Debt instruments at FVOCIFinancial assets measured at FVOCI are related to debt instruments in NES Fircroft. The valuation model considers the present value of the expected cash flows from the ultimate disposal of the investments weighted with different probabilities. The expected disposal value is determined by forecast EBITDA at the time of disposal and market multiples, adjusted by forecast net debt of the investee. The estimated fair value would increase (decrease) if:\ue603\ue679 The forecast EBITDA were higher (lower);\ue603\ue679 The market multiples applied were higher (lower); or\ue603\ue679 The net debt of the investees at the date of disposal were lower (higher). Warrants measured at FVTPLThe financial asset relates to warrant investment in Odfjell Drilling. The valuation is obtained from external valuation experts, using a Monte Carlo simulation model where the simulated stock prices are based on a lognormal stock price model assumed to follow a Geometric Brownian Motion. The key inputs to the valuation model consist of the stock price of Odfjell Drilling (listed on the Oslo Stock Exchange under ticker ODL) at the valuation date, as well as assumption of future volatility based on the share\u2019s historical prices. The estimated fair value is mostly sensitive to the ODL share price and would increase (decrease) if the ODL share price were higher (lower). Deferred settlement obligationsThese liabilities relate to contingent considerations and obligations from business disposals. Final amounts to be paid depend on future earnings in the disposed companies or outcome of indemnity claims and price adjustment mechanisms. \ue603\ue679 Liabilities depending on future earnings: The recognized amounts are determined based on recent forecasts and strategy figures for the entity, thus the final realized values are sensitive to the above inputs as driven by market conditions. \ue603\ue679 Liabilities depending on outcome of indemnity claims and price adjustment mechanisms: Provisions are made based on all available evidence as at the reporting date.The credit exposure on the Level 3 asset is limited to the amount recognized and the credit risk is not considered to be significant due to the nature of the arrangement.Note 28 | LeasesGroup as lesseeIT equipment and office equipment are considered as leases of low-value The group leases office buildings on a number of locations. The leases assets. The right-of-use assets and lease liabilities are not recognized for typically run for a period of 3-10 years and some of the leases have short-term leases or leases of low-value assets.extension options. The lease agreements do not impose any covenants or restrictions. The group applies the short-term lease recognition exemptions for leases of property or machinery with lease term of 12 months or less. Leases of Right-of-use assetsAmounts in NOK million Note 2023 2022Balance as of January 1 27 41 Additions - 4 1)Depreciation(10) (15)Disposal of subsidiaries 6 (12) -Remeasurement 2 (4)Balance as of December 31 7 27 1) Includes depreciation related to discontinued operations of NOK 1 million in 2023 (NOK 5 million in 2022) The right-of-use assets are related to leases of office buildings. Lease liabilitiesAmounts in NOK million Note 2023 2022Balance as of January 1 85 155Cash payments (41) (78)Additions - 4 Remeasurement 2 5 Disposal of subsidiaries 6 (12) -Balance as of December 31 34 85Current lease liabilities 32 48Non-current lease liabilities 2 37Amounts recognized in the income statement and cash flow statementAmounts in NOK million 2023 2022Expenses related to leases of low-value items (3) (3)Interest on lease liabilities (3) (5)Total amounts recognized in the income statement (6) (8)Payments for leases expensed (3) (3)Interest paid for lease liabilities (3) (6)Principal payments of lease liabilities (41) (78)Total cash outflow for leases (46) (87)Some property leases contain extension or termination options exercisable before the end of the non-cancellable period. They are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The extension and termination options held are exercisable only by the group and not by the respective lessor. The group assesses at lease commencement date whether it is reasonably certain to exercise the extension or termination options. Extension options in offices leases have not been included in the lease liability, because the group expects to be able to replace the assets without significant cost or business disruption. If the group had exercised the extension options in significant property leases as of December 31, 2023, the group estimates potential future lease payments (undiscounted) of approximately NOK 37 million, which are not included in the lease liabilities. Group as lessorThe group leases out the vessels in DDW Offshore and subleases out some of the property leases. Finance leasesSome of the subleases of right-of-use assets are classified as finance lease, with reference to the right-of-use assets arising from the head leases. The finance lease of two vessels in DDW Offshore was completed in 2023. The following table sets out a maturity analysis of finance lease receivables, showing the undiscounted lease payments to be received after the reporting date. Amounts in NOK million 2023 2022Due within one year 20 213Due in one to two years - 18Total undiscounted lease receivable 20 232Unearned interest income 1 13Total finance lease receivables 19 218Current finance lease receivables 19 208Non-current finance lease receivables - 10Operating leasesThe lease income from subleasing right-of-use assets in 2023 was NOK 7 million (NOK 10 million in 2022). The following table sets out future undiscounted operating lease income under the non-cancellable lease periods. Amounts in NOK million 2023 2022Due within one year 10 104Due in one to two years - 2Total 10 106Note 29 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 15 Equity-accounted investees and Note 16 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2023 2022Akastor ASA NorwayAkastor AS Norway 100 100DDW Offshore AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 1001)RGA Energy Holdings AS Norway 100 -AKA SPH AS Norway 100 1002)AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1002)KOP Surface Products Singapore Pte Ltd Singapore 100 1002)Well Systems Servicing Ltd Nigeria 100 1003)Disposed entities Cool Sorption A/S Denmark - 100Aker Cool Sorption Siam Ltd Thailand - 100AGR (Australia) Pty Ltd Australia - 64AGR AS Norway - 64AGR Energy Services AS Norway - 64AGR Software AS Norway - 58AGR Consultancy Services AS Norway - 64AGR Mexico Well Management S. de R. L. de C. V Mexico - 64AGR Consultancy Solutions Ltd UK - 64SpotOn Well Management Ltd UK - 64AGR Group Americas, Inc USA - 64AGR Energy Services Inc USA - 641) Established in 20232) Dormant company3) Disposed in 2023Note 30 | Related parties Related party relationships are those involving control (either direct or indirect), joint control or significant influence. Related parties are in a position to enter into transactions with the company that would not be undertaken between unrelated parties. The subsidiaries of Akastor ASA are listed in Note 29 Group companies. Any transactions between the parent company and the subsidiaries are shown line by line in the separate financial statements of the parent company, and are eliminated in the consolidated financial statements.Joint ventures are accounted for using the equity method, see Note 15 Equity-accounted investees. The largest shareholder of Akastor, Aker Holding AS, is wholly-owned by Aker ASA, which in turn is controlled by Kjell Inge R\u00f8kke through TRG Holding AS and The Resource Group TRG AS. Akastor is an associated company to Aker ASA as per year end 2023 and 2022. Below are descriptions of significant related party agreements. Significant agreements with related parties to Aker ASAAker Holding AS In connection with the refinancing of its corporate credit facilities, Akastor entered into a subordinated loan agreement with Aker Holding AS, a wholly owned subsidiary to Aker ASA. The agreement provides credit facility of NOK 375 million (NIBOR + margin 12.0 percent) available to Akastor. As of December 31, 2023, the carrying amount of the Aker facility is NOK 82 million. In February 2024, the facility was extended to July 2024, see Note 21 Borrowings for more information. The Resource Group TRG AS AK Wilfab Inc, a wholly owned subsidiary of Akastor, is together with Aker Solutions Inc and The Resource Group TRG AS sponsoring the US pension plan named the Kvaerner Consolidated Retirement Plan. Akastor holds one third of the liability of the sponsors for the underfunded element of the plan and The Resource Group TRG AS holds two thirds of the ultimate liability. Aker ASA guarantees for The Resource Group TRG AS\u2019 liability and covers for all its expenses related to the pension plan.Related party transactions with joint venturesAKOFS OffshoreAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 262 million against AKOFS Offshore, including term loan of NOK 209 million (LIBOR + margin 2.5/5.5 percent) and drawn working capital facility of NOK 53 million (NIBOR + margin 5.5 percent). Akastor has made available a NOK 100 million working capital revolving facility to AKOFS Seafarer AS from contract commencement with Equinor. As part of the joint venture shareholders agreement, the other two investors, Mitsui and MOL, are entitled to a guaranteed preferred equity return, in respect of the operations of AKOFS Seafarer, amounting to a total of USD 46 million for the period 2020-2025. The payment of preferred return will be settled firstly by ordinary dividend from AKOFS Offshore, with any shortfall being guaranteed by Akastor. Akastor ASA has issued a bank guarantee for payment of preferred return for a total amount of NOK 135 million relating to the remaining period. Akastor has issued a financial guarantee of NOK 157 million in favour of finance institutions for fulfilment of lease obligations related to Avium Subsea AS. Akastor has issued a financial parent company indemnity guarantee of NOK 1.1 billion in favour of OCY Wayfarer Limited for fulfilment of lease obligations related to AKOFS 3 AS. In addition, Akastor is guaranteeing the performance of AKOFS Norway Operations AS (operating AKOFS Seafarer) under the 5 years charter agreement with Equinor. The remaining contract value of this charter agreement is NOK 1.4 billion. Avium Subsea AS, AKOFS 3 AS and AKOFS Seafarer AS are wholly owned subsidiaries of AKOFS Offshore. HMHAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 244 million against HMH (fixed interest rate 8.0 percent), see also Note 17 Non-current interest-bearing receivables. Further, Akastor has a current interest-bearing liability of NOK 41 million towards HMH (fixed interest rate 8.0 percent), see also Note 21 Borrowings for more information. Akastor has issued financial guarantees of NOK 430 million for MHWirth AS, a wholly owned subsidiary of HMH, for fulfilment of lease obligations and performance under certain operational support frame agreements. F\u00f8n Energy ServicesAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 9 million against F\u00f8n Energy Services (NIBOR+ margin 2.0/7.2 percent), see also Note 17 Non-current interest-bearing receivables.Other related partiesAker Pensjonskasse Aker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse and Akastor\u2019s share of paid-in equity was NOK 158 million at the end of 2023 (NOK 158 million in 2022). Akastor\u2019s premium paid to Aker Pensjonskasse amounts to NOK 6 million in 2023 (NOK 6 million in 2022). Akastor also has an interest-bearing receivable against Aker Pensjonskasse of NOK 23 million and an additional financing commitment NOK 10 million (3% interest of drawn amount and 1% interest of committed amount).Even though Akastor owns 93.4 percent in Aker Pensjonskasse, the ownership does not constitute control since Akastor does not have the power to govern the financial and operating policies so as to obtain benefits from the activities in this entity.Grants to employee representative\u2019s collective fund Aker ASA has signed an agreement with employee representatives that regulate use of grants from Akastor ASA for activities related to professional development. The grant in 2023 was NOK 547 500 (NOK 510 000 in 2022).Compensation to key managementThe key management personnel of Akastor includes the Board of Directors and the executive management team. The figures below represent remuneration expenses recognized in the year. Detailed remuneration disclosures are provided in Remuneration Report 2023. Amounts in NOK million 2023 2022Base salary 7 7Variable pay and other benefits 7 8Post-employment benefits (pension expenses to company) 1 1Remuneration to Board of Directors 4 3Total 18 19The balance of accrued expenses related to key management remuneration amounted to NOK 18 million as of December 31, 2023, of which NOK 5 million is contingent on continuous employment after a three-year period. Executive management\u2019s and directors\u2019 shareholdingThe following number of shares is owned by the members of the executive management and the directors (and their related parties) as of December 31:Title 2023 2022Karl Erik Kjelstad CEO 700 000 600 000\u00d8yvind Paaske CFO 135 083 105 083Frank Ove Reite Chairperson 200 000 200 000Lone F\u00f8nss Schr\u00f8der Deputy chair 4 400 4 400Svein Oskar Stoknes Director 1 297 1 297Kathryn Baker Director 45 683 45 683Luis Antonio G. Araujo Director - -Asle Christian Halvorsen Director, elected by employees 10 000 10 000Stian Sj\u00f8lund Director, elected by employees 10 000 10 000Henning Jensen Director, elected by employees - -Note 31 | Events after reporting date In February 2024, the maturity of corporate bank facilities and subordinated Aker facilities was extended to June and July 2024, respectively.",
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"value": "The consolidated financial statements of Akastor ASA and its subsidiaries (collectively referred as Akastor or the group, and separately as group companies) for the year ended December 31, 2023 were approved by the board of directors and CEO on March 19, 2024. The consolidated financial statements will be authorized by the Annual General Meeting on April 16, 2024.",
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"value": "Note 2 | Basis for preparationBasis of measurementThe consolidated financial statements have been prepared on the historical cost basis except for the following material items, which are measured on an alternative basis on each reporting date:\ue603\ue679 Non-derivative financial instruments at Fair Value through Profit or Loss (FVTPL) are measured at fair value.\ue603\ue679 Debt instruments at Fair Value through Other Comprehensive Income (FVOCI) are measured at fair value.\ue603\ue679 Contingent considerations assumed in business disposals are measured at fair value.\ue603\ue679 Net defined benefit (asset) liability is recognized at fair value of plan assets less the present value of the defined benefit obligation.Use of estimates and judgementsThe preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Although management believes these assumptions to be reasonable, given historical experience, actual amounts and results could differ from these estimates. The items involving a higher degree of judgement or complexity, and items where assumptions and estimates are material to the consolidated financial statements, are disclosed in Note 4 Significant accounting estimates and judgements.The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.Basis of accountingThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of December 31, 2023.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-15-3": {
"value": "Basis of accountingThe consolidated financial statements have been prepared in accordance with IFRS\u00ae Accounting Standards as adopted by the EU, their interpretations adopted by the International Accounting Standards Board (IASB) and the additional requirements of the Norwegian Accounting Act as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-3-2": {
"value": "Going concern basis of accountingThe consolidated financial statements have been prepared on a going concern basis, which assumes that the group will be able to meet the mandatory terms and conditions of the banking facilities as disclosed in Note 25 Capital management. Please refer to Board of Directors\u2019 report for more information about going concern assessment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-5-2": {
"value": "Functional and presentation currencyThe consolidated financial statements are presented in NOK, which is Akastor ASA\u2019s functional currency. All financial information presented in NOK has been rounded to the nearest million (NOK million), except when otherwise stated. The subtotals and totals in some of the tables in these consolidated financial statements may not equal the sum of the amounts shown due to rounding.When the functional currency in a reporting unit is changed, the effect of the change is accounted for prospectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-20-2": {
"value": "Note 3 | Significant accounting policiesSummary of significant accounting policiesThe 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.SubsidiariesSubsidiaries are entities controlled by the group. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date of which control ceases.Investments in joint ventures The group\u2019s interests in equity-accounted investees comprise interests in joint ventures.A joint venture is an arrangement in which the group has joint control, whereby the group has rights to the net assets of the arrangement, rather to its assets and obligations for its liabilities. Joint control is established by contractual agreement requiring unanimous consent of the ventures for strategic, financial and operating decisions. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the group\u2019s share of the profit and loss and other comprehensive income of the equity-accounted investees. When the group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and further losses are not recognized except to the extent that the group incurs legal or constructive obligations or has made payments on behalf of the investee.Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized, but are considered in the overall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-current assets or disposal groups are classified as a held for sale.Discontinued operationsA discontinued operation is a component of the group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier.In the consolidated income statement, income and expenses from discontinued operations are reported separately from income and expenses from continuing operations, down to the level of profit after taxes. When an operation is classified as a discontinued operation, the comparative income statement is restated as if the operation had been discontinued from the start of the comparative year.The statement of cash flow includes the cash flow from discontinued operations prior to the disposal. Cash flows attributable to the operating, investing and financing activities of discontinued operations are presented in the notes to the extent these represent cash flows with third parties.Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in a foreign currency are translated using the exchange rate on the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates. The results and financial positions of all the group entities that have a functional currency different from the group\u2019s presentation currency are translated into the presentation currency as follows:\ue603\ue679 Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.\ue603\ue679 Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are included in other comprehensive income as currency translation reserve. These translation differences are reclassified to the income statement upon disposal of the related operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operation are considered as part of the net investment in that foreign operation, when the settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from these monetary items are recognized in other comprehensive income.Current/non-current classificationAn asset is classified as current when it is expected to be realized or is intended for sale or consumption in the group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realized or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period, or if the group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortized costs, FVOCI or FVTPL. The classification depends on the group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. \ue603\ue679 A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). \ue603\ue679 A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. \ue603\ue679 All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial. assets.Other investmentsOther investments include equity and debt investments in companies where the group has neither control nor significant influence, usually represented by less than 20 percent of the voting power. The investments are categorized as financial assets measured at FVTPL or FVOCI and recognized at fair value at the reporting date. Subsequent to initial recognition, changes in financial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI, interest income calculated using the effective interest method, foreign exchange gains and losses and impairment losses are recognized in profit and loss. Other changes in fair value are recognized in other comprehensive income and presented as part of fair value reserve. When financial asset measured at FVOCI is derecognized, the gain or loss accumulated in other comprehensive income is reclassified to profit and loss. Trade and other receivablesTrade and other receivables are generally classified as financial assets measured at amortized costs. They are recognized at the original invoiced amount, less loss allowance made for credit losses. The interest rate element is disregarded if insignificant, which is the case for the majority of the group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and are generally classified as financial assets measured at amortized costs. Such financial assets are recognized initially at fair value and subsequent measurement at amortized cost using the effective interest method, less any impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less.Trade and other payablesTrade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the income statement over the period of the borrowings on an effective interest basis.Share capitalOrdinary shares are classified as equity. Repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares.Finance income and expenseFinance income and expense include interest income and expense, foreign exchange gains and losses, dividend income, as well as change in fair value of financial assets measured at FVTPL. Interest expenses include discounting effects from liabilities measured at fair value. Revenue from contract with customersMajority of the group\u2019s revenue from contract with customers is service revenue generated from rendering of services to customers. The customers simultaneously receive and consume the benefits provided by these services. The group has assessed that these performance obligations are satisfied over time. Under some service contracts, the invoices are based on hours or days performed at agreed rates. The revenue is recognized according to progress, or using the invoiced amounts when the invoiced amounts directly correspond with the value of the services that are transferred to the customers. Under day rate chartering contract, the group is remunerated by the customer by an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. The charterer determines, within the contractual limits, how a vessel is utilized. The right to use the vessel falls un under the scope of IFRS 16 \u201cLeases\u201d. The portion of lease revenue of the contract value is estimated at an overall level. Income taxDeferred tax assets are recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Measurement of deferred tax assets are reviewed at each reporting date.Impairment of financial assetsTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. When estimating ECLs, the group considers reasonable and supportable information that is relevant and available without undue cost or effort, based on the group\u2019s historical experience including forward-looking information. The gross carrying amount of trade receivable is written off when the group has no reasonable expectations of recovering a trade receivable in its entirety or a portion thereof. Debt instruments measured at amortized cost or at FVOCIThe group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The loss allowance is charged to profit and loss. LeasesLease liabilitiesAt the lease commencement date, the group recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the group's incremental interest rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or as appropriate, changes in the assessment of whether an extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease termThe group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The group applies judgment in evaluating whether it is reasonably certain to exercise extension option, considering all relevant factors that create economic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.The group recognizes lease payments received under operating leases as income on a straight line basis over the lease term as part of \u201cLease revenue\u201d.Property, plant and equipmentProperty, plant and equipment are measured at cost less accumulated depreciation and impairment losses. If the components of property, plant and equipment have different useful lives, they are accounted for as separate components. Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment. Employee benefitsDefined contribution plansObligations for contributions to defined contribution pension plans are recognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods; discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the income statement.Fair value measurementWhen available, the group measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument. Measurement of segment performanceSegment performance is measured by operating profit before depreciation, amortization and impairment (EBITDA) which is reviewed by the group\u2019s Executive Management Group (the chief operating decision maker). Segment profit, together with key financial information as described below, gives the Executive Management Group relevant information in evaluating the results of the operating segments and is relevant in evaluating the results of the segments relative to other entities operating within these industries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-22-2": {
"value": "Basis of consolidationSubsidiariesSubsidiaries are entities controlled by the group. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date of which control ceases.Loss of controlOn the loss of control, the group derecognizes the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity. Any resulting gain or loss is recognized in the income statement. Any interest retained in the former subsidiary is measured at fair value when control is lost. Subsequently it is accounted for as an equity-accounted investee or as a financial asset depending on the level of influence retained.Any contingent consideration receivable is measured at fair value at the disposal date. Changes in the fair value of the contingent consideration from divestment of a subsidiary for transactions will be recognized in Other income as gain or loss.Transactions eliminated on consolidationIntra-group balances and transactions, and any unrealized gains and losses or income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealized gains arising from transactions with joint ventures are eliminated to the extent of the group\u2019s interest in the entity. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-23-4": {
"value": "SubsidiariesSubsidiaries are entities controlled by the group. The group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The financial statements of subsidiaries are included in the consolidated financial statements from the date on which control commences until the date of which control ceases.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-3": {
"value": "Investments in joint ventures The group\u2019s interests in equity-accounted investees comprise interests in joint ventures.A joint venture is an arrangement in which the group has joint control, whereby the group has rights to the net assets of the arrangement, rather to its assets and obligations for its liabilities. Joint control is established by contractual agreement requiring unanimous consent of the ventures for strategic, financial and operating decisions. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the group\u2019s share of the profit and loss and other comprehensive income of the equity-accounted investees. When the group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and further losses are not recognized except to the extent that the group incurs legal or constructive obligations or has made payments on behalf of the investee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-25-4": {
"value": "Investments in joint ventures The group\u2019s interests in equity-accounted investees comprise interests in joint ventures.A joint venture is an arrangement in which the group has joint control, whereby the group has rights to the net assets of the arrangement, rather to its assets and obligations for its liabilities. Joint control is established by contractual agreement requiring unanimous consent of the ventures for strategic, financial and operating decisions. Interests in joint ventures are accounted for using the equity method. They are initially recognized at cost, which includes transaction costs. Subsequent to initial recognition, the consolidated financial statements include the group\u2019s share of the profit and loss and other comprehensive income of the equity-accounted investees. When the group\u2019s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of that interest, including any long-term investments, is reduced to zero, and further losses are not recognized except to the extent that the group incurs legal or constructive obligations or has made payments on behalf of the investee.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-28-3": {
"value": "Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized, but are considered in the overall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-current assets or disposal groups are classified as a held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-28-4": {
"value": "Assets held for sale Non-current assets, or disposal groups comprising assets and liabilities, that are expected to be recovered primarily through sale rather than through continuing use, are classified as held for sale. This condition is regarded as met only when the sale is highly probable and the asset or disposal group is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortized, but are considered in the overall impairment testing of the disposal group.No reclassifications are made for years prior to the year when non-current assets or disposal groups are classified as a held for sale.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-29-3": {
"value": "Discontinued operationsA discontinued operation is a component of the group\u2019s business that represents a separate major line of business or geographical area of operations that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon disposal or when the operation meets the criteria to be classified as held for sale, if earlier.In the consolidated income statement, income and expenses from discontinued operations are reported separately from income and expenses from continuing operations, down to the level of profit after taxes. When an operation is classified as a discontinued operation, the comparative income statement is restated as if the operation had been discontinued from the start of the comparative year.The statement of cash flow includes the cash flow from discontinued operations prior to the disposal. Cash flows attributable to the operating, investing and financing activities of discontinued operations are presented in the notes to the extent these represent cash flows with third parties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-30-3": {
"value": "Foreign currencyForeign currency transactions and balancesTransactions in foreign currencies are translated at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate on that date. Foreign exchange differences arising on translation are recognized in the income statement. Non-monetary assets and liabilities measured in terms of historical cost in a foreign currency are translated using the exchange rate on the date of the transaction. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rates on the date the fair value is determined.Investments in foreign operationsItems included in the financial statements of each of the group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates. The results and financial positions of all the group entities that have a functional currency different from the group\u2019s presentation currency are translated into the presentation currency as follows:\ue603\ue679 Assets and liabilities, including goodwill and fair value adjustments, are translated at the closing exchange rate at the reporting date.\ue603\ue679 Income statements are translated at average exchange rate for the year, calculated on the basis of 12 monthly end rates.Exchange differences arising from the translation of the net investment in foreign operations, and of related hedges, are included in other comprehensive income as currency translation reserve. These translation differences are reclassified to the income statement upon disposal of the related operations or when settlement is likely to occur in the near future.Monetary items that are receivable from or payable to a foreign operation are considered as part of the net investment in that foreign operation, when the settlement is neither planned nor likely to occur in the foreseeable future. Exchange differences arising from these monetary items are recognized in other comprehensive income.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-32-3": {
"value": "Current/non-current classificationAn asset is classified as current when it is expected to be realized or is intended for sale or consumption in the group\u2019s normal operating cycle, it is held primarily for the purpose of being traded, or it is expected/due to be realized or settled within twelve months after the reporting date. Other assets are classified as non-current. A liability is classified as current when it is expected to be settled in the group\u2019s normal operating cycle, is held primarily for the purpose of being traded, the liability is due to be settled within twelve months after the reporting period, or if the group does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-3": {
"value": "Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortized costs, FVOCI or FVTPL. The classification depends on the group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. \ue603\ue679 A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). \ue603\ue679 A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. \ue603\ue679 All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Trade and other receivablesTrade and other receivables are generally classified as financial assets measured at amortized costs. They are recognized at the original invoiced amount, less loss allowance made for credit losses. The interest rate element is disregarded if insignificant, which is the case for the majority of the group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and are generally classified as financial assets measured at amortized costs. Such financial assets are recognized initially at fair value and subsequent measurement at amortized cost using the effective interest method, less any impairment losses.Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-33-4": {
"value": "Financial assets, financial liabilities and equityOn initial recognition, a financial asset is classified as measured at amortized costs, FVOCI or FVTPL. The classification depends on the group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. \ue603\ue679 A financial asset is measured at amortized costs if the business model is to hold the asset to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interests (SPPI criterion). \ue603\ue679 A debt instrument is classified at FVOCI if the business model is both collecting contractual cash flows and selling the financial asset, and it meets the SPPI criterion. \ue603\ue679 All financial assets not classified as measured at amortized cost or FVOCI are measured at FVTPL.Other investmentsOther investments include equity and debt investments in companies where the group has neither control nor significant influence, usually represented by less than 20 percent of the voting power. The investments are categorized as financial assets measured at FVTPL or FVOCI and recognized at fair value at the reporting date. Subsequent to initial recognition, changes in financial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI, interest income calculated using the effective interest method, foreign exchange gains and losses and impairment losses are recognized in profit and loss. Other changes in fair value are recognized in other comprehensive income and presented as part of fair value reserve. When financial asset measured at FVOCI is derecognized, the gain or loss accumulated in other comprehensive income is reclassified to profit and loss. Trade and other receivablesTrade and other receivables are generally classified as financial assets measured at amortized costs. They are recognized at the original invoiced amount, less loss allowance made for credit losses. The interest rate element is disregarded if insignificant, which is the case for the majority of the group\u2019s trade receivables.Interest-bearing receivablesInterest-bearing receivables include loans to related parties and are generally classified as financial assets measured at amortized costs. Such financial assets are recognized initially at fair value and subsequent measurement at amortized cost using the effective interest method, less any impairment losses.Trade and other payablesTrade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the income statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-34-3": {
"value": "Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial. assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-35-4": {
"value": "Other investmentsOther investments include equity and debt investments in companies where the group has neither control nor significant influence, usually represented by less than 20 percent of the voting power. The investments are categorized as financial assets measured at FVTPL or FVOCI and recognized at fair value at the reporting date. Subsequent to initial recognition, changes in financial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI, interest income calculated using the effective interest method, foreign exchange gains and losses and impairment losses are recognized in profit and loss. Other changes in fair value are recognized in other comprehensive income and presented as part of fair value reserve. When financial asset measured at FVOCI is derecognized, the gain or loss accumulated in other comprehensive income is reclassified to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-35-5": {
"value": "Other investmentsOther investments include equity and debt investments in companies where the group has neither control nor significant influence, usually represented by less than 20 percent of the voting power. The investments are categorized as financial assets measured at FVTPL or FVOCI and recognized at fair value at the reporting date. Subsequent to initial recognition, changes in financial assets measured at FVTPL are recognized in profit and loss. When a debt instrument is classified as financial asset measured at FVOCI, interest income calculated using the effective interest method, foreign exchange gains and losses and impairment losses are recognized in profit and loss. Other changes in fair value are recognized in other comprehensive income and presented as part of fair value reserve. When financial asset measured at FVOCI is derecognized, the gain or loss accumulated in other comprehensive income is reclassified to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-36-5": {
"value": "Trade and other receivablesTrade and other receivables are generally classified as financial assets measured at amortized costs. They are recognized at the original invoiced amount, less loss allowance made for credit losses. The interest rate element is disregarded if insignificant, which is the case for the majority of the group\u2019s trade receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-38-4": {
"value": "Cash and cash equivalentsCash and cash equivalents include cash on hand, demand deposits held at banks and other short-term highly liquid investments with original maturity of three months or less.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-39-4": {
"value": "Trade and other payablesTrade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the group\u2019s trade payables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-39-5": {
"value": "Trade and other payablesTrade payables are recognized at the original invoiced amount. Other payables are recognized initially at fair value. Trade and other payables are valued at amortized cost using the effective interest rate method. The interest rate element is disregarded if it is insignificant, which is the case for the majority of the group\u2019s trade payables.Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the income statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-40-5": {
"value": "Interest-bearing borrowingsInterest-bearing borrowings are recognized initially at fair value less attributable transaction costs. Subsequent to initial recognition, interest-bearing borrowings are measured at amortized cost with any difference between cost and redemption value being recognized in the income statement over the period of the borrowings on an effective interest basis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-41-3": {
"value": "Share capitalOrdinary shares are classified as equity. Repurchase of share capital is recognized as a reduction in equity and is classified as treasury shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-42-3": {
"value": "Finance income and expenseFinance income and expense include interest income and expense, foreign exchange gains and losses, dividend income, as well as change in fair value of financial assets measured at FVTPL. Interest expenses include discounting effects from liabilities measured at fair value. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-43-3": {
"value": "Revenue from contract with customersMajority of the group\u2019s revenue from contract with customers is service revenue generated from rendering of services to customers. The customers simultaneously receive and consume the benefits provided by these services. The group has assessed that these performance obligations are satisfied over time. Under some service contracts, the invoices are based on hours or days performed at agreed rates. The revenue is recognized according to progress, or using the invoiced amounts when the invoiced amounts directly correspond with the value of the services that are transferred to the customers. Under day rate chartering contract, the group is remunerated by the customer by an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. The charterer determines, within the contractual limits, how a vessel is utilized. The right to use the vessel falls un under the scope of IFRS 16 \u201cLeases\u201d. The portion of lease revenue of the contract value is estimated at an overall level. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-44-3": {
"value": "Income taxDeferred tax assets are recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Measurement of deferred tax assets are reviewed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-44-4": {
"value": "Income taxDeferred tax assets are recognized for unused tax losses and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Measurement of deferred tax assets are reviewed at each reporting date.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-45-3": {
"value": "Impairment of financial assetsTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. When estimating ECLs, the group considers reasonable and supportable information that is relevant and available without undue cost or effort, based on the group\u2019s historical experience including forward-looking information. The gross carrying amount of trade receivable is written off when the group has no reasonable expectations of recovering a trade receivable in its entirety or a portion thereof. Debt instruments measured at amortized cost or at FVOCIThe group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The loss allowance is charged to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-45-4": {
"value": "Impairment of financial assetsTrade receivables and contract assetsLoss allowance is recognized in profit or loss and measured at lifetime ECLs. ECLs are a probability-weighted estimate of credit losses. When estimating ECLs, the group considers reasonable and supportable information that is relevant and available without undue cost or effort, based on the group\u2019s historical experience including forward-looking information. The gross carrying amount of trade receivable is written off when the group has no reasonable expectations of recovering a trade receivable in its entirety or a portion thereof. Debt instruments measured at amortized cost or at FVOCIThe group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost and FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The loss allowance is charged to profit and loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-46-3": {
"value": "LeasesLease liabilitiesAt the lease commencement date, the group recognizes lease liability measured at the present value of the lease payments over the lease term, discounted using the group's incremental interest rate. Generally, the lease payments include fixed payments and variable lease payments that depend on an index or rate. The lease liability is subsequently increased by the interest cost on the lease liability and decreased by lease payment made. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or as appropriate, changes in the assessment of whether an extension option is reasonably certain to be exercised or a termination option is reasonably certain not to be exercised.Lease termThe group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any period covered by an option to terminate the lease if it is reasonably certain not to be exercised. The group applies judgment in evaluating whether it is reasonably certain to exercise extension option, considering all relevant factors that create economic incentive to exercise the extension option.As a lessorWhen the group acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease.To classify each lease, the group makes an overall assessment of whether the lease transfers substantially all of the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the group considers certain indicators such as whether the lease is for the major part of the economic life of the asset.The group recognizes lease payments received under operating leases as income on a straight line basis over the lease term as part of \u201cLease revenue\u201d.Property, plant and equipment",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-48-3": {
"value": "Property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. If the components of property, plant and equipment have different useful lives, they are accounted for as separate components. Depreciation is normally recognized on a straight-line basis over the estimated useful lives of property, plant and equipment. Employee benefits",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-49-3": {
"value": "Defined contribution plansObligations for contributions to defined contribution pension plans are recognized as an expense in the income statement as incurred.Defined benefit plansThe group\u2019s net obligation in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in the current and prior periods; discounting that amount and deducting the fair value of any plan assets.The calculation of defined benefit obligations is performed annually by a qualified actuary using the projected unit credit method. The discount rate is the yield at the reporting date on government bonds or high-quality corporate bonds with maturities consistent with the terms of the obligations.Remeasurement of the net defined benefit liability, which comprises actuarial gains and losses, the return on plan assets (excluding interest) and the effect of the asset ceiling (if any, excluding interest), are recognized immediately in other comprehensive income. The group determines the net interest expense (income) on the net defined benefit liability (asset) for the period by applying the discount rate used to measure the defined benefit obligation at the beginning of the annual period to the then-net defined benefit liability (asset), taking into account any changes in the net defined benefit liability (asset) during the period as a result of contributions and benefit payments. Net interest expense and other expenses related to defined benefit plans are recognized in the income statement.Fair value measurement",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-51-3": {
"value": "When available, the group measures the fair value of a financial instrument using the quoted price in an active market for that instrument. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction.The best evidence of the fair value of a financial instrument on initial recognition is normally the transaction price. If the group determines that the fair value on initial recognition differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an identical asset or liability nor based on a valuation technique that uses only data from observable markets, the financial instrument is initially measured at fair value, and the difference between the fair value on initial recognition and the transaction price is recognized as a deferred gain or loss. Subsequently, the deferred gain or loss is recognized in profit or loss on an appropriate basis over the life of the instrument. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-53-2": {
"value": "Note 4 | Significant accounting estimates and judgementsEstimates and judgements are continually reviewed and are based on historical experiences and expectations of future events. The resulting accounting estimates will, by definition, seldom accurately match actual results, but are based on the best estimate at the time. Estimates and assumptions that have a significant risk of causing material adjustments to the carrying amounts of assets and liabilities within the next financial year are discussed below.Fair value measurementThe group has invested in significant financial assets that require the measurement of fair value. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The fair value measurement requires a high degree of judgment. Judgements include considerations of inputs such as cash flow projection, discount rate and volatility. Further information about the fair value measurement using level 3 inputs is included in Note 27 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fair value through other comprehensive income (FVOCI). The impairment of these financial assets is subject to expected credit loss. The loss allowance is recognized in profit and loss and reduces the fair value loss otherwise recognized in OCI. The loss allowance is based on assumptions of expected cash flows from the debt instruments. When making these assumptions, the group uses judgements selecting the similar inputs as used in the fair value measurement since the valuation model also considers the present value of expected cash flows from such investments. Key assumptions include the expected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from disposals are measured at fair value at transaction date. When a deferred and contingent consideration meets the definition of a financial asset or liability, it is subsequently remeasured at fair value at the reporting date. The determination of fair value is based on discounted cash flows. Key assumptions made by the management include the probability of meeting each performance target and the discount factor.Income taxesValuation of deferred tax assets is dependent on management\u2019s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.Tax authorities may challenge calculation of income taxes from prior periods. Such processes may lead to changes to prior periods\u2019 taxable income, resulting in changes to income tax expense. When tax authorities challenge income tax calculations, management is required to make estimates of the probability and amount of possible tax adjustments. Such estimates may change as additional information becomes known. Further details about income taxes are included in Note 11 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factors determined on the basis of actuarial assumptions. These assumptions include financial factors such as the discount rate, expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made. However, it is reasonably certain that such factors will change over the very long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Further information about the pension obligations and the assumptions used are included in Note 23 Employee benefits - pension.Legal disputes and contingent liabilitiesAs an investment company, Akastor and its portfolio companies from time to time engage in mergers, acquisitions and other transactions that could expose the companies to financial and other non-operational risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence as at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-55-3": {
"value": "Fair value measurementThe group has invested in significant financial assets that require the measurement of fair value. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The fair value measurement requires a high degree of judgment. Judgements include considerations of inputs such as cash flow projection, discount rate and volatility. Further information about the fair value measurement using level 3 inputs is included in Note 27 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fair value through other comprehensive income (FVOCI). The impairment of these financial assets is subject to expected credit loss. The loss allowance is recognized in profit and loss and reduces the fair value loss otherwise recognized in OCI. The loss allowance is based on assumptions of expected cash flows from the debt instruments. When making these assumptions, the group uses judgements selecting the similar inputs as used in the fair value measurement since the valuation model also considers the present value of expected cash flows from such investments. Key assumptions include the expected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from disposals are measured at fair value at transaction date. When a deferred and contingent consideration meets the definition of a financial asset or liability, it is subsequently remeasured at fair value at the reporting date. The determination of fair value is based on discounted cash flows. Key assumptions made by the management include the probability of meeting each performance target and the discount factor.Income taxesValuation of deferred tax assets is dependent on management\u2019s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.Tax authorities may challenge calculation of income taxes from prior periods. Such processes may lead to changes to prior periods\u2019 taxable income, resulting in changes to income tax expense. When tax authorities challenge income tax calculations, management is required to make estimates of the probability and amount of possible tax adjustments. Such estimates may change as additional information becomes known. Further details about income taxes are included in Note 11 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factors determined on the basis of actuarial assumptions. These assumptions include financial factors such as the discount rate, expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made. However, it is reasonably certain that such factors will change over the very long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Further information about the pension obligations and the assumptions used are included in Note 23 Employee benefits - pension.Legal disputes and contingent liabilitiesAs an investment company, Akastor and its portfolio companies from time to time engage in mergers, acquisitions and other transactions that could expose the companies to financial and other non-operational risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence as at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-55-4": {
"value": "Fair value measurementThe group has invested in significant financial assets that require the measurement of fair value. If there is no quoted price in an active market, then the group uses valuation techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation technique incorporates all of the factors that market participants would take into account in pricing a transaction. The fair value measurement requires a high degree of judgment. Judgements include considerations of inputs such as cash flow projection, discount rate and volatility. Further information about the fair value measurement using level 3 inputs is included in Note 27 Financial Instruments. Impairment of financial assets The group has invested in significant debt instruments measured at fair value through other comprehensive income (FVOCI). The impairment of these financial assets is subject to expected credit loss. The loss allowance is recognized in profit and loss and reduces the fair value loss otherwise recognized in OCI. The loss allowance is based on assumptions of expected cash flows from the debt instruments. When making these assumptions, the group uses judgements selecting the similar inputs as used in the fair value measurement since the valuation model also considers the present value of expected cash flows from such investments. Key assumptions include the expected disposal value of the investments and discount factor. Deferred and contingent considerationsDeferred and contingent considerations resulting from disposals are measured at fair value at transaction date. When a deferred and contingent consideration meets the definition of a financial asset or liability, it is subsequently remeasured at fair value at the reporting date. The determination of fair value is based on discounted cash flows. Key assumptions made by the management include the probability of meeting each performance target and the discount factor.Income taxesValuation of deferred tax assets is dependent on management\u2019s assessment of future recoverability of the deferred tax benefit. Expected recoverability may result from expected taxable income in the near future, planned transactions or planned tax optimizing measures. Economic conditions may change and lead to a different conclusion regarding recoverability, and such change may affect the results for each future reporting period.Tax authorities may challenge calculation of income taxes from prior periods. Such processes may lead to changes to prior periods\u2019 taxable income, resulting in changes to income tax expense. When tax authorities challenge income tax calculations, management is required to make estimates of the probability and amount of possible tax adjustments. Such estimates may change as additional information becomes known. Further details about income taxes are included in Note 11 Income tax.Pension benefitsThe present value of the pension obligations depends on a number of factors determined on the basis of actuarial assumptions. These assumptions include financial factors such as the discount rate, expected salary growth, inflation and return on assets as well as demographical factors concerning mortality, employee turnover, disability and early retirement. Assumptions about all these factors are based on the situation at the time the assessment is made. However, it is reasonably certain that such factors will change over the very long periods for which pension calculations are made. Any changes in these assumptions will affect the calculated pension obligations with immediate recognition in other comprehensive income. Further information about the pension obligations and the assumptions used are included in Note 23 Employee benefits - pension.Legal disputes and contingent liabilitiesAs an investment company, Akastor and its portfolio companies from time to time engage in mergers, acquisitions and other transactions that could expose the companies to financial and other non-operational risks, such as indemnity claims and price adjustment mechanisms resulting in recognition of deferred settlement obligations. Provisions have been made to cover the expected outcome of the legal claims and disputes to the extent negative outcomes are likely and reliable estimates can be made. However, the final outcomes of these cases are subject to uncertainties, and resulting liabilities may exceed provisions recognized. The group follows the development of these disputes on case-by-case basis and makes assessment based on all available evidence as at the reporting date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
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"pp-value-57-2": {
"value": "Note 5 | Discontinued operationsDiscontinued operations AGR On April 18, 2023, Akastor completed the transaction with ABL Group ASA (ABL Group) for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash. Through this sale, Akastor becomes a shareholder in ABL Group, which offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. Further, shareholdings in F\u00f8n Energy Services and Maha Energy were carved out of the transaction and remain with Akastor. Upon completion of the transaction, a total of 18 166 667 Consideration Shares in ABL Group was issued to Akastor\u2019s wholly owned subsidiary RGA Energy Holdings AS in addition to Closing Cash Amount of NOK 5 million. 2/3 of ABL shares were transferred to Nordea and DNB as settlement of the loans they previously had against AGR. Akastor retains 1/3 of the ABL shares (6 055 556), which equals an ownership share in ABL Group of 4.9%. All Consideration Shares are subject to a 12 month lock-up period.Following the transaction, AGR was deconsolidated and classified as discontinued operations. The comparative consolidated income statement has been re-presented to show the discontinued operations separately from continuing operations. Results of discontinued operationsAmounts in NOK million 2023 2022Revenue 257 789Expenses (243) (723)Net financial items (2) (14)Profit (loss) before tax 13 53Income tax - (3)Profit (loss) from operating activities, net of tax 12 50Gain on sale of discontinued operations 110 4Net profit from discontinued operations 122 55 Basic/diluted earnings per share from discontinued operations (NOK) 0.45 0.20Gain on sale from the disposal in 2023 included gain of NOK 104 million for AGR divestment which included currency translation differences of NOK 2 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal. The remaining gain of NOK 6 million in 2023 as well as the gain in 2022 were related to re-assessment of contingent considerations related to divestments from prior years. Cash flows from (used in) discontinued operationsAmounts in NOK million 2023 2022Net cash from operating activities 57 31 Net cash from investing activities (incl. net cash proceeds from sale of the operations) (67) (14)Net cash from financing activities (1) (4)Net cash flow from discontinued operations (11) 13 ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-57-3": {
"value": "Note 5 | Discontinued operationsDiscontinued operations AGR On April 18, 2023, Akastor completed the transaction with ABL Group ASA (ABL Group) for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash. Through this sale, Akastor becomes a shareholder in ABL Group, which offers independent energy and marine consultancy to the global renewables, maritime and oil and gas sectors. Further, shareholdings in F\u00f8n Energy Services and Maha Energy were carved out of the transaction and remain with Akastor. Upon completion of the transaction, a total of 18 166 667 Consideration Shares in ABL Group was issued to Akastor\u2019s wholly owned subsidiary RGA Energy Holdings AS in addition to Closing Cash Amount of NOK 5 million. 2/3 of ABL shares were transferred to Nordea and DNB as settlement of the loans they previously had against AGR. Akastor retains 1/3 of the ABL shares (6 055 556), which equals an ownership share in ABL Group of 4.9%. All Consideration Shares are subject to a 12 month lock-up period.Following the transaction, AGR was deconsolidated and classified as discontinued operations. The comparative consolidated income statement has been re-presented to show the discontinued operations separately from continuing operations. Results of discontinued operationsAmounts in NOK million 2023 2022Revenue 257 789Expenses (243) (723)Net financial items (2) (14)Profit (loss) before tax 13 53Income tax - (3)Profit (loss) from operating activities, net of tax 12 50Gain on sale of discontinued operations 110 4Net profit from discontinued operations 122 55 Basic/diluted earnings per share from discontinued operations (NOK) 0.45 0.20Gain on sale from the disposal in 2023 included gain of NOK 104 million for AGR divestment which included currency translation differences of NOK 2 million that were reclassified from Other Comprehensive Income to the income statement as part of gain from the disposal. The remaining gain of NOK 6 million in 2023 as well as the gain in 2022 were related to re-assessment of contingent considerations related to divestments from prior years. Cash flows from (used in) discontinued operationsAmounts in NOK million 2023 2022Net cash from operating activities 57 31 Net cash from investing activities (incl. net cash proceeds from sale of the operations) (67) (14)Net cash from financing activities (1) (4)Net cash flow from discontinued operations (11) 13 ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"f9080": {
"value": "Note 6 | Disposal of subsidiaries ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-64-2": {
"value": "Disposal of entities in 2023Disposal of Cool Sorption In December 2022, Akastor entered into a share purchase agreement with Diamond Key International Pty. Ltd. for the sale of all shares in Cool Sorption A/S (\u201cCool Sorption\u201d) for DKK 20.4 million on a cash and debt free basis. Accordingly, Cool Sorption was presented as a disposal group held for sale as of December 31, 2022. The sale transaction was completed in February 2023. Cool Sorption is a specialist supplier of Vapour Recovery Units (VRU) and systems and was included in \u201cOther holdings\u201d in segment reporting prior to the sale. The disposal of Cool Sorption resulted in an accounting gain of NOK 16 million, included as \"Other income\" in the income statement for 2023.Disposal of AGRIn April 2023, Akastor completed the transaction with ABL Group ASA for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash, see more information about the transaction in Note 5 Discontinued operations. The disposal of AGR resulted in an accounting gain of NOK 104 million, included as \"Net profit (loss) from discontinued operations\" in the income statement for 2023.Disposal of entities in 2022Disposal of AGR Wind ServicesIn February 2022, Akastor, through AGR, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Akastor transferred the shares in AGR Wind Services AS to F\u00f8n Energy Services. As compensation for the transfer, Akastor received 44% ownership in F\u00f8n Energy Services. The disposal of AGR Wind Services resulted in an accounting gain of NOK 21 million in 2022.F\u00f8n Energy Services is classified as a joint venture to the group and accounted for using the equity method. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Note 29 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 15 Equity-accounted investees and Note 16 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2023 2022Akastor ASA NorwayAkastor AS Norway 100 100DDW Offshore AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 1001)RGA Energy Holdings AS Norway 100 -AKA SPH AS Norway 100 1002)AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1002)KOP Surface Products Singapore Pte Ltd Singapore 100 1002)Well Systems Servicing Ltd Nigeria 100 1003)Disposed entities Cool Sorption A/S Denmark - 100Aker Cool Sorption Siam Ltd Thailand - 100AGR (Australia) Pty Ltd Australia - 64AGR AS Norway - 64AGR Energy Services AS Norway - 64AGR Software AS Norway - 58AGR Consultancy Services AS Norway - 64AGR Mexico Well Management S. de R. L. de C. V Mexico - 64AGR Consultancy Solutions Ltd UK - 64SpotOn Well Management Ltd UK - 64AGR Group Americas, Inc USA - 64AGR Energy Services Inc USA - 641) Established in 20232) Dormant company3) Disposed in 2023",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-64-3": {
"value": "Disposal of entities in 2023Disposal of Cool Sorption In December 2022, Akastor entered into a share purchase agreement with Diamond Key International Pty. Ltd. for the sale of all shares in Cool Sorption A/S (\u201cCool Sorption\u201d) for DKK 20.4 million on a cash and debt free basis. Accordingly, Cool Sorption was presented as a disposal group held for sale as of December 31, 2022. The sale transaction was completed in February 2023. Cool Sorption is a specialist supplier of Vapour Recovery Units (VRU) and systems and was included in \u201cOther holdings\u201d in segment reporting prior to the sale. The disposal of Cool Sorption resulted in an accounting gain of NOK 16 million, included as \"Other income\" in the income statement for 2023.Disposal of AGRIn April 2023, Akastor completed the transaction with ABL Group ASA for the sale of all shares in AGR AS (\u201cAGR\u201d) against a combination of shares in ABL Group and cash, see more information about the transaction in Note 5 Discontinued operations. The disposal of AGR resulted in an accounting gain of NOK 104 million, included as \"Net profit (loss) from discontinued operations\" in the income statement for 2023.Disposal of entities in 2022Disposal of AGR Wind ServicesIn February 2022, Akastor, through AGR, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Akastor transferred the shares in AGR Wind Services AS to F\u00f8n Energy Services. As compensation for the transfer, Akastor received 44% ownership in F\u00f8n Energy Services. The disposal of AGR Wind Services resulted in an accounting gain of NOK 21 million in 2022.F\u00f8n Energy Services is classified as a joint venture to the group and accounted for using the equity method. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Note 29 | Group companiesThis note gives an overview of subsidiaries of Akastor ASA. For information about other investments in the group, refer to Note 15 Equity-accounted investees and Note 16 Other investments. If not stated otherwise, ownership equals share of voting rights.Group companies as of December 31 Ownership (%)Company Country 2023 2022Akastor ASA NorwayAkastor AS Norway 100 100DDW Offshore AS Norway 100 100Mercury HoldCo AS Norway 100 100Akastor Real Estate AS Norway 100 1001)RGA Energy Holdings AS Norway 100 -AKA SPH AS Norway 100 1002)AK Willfab Inc USA 100 100Mercury HoldCo Inc USA 100 1002)KOP Surface Products Singapore Pte Ltd Singapore 100 1002)Well Systems Servicing Ltd Nigeria 100 1003)Disposed entities Cool Sorption A/S Denmark - 100Aker Cool Sorption Siam Ltd Thailand - 100AGR (Australia) Pty Ltd Australia - 64AGR AS Norway - 64AGR Energy Services AS Norway - 64AGR Software AS Norway - 58AGR Consultancy Services AS Norway - 64AGR Mexico Well Management S. de R. L. de C. V Mexico - 64AGR Consultancy Solutions Ltd UK - 64SpotOn Well Management Ltd UK - 64AGR Group Americas, Inc USA - 64AGR Energy Services Inc USA - 641) Established in 20232) Dormant company3) Disposed in 2023",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-66-2": {
"value": "Effect of disposal on the financial position of the group1)Amounts in NOK million COOL SORPTION AGRDeferred tax assets (7) (37)Intangible assets and goodwill (2) (148)Property, plant and equipment - (3)Right-of-Use assets - (12)Trade and other receivables (40) (151)Cash and cash equivalents (5) (49)Total assets (53) (400)Pension liabilities - 7Deferred tax liabilities - 4Lease liabilities - 12Trade and other payables 37 158Total liabilities 37 181Non controlling interest - 39Currency translation reserve - 2Net assets and liabilities disposed (15) (177)Total consideration at fair value 31 281 Gain on sale, net of tax 16 104 Portion of consideration received in cash, net of transaction costs 21 (14)Cash and cash equivalents disposed of (5) (49)Net cash flow from disposal 16 (63)1) Cool Sorption was presented as disposal group held for sale as of December 31, 2022.Reconciliation of liabilities arising from financing activitiesRevolving Subordi-Term loan Other, credit nated Aker Term loan \u2013 DDW including Total Amounts in NOK millionfacilitiesfacility AGROffshoreoverdraftborrowingsBalance as of December 31, 2021 721 3 185 467 11 1 387Proceeds from borrowings 736 20 - - - 756 Repayment of borrowings (711) (20) - (254) (11) (996)Changes from financing cash flows 25 - - (254) (11) (240)Changes in capitalized borrowing costs 13 - - - - 13Accrued interest (incl. commitment fees) (1) 13 13 -9 - 33Foreign exchange movements 96 - - 50 - 146Balance as of December 31, 2022 854 16 198 272 - 1 340Proceeds from borrowings 50 60 - 316 81 507 Repayment of borrowings (74) (20) (9) (279) - (382)Changes from financing cash flows (24) 40 (9) 36 81 125Settlement with ABL shares - - (188) - - (188)Reclassification - - - - 37 37Changes in capitalized borrowing costs 2 - - - - 2Accrued interest (incl.commitment fees) (1) 26 (1) (8) 3 20Foreign exchange movements 23 - - 8 1 32Balance as of December 31, 2023 856 82 - 309 121 1 369See Note 28 Leases for reconciliation of liabilities arising from leasing activities.",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-71-2": {
"value": "Note 7 | Operating segmentsBasis for segmentationAs of December 31, 2023, Akastor has identified the following operating segments as described below. After the divestment of AGR in April 2023, DDW Offshore is identified as a reportable segment from 2023. Since DDW Offshore was previously included in \"Other holdings\", the comparable segment information has been re-presented.\ue603\ue679 HMH is a premier drilling solutions provider, which was formed as an independent company in October 2021 through the merger of Baker Hughes' Subsea Drilling Systems business and Akastor's wholly owned subsidiary, MHWirth AS. HMH combines integrated delivery capabilities, capital, renowned industry expertise and delivers the full range of offshore drilling equipment products and packages at scale. \ue603\ue679 AKOFS Offshore is a global provider of vessel-based subsea well construction and intervention services to the oil and gas industry, covering all phases from conceptual development to project execution and offshore operations.\ue603\ue679 DDW Offshore owns three modern Anchor Handling Tug Supply (AHTS) vessels with capability to operate and support clients on a world-wide basis. The vessels are specially designed to perform anchor-handling, towing, and supply services at offshore oil and gas fields.\ue603\ue679 Other holdings mainly include 4.9 percent shareholdings in ABL Group, 15 percent economic interest in NES Fircroft, 44 percent of the joint venture F\u00f8n Energy Services, equity instruments in Maha Energy and Awilco Drilling, as well as economic interests in four drilling equipment contracts with Jurong Shipyard (DRU contracts). In addition, this segment includes corporate functions and certain long-term office lease contracts that remained in Akastor after the demerger from Aker Solutions in 2014.HMH and AKOFS Offshore are classified as joint ventures and accounted for using the equity method, see Note 15 Equity-accounted investees. The segment information of the two joint ventures is presented at 100% basis. Information about reportable segmentsEquity-accounted Consolidated 1)investees entitiesTotal AKOFS Off-DDW Other operating Adjustment Total Amounts in NOK million Note HMH (JV)shore (JV)Offshoreholdingssegmentsof JVsAkastor2023Income statementExternal revenue and other income 8 8 264 1 369 231 51 9 914 (9 632) 282 Total revenue and other income 8 264 1 369 231 51 9 914 (9 632) 282 Operating profit before depreciation, amortization and impairment (EBITDA) 1 262 345 84 (87) 1 605 (1 607) (2)Depreciation, amortization and impairment 13, 14, 28 (659) (415) (17) (11) (1 102) 1 074 (28)Operating profit (loss) (EBIT) 603 (70) 67 (98) 503 (533) (31)AssetsCurrent operating assets 5 787 586 77 530 6 979 (6 373) 606 Non-current operating assets 7 249 4 239 231 1 076 12 795 (8 066) 4 729 Finance lease receivables - - - 19 19 - 19 Segment assets 13 036 4 825 308 1 625 19 793 (14 439) 5 354 LiabilitiesCurrent operating liabilities 3 586 421 45 294 4 347 (4 008) 339 Non-current operating liabilities 446 6 - 337 788 (451) 337 Lease liabilities 387 994 - 34 1 415 (1 381) 34 Segment liabilities 4 419 1 421 45 665 6 550 (5 840) 709 2)Net current operating assets - - 32 236 267 - 267 2)Net capital employed 3 015 407 263 960 4 645 - 4 645 1) Segment information presented at 100% basis 2) Refers to figures included in Akastor\u2019s consolidated statement of financial position. Equity-accounted Consolidated 1)investees entitiesAdjustment of JVs and AKOFS Total dis- Offshore DDW Other operating continued Total Amounts in NOK million Note HMH (JV)(JV)OffshoreholdingssegmentsoperationsAkastor2022 (re-presented)Income statementExternal revenue and other income 8 6 477 1 425 147 122 8 172 (7 902) 269 Total revenue and other income 6 477 1 425 147 122 8 172 (7 902) 269 Operating profit before depreciation, amortization and impairment (EBITDA) 762 458 7 (98) 1 129 (1 220) (91)Depreciation, amortization and impairment 13, 14, 28 (457) (376) (39) (12) (884) 833 (51)Operating profit (loss) (EBIT) 306 81 (32) (111) 245 (387) (142)AssetsCurrent operating assets 4 725 578 45 734 6 082 (5 146) 937 Non-current operating assets 7 158 4 517 232 857 12 764 (7 945) 4 819 Finance lease receivables - - 180 38 218 - 218 Assets held for sale - - - 43 43 - 43 Segment assets 11 883 5 095 457 1 673 19 108 (13 091) 6 017 LiabilitiesCurrent operating liabilities 3 235 393 124 431 4 183 (3 490) 693 Non-current operating liabilities 452 6 102 447 1 008 (446) 562 Lease liabilities 344 1 245 - 72 1 662 (1 577) 85 Liabilities held for sale - - - 32 32 - 32 Segment liabilities 4 032 1 644 226 982 6 884 (5 512) 1 372 2)Net current operating assets - - (79) 303 224 19 243 2)Net capital employed 2 863 615 231 690 4 399 246 4 645 1) Segment information presented at 100% basis. 2) Refers to figures included in Akastor\u2019s consolidated statement of financial position. Reconciliations of information on reportable segments to IFRS measuresAmounts in NOK million Note 2023 2022AssetsTotal segment assets 5 354 6 017 Cash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Consolidated assets 6 048 6 804 LiabilitiesTotal segment liabilities 709 1 372 Current borrowings 21 1 133 1 142 Non-current borrowings 21 236 198 Consolidated liabilities 2 078 2 712 Geographical informationGeographical revenue is presented on the basis of geographical location of the group companies selling to the customers. Non-current segment assets and capital expenditures are based on the geographical location of the assets. Non-current assets exclud-ing deferred tax assets and Revenue and other incomefinancial instruments2022Amounts in NOK million 2023Re-presented 2023 2022Norway 282 187 664 1 036Netherlands - - 3 094 2 883Denmark - 82 - -Other countries - - - 14Total 282 269 3 758 3 913Major customerRevenues from one customer of DDW Offshore represent approximately NOK 120 million (NOK 25 million in 2022) of the group\u2019s total revenue. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-74-3": {
"value": "Measurement of segment performanceSegment performance is measured by operating profit before depreciation, amortization and impairment (EBITDA) which is reviewed by the group\u2019s Executive Management Group (the chief operating decision maker). Segment profit, together with key financial information as described below, gives the Executive Management Group relevant information in evaluating the results of the operating segments and is relevant in evaluating the results of the segments relative to other entities operating within these industries. ",
"dimensions": {
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-82-2": {
"value": "Note 8 | Revenue and other incomeThe group generates revenue primarily from day rate contracts in DDW Offshore, which owns three modern Anchor Handling Tug Supply (AHTS) vessels. A day rate contract is a contract where DDW Offshore is remunerated by the customer at an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. It is estimated that 40% of the contract value is service revenue while the remaining is lease portion of the revenue. 2022Amounts in NOK million Note 2023Re-presentedRevenue from contracts with customers 121 169Other revenue and incomeLease revenue 28 147 97 Other revenue - 1 Gain (loss) on disposal of subsidiaries 16 -Gain on disposals of assets (2) 2 Total revenue and other income 282 269 Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2023Major contract/revenue typesService revenue 93 28 121Total Revenue from contracts with customers 93 28 121 Timing of revenue recognitionTransferred over time 93 28 121 Total Revenue from contracts with customers 93 28 121 Lease revenue 140 7 147Other revenue and income (2) 16 14 Total external revenue and other income in segment reporting 231 51 282 DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2022 (re-presented)Major contract/revenue typesConstruction revenue - 48 48 Service revenue 58 63 121 Total Revenue from contracts with customers 58 111 169 Timing of revenue recognitionTransferred over time 58 111 169 Total Revenue from contracts with customers 58 111 169 Lease revenue 87 10 97Other revenue and income 2 1 3Total external revenue and other income in seg-ment reporting 147 122 269 Contract balancesAmounts in NOK million Note 2023 2022Receivables, which are included in \u201ctrade and other receivables\u201d 22 115 Contract assets 18 11 61 Contract liabilities 24 7 25 Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2023 or 2022.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2023 that was included in contract liabilities in the beginning of the year was NOK 16 million (NOK 14 million in 2022). Transaction price allocated to the remaining performance obligationsRevenue of NOK 4 million is expected to be recognized in 2024 related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-82-3": {
"value": "Note 8 | Revenue and other incomeThe group generates revenue primarily from day rate contracts in DDW Offshore, which owns three modern Anchor Handling Tug Supply (AHTS) vessels. A day rate contract is a contract where DDW Offshore is remunerated by the customer at an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. It is estimated that 40% of the contract value is service revenue while the remaining is lease portion of the revenue. 2022Amounts in NOK million Note 2023Re-presentedRevenue from contracts with customers 121 169Other revenue and incomeLease revenue 28 147 97 Other revenue - 1 Gain (loss) on disposal of subsidiaries 16 -Gain on disposals of assets (2) 2 Total revenue and other income 282 269 Disaggregation of revenue from contracts with customersRevenue from contracts with customer is disaggregated in the following table by major contract and revenue types and timing of revenue recognition. The table also includes a reconciliation of the disaggregated revenue with revenue information as shown in Note 7 Operating segments.DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2023Major contract/revenue typesService revenue 93 28 121Total Revenue from contracts with customers 93 28 121 Timing of revenue recognitionTransferred over time 93 28 121 Total Revenue from contracts with customers 93 28 121 Lease revenue 140 7 147Other revenue and income (2) 16 14 Total external revenue and other income in segment reporting 231 51 282 DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2022 (re-presented)Major contract/revenue typesConstruction revenue - 48 48 Service revenue 58 63 121 Total Revenue from contracts with customers 58 111 169 Timing of revenue recognitionTransferred over time 58 111 169 Total Revenue from contracts with customers 58 111 169 Lease revenue 87 10 97Other revenue and income 2 1 3Total external revenue and other income in seg-ment reporting 147 122 269 Contract balancesAmounts in NOK million Note 2023 2022Receivables, which are included in \u201ctrade and other receivables\u201d 22 115 Contract assets 18 11 61 Contract liabilities 24 7 25 Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2023 or 2022.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2023 that was included in contract liabilities in the beginning of the year was NOK 16 million (NOK 14 million in 2022). Transaction price allocated to the remaining performance obligationsRevenue of NOK 4 million is expected to be recognized in 2024 related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-82-4": {
"value": "Note 8 | Revenue and other incomeThe group generates revenue primarily from day rate contracts in DDW Offshore, which owns three modern Anchor Handling Tug Supply (AHTS) vessels. A day rate contract is a contract where DDW Offshore is remunerated by the customer at an agreed daily rate for each day of use of the vessel, equipment, crew and other resources. It is estimated that 40% of the contract value is service revenue while the remaining is lease portion of the revenue. 2022Amounts in NOK million Note 2023Re-presentedRevenue from contracts with customers 121 169Other revenue and incomeLease revenue 28 147 97 Other revenue - 1 Gain (loss) on disposal of subsidiaries 16 -Gain on disposals of assets (2) 2 Total revenue and other income 282 269 DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2023Major contract/revenue typesService revenue 93 28 121Total Revenue from contracts with customers 93 28 121 Timing of revenue recognitionTransferred over time 93 28 121 Total Revenue from contracts with customers 93 28 121 Lease revenue 140 7 147Other revenue and income (2) 16 14 Total external revenue and other income in segment reporting 231 51 282 DDW Other Total Amounts in NOK millionOffshoreholdingsAkastor2022 (re-presented)Major contract/revenue typesConstruction revenue - 48 48 Service revenue 58 63 121 Total Revenue from contracts with customers 58 111 169 Timing of revenue recognitionTransferred over time 58 111 169 Total Revenue from contracts with customers 58 111 169 Lease revenue 87 10 97Other revenue and income 2 1 3Total external revenue and other income in seg-ment reporting 147 122 269 Contract balancesAmounts in NOK million Note 2023 2022Receivables, which are included in \u201ctrade and other receivables\u201d 22 115 Contract assets 18 11 61 Contract liabilities 24 7 25 Contract assets relate to the group\u2019s rights to consideration for work completed, but not yet invoiced at the reporting date. The contract assets are transferred to receivables when the rights to payment become unconditional, which usually occurs when invoices are issued to the customers. No impairment on contract assets was recognized in 2023 or 2022.Contract liabilities relate to advance consideration received from customer for work not yet performed. Revenue recognized in 2023 that was included in contract liabilities in the beginning of the year was NOK 16 million (NOK 14 million in 2022). Transaction price allocated to the remaining performance obligationsRevenue of NOK 4 million is expected to be recognized in 2024 related to performance obligations that are unsatisfied (or partially satisfied) as of December 31, 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
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"entity": "scheme:5967007LIEEXZXIX5468",
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"pp-value-90-2": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-3": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-4": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-5": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-6": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). Note 13 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, equipment, Amounts in NOK million Note Vesselssoftware TotalHistorical costBalance as of January 1, 2022 282 101 384Additions (2) 1 (1) Reclassification to held for sale - (9) (9)Currency translation differences 35 - 35Balance as of December 31, 2022 315 93 408 Additions 9 - 9Disposals and scrapping - (85) (85)Disposal of subsidiaries 6 - (8) (8)Currency translation differences 10 - 10Balance as of December 31, 2023 334 - 334Accumulated depreciationBalance as of January 1, 2022 (38) (94) (133)1)Depreciation for the year (18) (3) (21)Impairment (21) - (21)Reclassifications to held for sale - 9 9Currency translation differences (6) - (6)Balance as of December 31, 2022 (83) (88) (171)1)Depreciation for the year (17) (2) (20)Disposals and scrapping - 85 85Disposal of subsidiaries 6 - 6 6Currency translation differences (2) - (2)Balance as of December 31, 2023 (103) - (103)Book value as of December 31, 2022 232 5 237Book value as of December 31, 2023 231 - 2311) Includes depreciation of NOK 2 million from discontinued operations in 2023 (NOK 5 million in 2022).DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The vessels are depreciated on a straight-line basis over their expected economic lives of 20-25 years. The group has not identified assets expected to have a significant shorter useful life due to climate-related risks.NOK 4 million has been capitalized in 2023 (NOK 9 million in 2022) related to development activities in discontinued operations. No research and development costs were expensed in 2023 or 2022. Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-90-7": {
"value": "Note 9 | Other operating expenses2022Amounts in NOK million 2023Re-presentedSalaries and other employee benefit costs 58 74External consultants inclusive legal costs 52 59 Other 11 19 Total operating expenses 121 152 Fees to the auditorsAudit fees (exclusive VAT) incurred by the group during 2023 were NOK 1.6 million (NOK 2.5 million in 2022). Fees incurred for other assurance services were NOK 0.5 million in 2023 (NOK 0.1 million in 2022). Note 13 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, equipment, Amounts in NOK million Note Vesselssoftware TotalHistorical costBalance as of January 1, 2022 282 101 384Additions (2) 1 (1) Reclassification to held for sale - (9) (9)Currency translation differences 35 - 35Balance as of December 31, 2022 315 93 408 Additions 9 - 9Disposals and scrapping - (85) (85)Disposal of subsidiaries 6 - (8) (8)Currency translation differences 10 - 10Balance as of December 31, 2023 334 - 334Accumulated depreciationBalance as of January 1, 2022 (38) (94) (133)1)Depreciation for the year (18) (3) (21)Impairment (21) - (21)Reclassifications to held for sale - 9 9Currency translation differences (6) - (6)Balance as of December 31, 2022 (83) (88) (171)1)Depreciation for the year (17) (2) (20)Disposals and scrapping - 85 85Disposal of subsidiaries 6 - 6 6Currency translation differences (2) - (2)Balance as of December 31, 2023 (103) - (103)Book value as of December 31, 2022 232 5 237Book value as of December 31, 2023 231 - 2311) Includes depreciation of NOK 2 million from discontinued operations in 2023 (NOK 5 million in 2022).DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The vessels are depreciated on a straight-line basis over their expected economic lives of 20-25 years. The group has not identified assets expected to have a significant shorter useful life due to climate-related risks.Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-2": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-3": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-4": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-5": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-6": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-7": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-93-8": {
"value": "Note 10 | Finance income and costs2022Amounts in NOK million Note 2023Re-presentedInterest income on bank deposits measured at amortized cost 59 31 Interest income on debt instruments at FVOCI 97 103 Interest income on finance lease receivables 28 12 21 Net foreign exchange gain 48 168Dividend income from equity instrument 4 79 Net changes in fair value of financial assets at FVTPL 30 58 Other finance income 9 24 Finance income 259 483Interest expense on financial liabilities measured at amortized cost (160) (124)Unwind of discounting effect (16) (24)Interest expense on lease liabilities 28 (3) (5)1)Impairment loss on debt instruments (40) (166)Loss on foreign currency forward contracts - (58)Other financial expenses (30) (13)Financial expenses (249) (390)Net finance income 10 931) Impairment related to loss allowance on debt instruments measured at FVOCI See Note 27 Financial instruments for information of the finance income and expense generating items. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-2": {
"value": "Note 11 | Income taxEffective tax rateThe table below reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in Norway. 2022Amounts in NOK million 2023Re-presentedProfit (loss) before tax, continuing operations (384) (312)Tax income (expense) using the company's domestic tax rate 84 22.0% 69 22.0% Tax effects of:Difference between local tax rate and Norwegian tax rate (1) (0.2%) - (0.1%)1)Permanent differences (72) (18.7%) (79) (25.3%)Prior year adjustments (deferred tax) - - 1 0.3% 2)Recognition of previously unrecognized deferred tax assets 14 3.6% 36 11.6% 3)Write down of tax loss or deferred tax assets (26) (6.8%) (26) (8.2%)Total tax income (expenses) - - 1 0.2% 1) Relates mainly to net profit and loss after tax from equity-accounted investees and profit and loss recognized on various tax-exempted investments.2) Relates mainly to previously not recognized tax loss carry-forward in Norway. 3) The impairment relates mainly to unrecognized tax loss and deductible temporary differences in Akastor Corporate entities.Change in net recognized deferred tax assets (liabilities)Net deferred Amounts in NOK million Notetax assetsBalance as of December 31, 2021 38 Recognized in profit and loss 2 Classified as held for sale (6)Balance as of December 31, 2022 33 Disposal of subsidiaries 6 (33)Balance as of December 31, 2023 - Tax loss carry-forwards and deductible temporary differences for which no deferred tax assets are recognizedDeferred tax assets have not been recognized in respect of tax loss carry-forwards or deductible temporary differences when the group evaluates that it is not probable that future taxable profit will be available against which the group can utilize these benefits based on forecasts and realistic expectations. Amounts in NOK million 2023 2022Expiry within one year - 14 Expiry in more than one year or later 411 375 1)Indefinite 3 140 1 350 Total 3 551 1 739 1) In February 2024, the Norwegian Tax Appeals Board overturned a 2020 decision from the tax authorities. Following the decision from the Tax Appeals Board, the tax authorities dropped a similar case. The total disputed amount was NOK 1 455 million. The unrecognized tax losses carried forward has been correspondingly increased.Unrecognized other deductible temporary differences are NOK 1 112 million in 2023 (NOK 1 169 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-95-3": {
"value": "Note 11 | Income taxEffective tax rateThe table below reconciles the reported income tax expense to the expected income tax expense according to the corporate income tax rate in Norway. 2022Amounts in NOK million 2023Re-presentedProfit (loss) before tax, continuing operations (384) (312)Tax income (expense) using the company's domestic tax rate 84 22.0% 69 22.0% Tax effects of:Difference between local tax rate and Norwegian tax rate (1) (0.2%) - (0.1%)1)Permanent differences (72) (18.7%) (79) (25.3%)Prior year adjustments (deferred tax) - - 1 0.3% 2)Recognition of previously unrecognized deferred tax assets 14 3.6% 36 11.6% 3)Write down of tax loss or deferred tax assets (26) (6.8%) (26) (8.2%)Total tax income (expenses) - - 1 0.2% 1) Relates mainly to net profit and loss after tax from equity-accounted investees and profit and loss recognized on various tax-exempted investments.2) Relates mainly to previously not recognized tax loss carry-forward in Norway. 3) The impairment relates mainly to unrecognized tax loss and deductible temporary differences in Akastor Corporate entities.Change in net recognized deferred tax assets (liabilities)Net deferred Amounts in NOK million Notetax assetsBalance as of December 31, 2021 38 Recognized in profit and loss 2 Classified as held for sale (6)Balance as of December 31, 2022 33 Disposal of subsidiaries 6 (33)Balance as of December 31, 2023 - Tax loss carry-forwards and deductible temporary differences for which no deferred tax assets are recognizedDeferred tax assets have not been recognized in respect of tax loss carry-forwards or deductible temporary differences when the group evaluates that it is not probable that future taxable profit will be available against which the group can utilize these benefits based on forecasts and realistic expectations. Amounts in NOK million 2023 2022Expiry within one year - 14 Expiry in more than one year or later 411 375 1)Indefinite 3 140 1 350 Total 3 551 1 739 1) In February 2024, the Norwegian Tax Appeals Board overturned a 2020 decision from the tax authorities. Following the decision from the Tax Appeals Board, the tax authorities dropped a similar case. The total disputed amount was NOK 1 455 million. The unrecognized tax losses carried forward has been correspondingly increased.Unrecognized other deductible temporary differences are NOK 1 112 million in 2023 (NOK 1 169 million in 2022). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-99-2": {
"value": "Note 12 | Earnings per shareAkastor ASA holds 1 813 974 treasury shares at year end 2023 (1 985 164 in 2022). Treasury shares are not included in the weighted average number of ordinary shares.2022Amounts in NOK million 2023Re-presentedProfit (loss) from continuing operations (384) (312)Non-controlling interests (3) (19)Profit (loss) attributable to ordinary shares from continuing operations (386) (331)Profit (loss) from discontinued operations 122 55Profit (loss) attributable to ordinary shares (264) (276)Basic/ diluted earnings per shareThe calculation of basic/diluted earnings per share is based on the profit (loss) attributable to ordinary shareholders and a weighted average number of ordinary shares outstanding.2023 2022Issued ordinary shares as of January 1 274 000 000 274 000 000 Weighted average number of issued ordinary shares for the year adjusted for treasury shares 272 180 398 272 002 629 Basic/ diluted earnings (loss) per share (NOK) (0.97) (1.01) Basic/ diluted earnings (loss) per share for continuing operations (NOK) (1.42) (1.22) Basic/ diluted earnings (loss) per share for discontinued operations (NOK) 0.45 0.20",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-102-4": {
"value": "Note 13 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, equipment, Amounts in NOK million Note Vesselssoftware TotalHistorical costBalance as of January 1, 2022 282 101 384Additions (2) 1 (1) Reclassification to held for sale - (9) (9)Currency translation differences 35 - 35Balance as of December 31, 2022 315 93 408 Additions 9 - 9Disposals and scrapping - (85) (85)Disposal of subsidiaries 6 - (8) (8)Currency translation differences 10 - 10Balance as of December 31, 2023 334 - 334Accumulated depreciationBalance as of January 1, 2022 (38) (94) (133)1)Depreciation for the year (18) (3) (21)Impairment (21) - (21)Reclassifications to held for sale - 9 9Currency translation differences (6) - (6)Balance as of December 31, 2022 (83) (88) (171)1)Depreciation for the year (17) (2) (20)Disposals and scrapping - 85 85Disposal of subsidiaries 6 - 6 6Currency translation differences (2) - (2)Balance as of December 31, 2023 (103) - (103)Book value as of December 31, 2022 232 5 237Book value as of December 31, 2023 231 - 2311) Includes depreciation of NOK 2 million from discontinued operations in 2023 (NOK 5 million in 2022).DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The vessels are depreciated on a straight-line basis over their expected economic lives of 20-25 years. The group has not identified assets expected to have a significant shorter useful life due to climate-related risks.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-102-5": {
"value": "Note 13 | Property, plant and equipmentThe table below includes discontinued operations until these met the criteria to be classified as held for sale.Machinery, equipment, Amounts in NOK million Note Vesselssoftware TotalHistorical costBalance as of January 1, 2022 282 101 384Additions (2) 1 (1) Reclassification to held for sale - (9) (9)Currency translation differences 35 - 35Balance as of December 31, 2022 315 93 408 Additions 9 - 9Disposals and scrapping - (85) (85)Disposal of subsidiaries 6 - (8) (8)Currency translation differences 10 - 10Balance as of December 31, 2023 334 - 334Accumulated depreciationBalance as of January 1, 2022 (38) (94) (133)1)Depreciation for the year (18) (3) (21)Impairment (21) - (21)Reclassifications to held for sale - 9 9Currency translation differences (6) - (6)Balance as of December 31, 2022 (83) (88) (171)1)Depreciation for the year (17) (2) (20)Disposals and scrapping - 85 85Disposal of subsidiaries 6 - 6 6Currency translation differences (2) - (2)Balance as of December 31, 2023 (103) - (103)Book value as of December 31, 2022 232 5 237Book value as of December 31, 2023 231 - 2311) Includes depreciation of NOK 2 million from discontinued operations in 2023 (NOK 5 million in 2022).DepreciationEstimates for useful life, depreciation method and residual values are reviewed annually. The vessels are depreciated on a straight-line basis over their expected economic lives of 20-25 years. The group has not identified assets expected to have a significant shorter useful life due to climate-related risks.Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
"dimensions": {
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"pp-value-105-6": {
"value": "Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
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"pp-value-105-7": {
"value": "Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
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"pp-value-105-8": {
"value": "Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
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"pp-value-104-3": {
"value": "NOK 4 million has been capitalized in 2023 (NOK 9 million in 2022) related to development activities in discontinued operations. No research and development costs were expensed in 2023 or 2022. Note 14 | Intangible assets and goodwillDevelopment Amounts in NOK million Notecosts Goodwill Other TotalHistorical costBalance as of 1 January 2022 50 118 24 192Reclassification 1 - - 1Capitalized development 9 - - 9Reclassification to held for sale (14) - - (14)Currency translation differences - 1 - 1Balance as of December 31, 2022 47 119 24 190Capitalized development 4 - - 4Disposal of subsidiaries 6 (51) (119) (24) (194)Balance as of December 31, 2023 - - - -Accumulated amortization and impairmentBalance as of 1 January 2022 (28) (10) (9) (47)1)Amortization for the year (6) - (3) (10)Reclassification to held for sale 13 - - 13Balance as of December 31, 2022 (22) (10) (13) (44)1)Amortization for the year (2) - (1) (3)Disposal of subsidiaries 6 24 10 14 48Balance as of December 31, 2023 - - - -Net book value as of 31 December 2022 25 109 11 146Net book value as of 31 December 2023 - - - -1) Includes amortization of NOK 3 million from discontinued operations in 2023 (NOK 10 million in 2022)",
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"pp-value-107-2": {
"value": "Note 15 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 30 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 44%Balance as of January 1, 2023 2 863 615 24 3 502 Additions - 96 1 97 Share of net profit (loss) (41) (315) (7) (363)Share of other comprehensive income 53 (16) - 37 Share of changes directly in equity 52 - - 52 Currency translation differences 87 26 - 113 Balance as of December 31, 2023 3 015 407 17 3 439 HMHOn October 1, 2021, Akastor completed the transaction to bring together Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture company HMH Holding B.V. (HMH). Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. HMH is a premier provider of drilling systems, equipment and aftermarket services.AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. F\u00f8n Energy ServicesIn February 2022, Akastor, through its subsidiary AGR AS, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Following the transaction, Akastor and IKM each holds 44% of the shares in F\u00f8n Energy Services, and have joint control over the company. See Note 6 for more information about the transaction. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Summary of financial information for significant equity-accounted investee (100 percent basis)HMH AKOFSAmounts in NOK million 2023 2022 2023 2022Current assets 6 468 5 645 832 888 \u2013 Cash and cash equivalents 638 468 247 310 Non-current assets 7 539 7 193 4 239 4 517 Current liabilities (3 923) (3 770) (985) (1 844) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (323) (476) (564) (1 451)Non-current liabilities (4 054) (3 341) (3 272) (2 331) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (3 609) (2 889) (3 266) (2 325)Net assets (100%) 6 029 5 726 814 1 230 Akastor's share of net assets (50%) 3 015 2 863 407 615Akastor's carrying amount of the investment 3 015 2 863 407 615Revenue 8 264 6 477 1 369 1 425 Depreciation, amortization and impairment (659) (457) (415) (376)Interest income 27 - 14 5 Interest expense (377) (364) (380) (302)Income tax expense (167) (78) (62) (6)Profit (loss) for the year (82) (164) (629) (358)Other comprehensive income (loss) 106 (50) (31) (102)Total comprehensive income (loss) (100%) 24 (215) (661) (459)Akastor's share of total comprehensive income (loss) (50%) 12 (107) (330) (230)",
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"pp-value-107-3": {
"value": "Note 15 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 30 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 44%Balance as of January 1, 2023 2 863 615 24 3 502 Additions - 96 1 97 Share of net profit (loss) (41) (315) (7) (363)Share of other comprehensive income 53 (16) - 37 Share of changes directly in equity 52 - - 52 Currency translation differences 87 26 - 113 Balance as of December 31, 2023 3 015 407 17 3 439 HMHOn October 1, 2021, Akastor completed the transaction to bring together Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture company HMH Holding B.V. (HMH). Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. HMH is a premier provider of drilling systems, equipment and aftermarket services.AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. F\u00f8n Energy ServicesIn February 2022, Akastor, through its subsidiary AGR AS, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Following the transaction, Akastor and IKM each holds 44% of the shares in F\u00f8n Energy Services, and have joint control over the company. See Note 6 for more information about the transaction. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Summary of financial information for significant equity-accounted investee (100 percent basis)HMH AKOFSAmounts in NOK million 2023 2022 2023 2022Current assets 6 468 5 645 832 888 \u2013 Cash and cash equivalents 638 468 247 310 Non-current assets 7 539 7 193 4 239 4 517 Current liabilities (3 923) (3 770) (985) (1 844) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (323) (476) (564) (1 451)Non-current liabilities (4 054) (3 341) (3 272) (2 331) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (3 609) (2 889) (3 266) (2 325)Net assets (100%) 6 029 5 726 814 1 230 Akastor's share of net assets (50%) 3 015 2 863 407 615Akastor's carrying amount of the investment 3 015 2 863 407 615Revenue 8 264 6 477 1 369 1 425 Depreciation, amortization and impairment (659) (457) (415) (376)Interest income 27 - 14 5 Interest expense (377) (364) (380) (302)Income tax expense (167) (78) (62) (6)Profit (loss) for the year (82) (164) (629) (358)Other comprehensive income (loss) 106 (50) (31) (102)Total comprehensive income (loss) (100%) 24 (215) (661) (459)Akastor's share of total comprehensive income (loss) (50%) 12 (107) (330) (230)",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-107-4": {
"value": "Note 15 | Equity-accounted investeesEquity-accounted investees include joint ventures that are accounted for using the equity method. Such investments are defined as related parties to Akastor. See Note 30 Related parties for significant agreements and transactions with joint ventures and any guarantees provided on behalf of or from such entities.Total equity- F\u00f8n Energy accounted Amounts in NOK million HMH AKOFS OffshoreServicesinvesteesCountry Netherlands Norway NorwayOwnership and voting rights 50% 50% 44%Balance as of January 1, 2023 2 863 615 24 3 502 Additions - 96 1 97 Share of net profit (loss) (41) (315) (7) (363)Share of other comprehensive income 53 (16) - 37 Share of changes directly in equity 52 - - 52 Currency translation differences 87 26 - 113 Balance as of December 31, 2023 3 015 407 17 3 439 HMHOn October 1, 2021, Akastor completed the transaction to bring together Akastor\u2019s wholly owned subsidiary, MHWirth AS (MHWirth) and Baker Hughes\u2019 Subsea Drilling Systems (SDS) business to create a joint venture company HMH Holding B.V. (HMH). Following the transaction, Akastor and Baker Hughes each holds 50% of the shares in HMH, and have joint control over the company. HMH is a premier provider of drilling systems, equipment and aftermarket services.AKOFS OffshoreAKOFS Offshore is a joint venture where Akastor, MITSUI & CO., Ltd. (\"Mitsui\") and Mitsui O.S.K. Lines, Ltd. (\"MOL\") hold 50%, 25% and 25% of the shares respectively, and have joint control over the company. The company is a subsea well installation and intervention services provider. F\u00f8n Energy ServicesIn February 2022, Akastor, through its subsidiary AGR AS, completed the transaction to establish a joint venture company, F\u00f8n Engergy Services, together with IKM Group. Following the transaction, Akastor and IKM each holds 44% of the shares in F\u00f8n Energy Services, and have joint control over the company. See Note 6 for more information about the transaction. The company offers integrated Operations and Maintenance (O&M) solutions to developers, operators, suppliers and owners of offshore renewables infrastructure, and in particular offshore wind farms. Summary of financial information for significant equity-accounted investee (100 percent basis)HMH AKOFSAmounts in NOK million 2023 2022 2023 2022Current assets 6 468 5 645 832 888 \u2013 Cash and cash equivalents 638 468 247 310 Non-current assets 7 539 7 193 4 239 4 517 Current liabilities (3 923) (3 770) (985) (1 844) \u2013 Current financial liabilities (excluding trade and other payables and provisions) (323) (476) (564) (1 451)Non-current liabilities (4 054) (3 341) (3 272) (2 331) \u2013 Non-current financial liabilities (excluding trade and other payables and provisions) (3 609) (2 889) (3 266) (2 325)Net assets (100%) 6 029 5 726 814 1 230 Akastor's share of net assets (50%) 3 015 2 863 407 615Akastor's carrying amount of the investment 3 015 2 863 407 615Revenue 8 264 6 477 1 369 1 425 Depreciation, amortization and impairment (659) (457) (415) (376)Interest income 27 - 14 5 Interest expense (377) (364) (380) (302)Income tax expense (167) (78) (62) (6)Profit (loss) for the year (82) (164) (629) (358)Other comprehensive income (loss) 106 (50) (31) (102)Total comprehensive income (loss) (100%) 24 (215) (661) (459)Akastor's share of total comprehensive income (loss) (50%) 12 (107) (330) (230)Note 30 | Related parties Related party relationships are those involving control (either direct or indirect), joint control or significant influence. Related parties are in a position to enter into transactions with the company that would not be undertaken between unrelated parties. The subsidiaries of Akastor ASA are listed in Note 29 Group companies. Any transactions between the parent company and the subsidiaries are shown line by line in the separate financial statements of the parent company, and are eliminated in the consolidated financial statements.Joint ventures are accounted for using the equity method, see Note 15 Equity-accounted investees. The largest shareholder of Akastor, Aker Holding AS, is wholly-owned by Aker ASA, which in turn is controlled by Kjell Inge R\u00f8kke through TRG Holding AS and The Resource Group TRG AS. Akastor is an associated company to Aker ASA as per year end 2023 and 2022. Below are descriptions of significant related party agreements. Significant agreements with related parties to Aker ASAAker Holding AS In connection with the refinancing of its corporate credit facilities, Akastor entered into a subordinated loan agreement with Aker Holding AS, a wholly owned subsidiary to Aker ASA. The agreement provides credit facility of NOK 375 million (NIBOR + margin 12.0 percent) available to Akastor. As of December 31, 2023, the carrying amount of the Aker facility is NOK 82 million. In February 2024, the facility was extended to July 2024, see Note 21 Borrowings for more information. The Resource Group TRG AS AK Wilfab Inc, a wholly owned subsidiary of Akastor, is together with Aker Solutions Inc and The Resource Group TRG AS sponsoring the US pension plan named the Kvaerner Consolidated Retirement Plan. Akastor holds one third of the liability of the sponsors for the underfunded element of the plan and The Resource Group TRG AS holds two thirds of the ultimate liability. Aker ASA guarantees for The Resource Group TRG AS\u2019 liability and covers for all its expenses related to the pension plan.Related party transactions with joint venturesAKOFS OffshoreAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 262 million against AKOFS Offshore, including term loan of NOK 209 million (LIBOR + margin 2.5/5.5 percent) and drawn working capital facility of NOK 53 million (NIBOR + margin 5.5 percent). Akastor has made available a NOK 100 million working capital revolving facility to AKOFS Seafarer AS from contract commencement with Equinor. As part of the joint venture shareholders agreement, the other two investors, Mitsui and MOL, are entitled to a guaranteed preferred equity return, in respect of the operations of AKOFS Seafarer, amounting to a total of USD 46 million for the period 2020-2025. The payment of preferred return will be settled firstly by ordinary dividend from AKOFS Offshore, with any shortfall being guaranteed by Akastor. Akastor ASA has issued a bank guarantee for payment of preferred return for a total amount of NOK 135 million relating to the remaining period. Akastor has issued a financial guarantee of NOK 157 million in favour of finance institutions for fulfilment of lease obligations related to Avium Subsea AS. Akastor has issued a financial parent company indemnity guarantee of NOK 1.1 billion in favour of OCY Wayfarer Limited for fulfilment of lease obligations related to AKOFS 3 AS. In addition, Akastor is guaranteeing the performance of AKOFS Norway Operations AS (operating AKOFS Seafarer) under the 5 years charter agreement with Equinor. The remaining contract value of this charter agreement is NOK 1.4 billion. Avium Subsea AS, AKOFS 3 AS and AKOFS Seafarer AS are wholly owned subsidiaries of AKOFS Offshore. HMHAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 244 million against HMH (fixed interest rate 8.0 percent), see also Note 17 Non-current interest-bearing receivables. Further, Akastor has a current interest-bearing liability of NOK 41 million towards HMH (fixed interest rate 8.0 percent), see also Note 21 Borrowings for more information. Akastor has issued financial guarantees of NOK 430 million for MHWirth AS, a wholly owned subsidiary of HMH, for fulfilment of lease obligations and performance under certain operational support frame agreements. F\u00f8n Energy ServicesAs of December 31, 2023, Akastor has interest-bearing receivables of NOK 9 million against F\u00f8n Energy Services (NIBOR+ margin 2.0/7.2 percent), see also Note 17 Non-current interest-bearing receivables.Other related partiesAker Pensjonskasse Aker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse and Akastor\u2019s share of paid-in equity was NOK 158 million at the end of 2023 (NOK 158 million in 2022). Akastor\u2019s premium paid to Aker Pensjonskasse amounts to NOK 6 million in 2023 (NOK 6 million in 2022). Akastor also has an interest-bearing receivable against Aker Pensjonskasse of NOK 23 million and an additional financing commitment NOK 10 million (3% interest of drawn amount and 1% interest of committed amount).Even though Akastor owns 93.4 percent in Aker Pensjonskasse, the ownership does not constitute control since Akastor does not have the power to govern the financial and operating policies so as to obtain benefits from the activities in this entity.Grants to employee representative\u2019s collective fund Aker ASA has signed an agreement with employee representatives that regulate use of grants from Akastor ASA for activities related to professional development. The grant in 2023 was NOK 547 500 (NOK 510 000 in 2022).Compensation to key managementThe key management personnel of Akastor includes the Board of Directors and the executive management team. The figures below represent remuneration expenses recognized in the year. Detailed remuneration disclosures are provided in Remuneration Report 2023. Amounts in NOK million 2023 2022Base salary 7 7Variable pay and other benefits 7 8Post-employment benefits (pension expenses to company) 1 1Remuneration to Board of Directors 4 3Total 18 19The balance of accrued expenses related to key management remuneration amounted to NOK 18 million as of December 31, 2023, of which NOK 5 million is contingent on continuous employment after a three-year period. Executive management\u2019s and directors\u2019 shareholdingThe following number of shares is owned by the members of the executive management and the directors (and their related parties) as of December 31:Title 2023 2022Karl Erik Kjelstad CEO 700 000 600 000\u00d8yvind Paaske CFO 135 083 105 083Frank Ove Reite Chairperson 200 000 200 000Lone F\u00f8nss Schr\u00f8der Deputy chair 4 400 4 400Svein Oskar Stoknes Director 1 297 1 297Kathryn Baker Director 45 683 45 683Luis Antonio G. Araujo Director - -Asle Christian Halvorsen Director, elected by employees 10 000 10 000Stian Sj\u00f8lund Director, elected by employees 10 000 10 000Henning Jensen Director, elected by employees - -",
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"pp-value-111-2": {
"value": "Note 16 | Other investmentsAmounts in NOK million Note 2023 2022NES Fircroft investment 711 636 Aker Pensjonskasse 30 158 158 ABL Group investment 79 -Awilco Drilling investment 17 10 Odfjell Drilling warrants 56 34 Other equity securities 30 31 Total other investments 27 1 051 869 Shares in Step Oiltools B.V. - 162Total current investments 27 - 162NES Fircroft Akastor holds around 15% economic ownership interest in NES Fircroft, a global technical and engineering staffing provider. The investment, consisting mainly of debt instruments, is measured at fair value. See Note 27 Financial instruments for more information about the fair value measurement of debt instruments in NES Fircroft. Aker PensjonskasseAker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse. The ownership does not constitute control since Akastor does not have the power to govern the financial and operating policies so as to obtain benefits from the activities in this entity.ABL GroupAkastor holds 4.9% of the common shares in ABL Group, which is listed on the Oslo Stock Exchange.Awilco Drilling Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed on the Oslo Euronext Growth.Odfjell Drilling warrantsAkastor holds a warrant structure with a maximum potential of 6.8 million common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Odfjell Drilling is listed on the Oslo Stock Exchange.Shares in Step Oiltools B.V.Step Oiltools was part of the MHWirth business contributed from Akastor to the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor whilst the ownership does not constitute control since Akastor is not exposed to variable returns from the legal ownership. In 2023, management of HMH started the liquidation process of Step Oiltools and the value of both shares and liability is impaired as result of reassessment of expected net proceeds from the liquidation. Net financial position related to Step Oiltools was not impacted by the reassessment. See also Note 22 Other liabilities for more information about the liabilities related to Step Oiltools. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-111-3": {
"value": "Note 16 | Other investmentsAmounts in NOK million Note 2023 2022NES Fircroft investment 711 636 Aker Pensjonskasse 30 158 158 ABL Group investment 79 -Awilco Drilling investment 17 10 Odfjell Drilling warrants 56 34 Other equity securities 30 31 Total other investments 27 1 051 869 Shares in Step Oiltools B.V. - 162Total current investments 27 - 162NES Fircroft Akastor holds around 15% economic ownership interest in NES Fircroft, a global technical and engineering staffing provider. The investment, consisting mainly of debt instruments, is measured at fair value. See Note 27 Financial instruments for more information about the fair value measurement of debt instruments in NES Fircroft. Aker PensjonskasseAker Pensjonskasse was established by Aker ASA to manage the retirement plan for employees and retirees in Akastor as well as related Aker companies. Akastor holds 93.4 percent of the paid-in capital in Aker Pensjonskasse. The ownership does not constitute control since Akastor does not have the power to govern the financial and operating policies so as to obtain benefits from the activities in this entity.ABL GroupAkastor holds 4.9% of the common shares in ABL Group, which is listed on the Oslo Stock Exchange.Awilco Drilling Akastor holds 6.8% of the common shares in Awilco Drilling, which is listed on the Oslo Euronext Growth.Odfjell Drilling warrantsAkastor holds a warrant structure with a maximum potential of 6.8 million common shares in Odfjell Drilling, divided by six exercisable tranches until May 31, 2024. Odfjell Drilling is listed on the Oslo Stock Exchange.Shares in Step Oiltools B.V.Step Oiltools was part of the MHWirth business contributed from Akastor to the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor whilst the ownership does not constitute control since Akastor is not exposed to variable returns from the legal ownership. In 2023, management of HMH started the liquidation process of Step Oiltools and the value of both shares and liability is impaired as result of reassessment of expected net proceeds from the liquidation. Net financial position related to Step Oiltools was not impacted by the reassessment. See also Note 22 Other liabilities for more information about the liabilities related to Step Oiltools. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-113-2": {
"value": "Note 17 | Non-current interest-bearing receivablesAmounts in NOK million 2023 2022Receivables from AKOFS Offshore 262 226Receivables from HMH 244 218Seller\u2019s credit to Odfjell Drilling - 200Receivables from Aker Pensjonskasse 23 22Seller\u2019s credit to Diamond Key International 12 -Receivable from F\u00f8n Energy Services 9 2Total non- current interest-bearing receivables 550 668In 2022, Akastor sold the preference shares in Odfjell Drilling for a total consideration of USD 95.2 million, of which USD 75.2 million was settled in cash while the remaining USD 20 million was settled through a seller\u2019s credit agreement towards Odfjell Drilling. The seller\u2019s credit agreement was settled in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-114-2": {
"value": "Note 18 | Trade and other receivablesAmounts in NOK million Note 2023 2022Trade receivables 76 204 Less provision for impairment (1) (64)Trade receivables, net of provision 75 140 1)Other receivables 512 556 Trade and other receivables 27 586 696 Advances to suppliers - 2 Contract assets 8 11 61 Prepaid expenses 4 11 Total 601 7691) Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2024. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022. Net financial position related to the contracts was not impacted by the reassessment. Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2023 2022Not overdue 48 145 Past due 0-30 days 15 3 Past due 31-90 days 12 1 Past due more than 90 days - 56 Total trade receivables 76 204 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2023, trade receivables of a face value of NOK 1 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2023 2022Balance as of January 1 64 57 Write down/utilized (65) -Currency translation differences 2 7 Balance as of December 31 1 64 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-114-3": {
"value": "Note 18 | Trade and other receivablesAmounts in NOK million Note 2023 2022Trade receivables 76 204 Less provision for impairment (1) (64)Trade receivables, net of provision 75 140 1)Other receivables 512 556 Trade and other receivables 27 586 696 Advances to suppliers - 2 Contract assets 8 11 61 Prepaid expenses 4 11 Total 601 7691) Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2024. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022. Net financial position related to the contracts was not impacted by the reassessment. Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2023 2022Not overdue 48 145 Past due 0-30 days 15 3 Past due 31-90 days 12 1 Past due more than 90 days - 56 Total trade receivables 76 204 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2023, trade receivables of a face value of NOK 1 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2023 2022Balance as of January 1 64 57 Write down/utilized (65) -Currency translation differences 2 7 Balance as of December 31 1 64 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-114-4": {
"value": "Note 18 | Trade and other receivablesAmounts in NOK million Note 2023 2022Trade receivables 76 204 Less provision for impairment (1) (64)Trade receivables, net of provision 75 140 1)Other receivables 512 556 Trade and other receivables 27 586 696 Advances to suppliers - 2 Contract assets 8 11 61 Prepaid expenses 4 11 Total 601 7691) Other receivables relate mainly to Akastor\u2019s economic interest in four drilling equipment contracts with Jurong Shipyard (DRU contracts). This position was carved out from MHWirth in connection with the merger with Baker Hughes\u2019 SDS business. The contracts were terminated by Jurong and dispute over termination fees is being resolved through arbitration process with outcome expected in 2024. In 2022, the group reassessed both receivables and accrued expenses following the formal termination of the last two contracts. An impairment of NOK 174 million, with a corresponding reversal of accrued expenses, was recognized in 2022. Net financial position related to the contracts was not impacted by the reassessment. Book value of trade and other receivables is approximately equal to fair value.Aging of trade receivablesAmounts in NOK million 2023 2022Not overdue 48 145 Past due 0-30 days 15 3 Past due 31-90 days 12 1 Past due more than 90 days - 56 Total trade receivables 76 204 The past due receivables are monitored regularly and impairment analysis is performed on an individual basis for major customers. As of December 31, 2023, trade receivables of a face value of NOK 1 million were impaired. See below for the movements in the provision for impairment of receivables.Amounts in NOK million 2023 2022Balance as of January 1 64 57 Write down/utilized (65) -Currency translation differences 2 7 Balance as of December 31 1 64 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-121-2": {
"value": "Note 19 | Cash and cash equivalentsAmounts in NOK million 2023 2022Restricted cash - 2Interest-bearing deposits 144 117 Total cash and cash equivalents 144 119 Additional undrawn committed bank revolving credit facilities amount to NOK 335 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 479 million as of December 31, 2023. See also Note 21 Borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-121-3": {
"value": "Note 19 | Cash and cash equivalentsAmounts in NOK million 2023 2022Restricted cash - 2Interest-bearing deposits 144 117 Total cash and cash equivalents 144 119 Additional undrawn committed bank revolving credit facilities amount to NOK 335 million, that together with cash and cash equivalents gives a total liquidity reserve of NOK 479 million as of December 31, 2023. See also Note 21 Borrowings.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-119-2": {
"value": "Note 20 | Capital and reservesShare capitalAkastor ASA has one class of shares, ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at General Meetings. Total outstanding shares are 274 000 000 at par value NOK 0.592 per share (NOK 0.592 in 2022). All issued shares are fully paid.Treasury shares Sale of 171 190 treasury shares to employees was carried out in 2023 in connection with the company\u2019s variable pay program. As of December 31, 2023, Akastor ASA holds 1 813 974 treasury shares (1 985 164 treasury shares in 2022), representing 0.66 percent of total outstanding shares.Hedging reserveAs of December 31, 2023, the group had no cash flow hedges. The hedging reserve is related to share of other comprehensive income in equity accounted investees.Fair value reserveThe fair value reserve comprises the cumulative net changes in the fair value of financial assets classified as Fair Value through OCI (FVOCI) until these assets are impaired or derecognized. Currency translation reserveThe currency translation reserve includes exchange differences arising from the translation of the net investments in foreign operations, foreign exchange gain or loss on loans defined as part of net investments in foreign operations, as well as the group\u2019s share of currency translation differences in equity accounted investees. Upon the disposal of investments in foreign operations during 2023, the accumulated currency translation differences of NOK 2 million related to the disposed entities were reclassified from the currency translation reserve to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-122-3": {
"value": "Share capitalAkastor ASA has one class of shares, ordinary shares, with equal rights for all shares. The holders of ordinary shares are entitled to receive dividends and are entitled to one vote per share at General Meetings. Total outstanding shares are 274 000 000 at par value NOK 0.592 per share (NOK 0.592 in 2022). All issued shares are fully paid.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-123-3": {
"value": "Treasury shares Sale of 171 190 treasury shares to employees was carried out in 2023 in connection with the company\u2019s variable pay program. As of December 31, 2023, Akastor ASA holds 1 813 974 treasury shares (1 985 164 treasury shares in 2022), representing 0.66 percent of total outstanding shares.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"f14818": {
"value": "The Board of Directors has not proposed dividend for 2023 or 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-124-3": {
"value": "Hedging reserveAs of December 31, 2023, the group had no cash flow hedges. The hedging reserve is related to share of other comprehensive income in equity accounted investees.Fair value reserveThe fair value reserve comprises the cumulative net changes in the fair value of financial assets classified as Fair Value through OCI (FVOCI) until these assets are impaired or derecognized. Currency translation reserveThe currency translation reserve includes exchange differences arising from the translation of the net investments in foreign operations, foreign exchange gain or loss on loans defined as part of net investments in foreign operations, as well as the group\u2019s share of currency translation differences in equity accounted investees. Upon the disposal of investments in foreign operations during 2023, the accumulated currency translation differences of NOK 2 million related to the disposed entities were reclassified from the currency translation reserve to the income statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-127-2": {
"value": "Note 21 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 26 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2023Revolving credit facility (USD 60 million) USD 60 616 Jun 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 241 million) NOK 241 241 Jun 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 375 million) NOK 82 82 Jul 2024 NIBOR + margin 12%ABL/Maha share financing NOK 57 57 Uncommitted NIBOR + margin 1.5%Term loan DDW Offshore USD 31 309 Sep 2026 Fixed rate 10.85%HMH Loan Note USD 4 41 Oct 2024 Fixed rate 8.0%Overdraft NOK 24Total borrowings 1 369Current borrowings 1 133Non-current borrowings 236Total borrowings 1 369 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340Current borrowings 1 142Non-current borrowings 198 Total borrowings 1 340 1) In February 2024, the maturity date of Revolving credit facilities and Aker facility was extended to June and July 2024, respectively. 2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.For information about contractual maturities of borrowings including interest In September 2023, DDW Offshore completed a refinancing provided by payments and the period in which they mature, see Note 26 Financial risk EnTrust Global\u2019s Blue Ocean Funds as lenders. The new term loan of USD management and exposures. 31 million matures in September 2026. The facility is guaranteed by Akastor ASA and the lenders benefit from first priority mortgages in the vessels. This Bank debtfacility includes restrictions which are customary for these kinds of secured The revolving credit facilities are provided by a bank syndicate consisting financing.of high-quality Nordic and international banks, with DNB acting as agent. The terms and conditions include restrictions which are customary for these kinds of facilities, including inter alia negative pledge provisions and restrictions on acquisitions, disposals and mergers, dividend distribution and change of control provisions. For information about financial covenants, see Note 25 Capital management. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-127-3": {
"value": "Note 21 | BorrowingsBelow are contractual terms of the group\u2019s interest-bearing loans and borrowings which are measured at amortized cost. For more information about the group\u2019s exposure to interest rates, foreign currency and liquidity risk, see Note 26 Financial risk management and exposures. Nominal Carrying currency amount 1) 2)Amounts in million Currencyvalue(NOK) Maturity Interest terms 2023Revolving credit facility (USD 60 million) USD 60 616 Jun 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 241 million) NOK 241 241 Jun 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 375 million) NOK 82 82 Jul 2024 NIBOR + margin 12%ABL/Maha share financing NOK 57 57 Uncommitted NIBOR + margin 1.5%Term loan DDW Offshore USD 31 309 Sep 2026 Fixed rate 10.85%HMH Loan Note USD 4 41 Oct 2024 Fixed rate 8.0%Overdraft NOK 24Total borrowings 1 369Current borrowings 1 133Non-current borrowings 236Total borrowings 1 369 2022Revolving credit facility (USD 66 million) USD 66 656 Feb 2024 USD LIBOR + margin 5.5%Revolving credit facility (NOK 250 million) NOK 200 198 Feb 2024 NIBOR + margin 5.5%Subordinated Aker facility (NOK 250 million) NOK 16 16 Mar 2024 NIBOR + margin 10%Term loan AGR NOK 180 198 Apr 2027 Fixed rate 4%Term loan DDW Offshore USD 27 272 Feb 2024 USD LIBOR + margin 4.25%Total borrowings 1 340Current borrowings 1 142Non-current borrowings 198 Total borrowings 1 340 1) In February 2024, the maturity date of Revolving credit facilities and Aker facility was extended to June and July 2024, respectively. 2) Commitment fee is 40 percent of the margin for revolving credit facilities and Aker facility.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-131-2": {
"value": "Note 22 | Other liabilitiesAmounts in NOK million Note 2023 2022Deferred gain 9 30Deferred settlement obligations 27 246 326Liability for profit split 27 - 102Other liabilities 27 - 1Total other non-current liabilities 255 459Liability related to Step Oitools 27 - 162Total other current liabilities - 162 Deferred gain Liability for profit splitIn May 2018, Akastor invested in preferred equity and warrants in Odfjell DDW Offshore AS had obligation to share 50 percent of the sale proceeds Drilling. On initial recognition, the investment in warrants was recognized at from disposal of two of its vessels with its lenders prior to April 2024. The fair value and the difference between the fair value and the transaction price, liability for profit split was fully settled in 2023. NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain is subsequently amortized and recognized to profit and loss at straight-line Liability related to Step Oiltools basis over six years. See Note 16 Other investments for more information Step Oiltools was part of the MHWirth business contributed from Akastor to about the warrant investment. the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor. The liability reflects the obligation Deferred settlement obligationsto transfer disposal proceeds to HMH when the ownership structure is Deferred settlement obligations represent contingent considerations resolved. In 2023, management of HMH started the liquidation process of resulting from disposal of subsidiaries. The obligations are mainly related Step Oiltools and the value of both shares and liability is impaired as result to provision for indemnity liabilities for pension plans in connection with of reassessment of expected net proceeds from the liquidation. Net financial MHWirth divestment as well as guaranteed preferred return to Mitsui and position related to Step Oiltools was not impacted by the reassessment. MOL in connection with AKOFS Offshore divestment. See also Note 16 Other investments for more information about the Step Oiltools shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-131-3": {
"value": "Note 22 | Other liabilitiesAmounts in NOK million Note 2023 2022Deferred gain 9 30Deferred settlement obligations 27 246 326Liability for profit split 27 - 102Other liabilities 27 - 1Total other non-current liabilities 255 459Liability related to Step Oitools 27 - 162Total other current liabilities - 162 Deferred gain Liability for profit splitIn May 2018, Akastor invested in preferred equity and warrants in Odfjell DDW Offshore AS had obligation to share 50 percent of the sale proceeds Drilling. On initial recognition, the investment in warrants was recognized at from disposal of two of its vessels with its lenders prior to April 2024. The fair value and the difference between the fair value and the transaction price, liability for profit split was fully settled in 2023. NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain is subsequently amortized and recognized to profit and loss at straight-line Liability related to Step Oiltools basis over six years. See Note 16 Other investments for more information Step Oiltools was part of the MHWirth business contributed from Akastor to about the warrant investment. the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor. The liability reflects the obligation Deferred settlement obligationsto transfer disposal proceeds to HMH when the ownership structure is Deferred settlement obligations represent contingent considerations resolved. In 2023, management of HMH started the liquidation process of resulting from disposal of subsidiaries. The obligations are mainly related Step Oiltools and the value of both shares and liability is impaired as result to provision for indemnity liabilities for pension plans in connection with of reassessment of expected net proceeds from the liquidation. Net financial MHWirth divestment as well as guaranteed preferred return to Mitsui and position related to Step Oiltools was not impacted by the reassessment. MOL in connection with AKOFS Offshore divestment. See also Note 16 Other investments for more information about the Step Oiltools shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-131-4": {
"value": "Note 22 | Other liabilitiesAmounts in NOK million Note 2023 2022Deferred gain 9 30Deferred settlement obligations 27 246 326Liability for profit split 27 - 102Other liabilities 27 - 1Total other non-current liabilities 255 459Liability related to Step Oitools 27 - 162Total other current liabilities - 162 Deferred gain Liability for profit splitIn May 2018, Akastor invested in preferred equity and warrants in Odfjell DDW Offshore AS had obligation to share 50 percent of the sale proceeds Drilling. On initial recognition, the investment in warrants was recognized at from disposal of two of its vessels with its lenders prior to April 2024. The fair value and the difference between the fair value and the transaction price, liability for profit split was fully settled in 2023. NOK 117 million, was recognized as \u201cDeferred gain\u201d. The deferred gain is subsequently amortized and recognized to profit and loss at straight-line Liability related to Step Oiltools basis over six years. See Note 16 Other investments for more information Step Oiltools was part of the MHWirth business contributed from Akastor to about the warrant investment. the joint venture HMH in 2021. However, the legal ownership in shares in Step Oiltools B.V. remains with Akastor. The liability reflects the obligation Deferred settlement obligationsto transfer disposal proceeds to HMH when the ownership structure is Deferred settlement obligations represent contingent considerations resolved. In 2023, management of HMH started the liquidation process of resulting from disposal of subsidiaries. The obligations are mainly related Step Oiltools and the value of both shares and liability is impaired as result to provision for indemnity liabilities for pension plans in connection with of reassessment of expected net proceeds from the liquidation. Net financial MHWirth divestment as well as guaranteed preferred return to Mitsui and position related to Step Oiltools was not impacted by the reassessment. MOL in connection with AKOFS Offshore divestment. See also Note 16 Other investments for more information about the Step Oiltools shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-134-2": {
"value": "Note 23 | Employee benefits \u2013 pensionAkastor\u2019s pension costs represent the future pension entitlement earned Norwegian employers are obliged to provide an employment pension plan, by employees in the financial year. In a defined contribution plan the which can be organized as a defined benefit plan or as a defined contribution company is responsible for paying an agreed contribution to the employee\u2019s plan. The Norwegian companies in Akastor have closed the earlier defined pension assets. In such a plan, this annual contribution is also the cost. In benefit plans in 2008 and are now providing defined contribution plans for a defined benefit plan, it is the company\u2019s responsibility to provide a certain all employees.pension. The measurement of the cost and the pension liability for such arrangements is subject to actuarial valuations. Akastor has over a long Defined benefit plantime period gradually moved from defined benefit arrangements to defined Employees who were 58 years or older in 2008, when the change took contribution plans. Consequently, the impact of the remaining defined place, are still in the defined benefit plan, which is a funded plan. There are benefit plans is gradually reduced.no longer any active employees in this plan. The group has also unfunded executive pension plans that are closed for new members. The estimated Pension plans in Norwaycontributions expected to be paid during 2024 amount to NOK 13 million.The main pension arrangement in Norway is a general pension plan organized by the Norwegian Government. This arrangement provides the main general pension entitlement of all Norwegians. All pension arrangements by employers consequently represent limited additional pension entitlements.Pension cost2022 Amounts in NOK million 2023Re-presentedDefined benefit plans - 1Defined contribution plans including AFP 2 2Total pension cost 2 3Movement in net defined benefit (asset) liabilityPension obligation Pension asset Net pension obligationAmounts in NOK million 2023 2022 2023 2022 2023 2022Balance as of January 1 301 332 (205) (224) 96 108Disposal of subsidiaries as of January 1, 2023 (12) - 4 - (8) -Included in profit or loss Service cost - 1 - - - 1Interest cost (income) 6 4 (3) (2) 3 2 Total 6 4 (3) (2) 3 2 Included in OCI Remeasurements (loss) gain: Actuarial loss (gain) 11 (12) (5) (3) 6 (15)Return on plan assets excluding interest income - - 1 25 1 25 Effect of movements in exchange rates 3 7 (2) (6) 1 -Total 14 (5) (6) 16 8 11OtherBenefits paid by the plan (30) (30) 24 24 (6) (6)Contributions paid into the plan - - (11) (20) (11) (20)Total (30) (30) (13) 5 (17) (26)Balance as of December 31 279 301 (197) (205) 82 96 The discount rates and other assumptions in 2023 and 2022 are based on the Norwegian high quality corporate bond rate and recommendations from the Norwegian Accounting Standards Board. It should be expected that fluctuations in the discount rates would also lead to fluctuations in the pension indexations. The total effect of fluctuations in economic assumptions is consequently unlikely to be very significant. Sensitivity analysisReasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation as of December 31, 2023 by the amounts shown below.Amounts in NOK million Increase DecreaseDiscount rate (1% movement) (15) 16Future pension growth (1% movement) 15 (13)The change in discount rate assumptions would affect plan assets in the income statement in next period as it would change the estimated asset return but have no effect on pension assets as of year-end.Plan assetsAmounts in NOK million 2023 2022Bonds 40 48Fund/private equity 57 56 Total plan assets in Norway at fair value 97 104 Equity securities - 25 Debt securities 100 76Total plan assets in US at fair value 100 101Total plan assets at fair value 197 205 The equity portfolio is invested globally. The fair value of the equities is Association. The Bond investments have on average a high credit rating. based on their quoted prices at the reporting date without any deduction for Most of the investments are in Norwegian municipalities with a credit rating estimated future selling cost.of AA.The investments in bonds are done in the Norwegian market and most of The investment in fund/private equity is mainly funds that invests in listed the bonds are not listed on any exchange. The market value as at year end securities and where the fund value is based on quoted prices.is based on official prices provided by the Norwegian Securities Dealers Defined benefit obligation \u2013 actuarial assumptionsThe group\u2019s significant defined benefit plans are in Norway. The followings are the principal actuarial assumptions at the reporting date for the plans in Norway.Norway2023 2022Discount rate 3.10% 3.20%Asset return 2.25% 2.00%Salary progression 3.50% 3.75%Pension indexation 1.8 -3.3% 1.7 -3.5%Mortality table K2013 K2013Life expectancy of male pensioners (in years) 22.8 22.7Life expectancy of female pensioners (in years) 26.1 26.0",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-142-2": {
"value": "Note 24 | Trade and other payables Amounts in NOK million Note 2023 2022Trade creditors 17 67 Accrued expenses 96 1791)Liability for profit split - 89Trade and other payables 27 113 335Public duty and tax payables 8 46 Contract liabilities 8 7 25 2)Deferred settlement obligations 27 176 91 Total trade and other payables 305 4981) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of its vessels, which was fully settled in 2023. 2) Relates to current portion of deferred settlement obligations, see Note 22 for more informationBook value of trade creditors and other current liabilities is approximately equal to fair value.",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-142-3": {
"value": "Note 24 | Trade and other payables Amounts in NOK million Note 2023 2022Trade creditors 17 67 Accrued expenses 96 1791)Liability for profit split - 89Trade and other payables 27 113 335Public duty and tax payables 8 46 Contract liabilities 8 7 25 2)Deferred settlement obligations 27 176 91 Total trade and other payables 305 4981) Relates to obligation in DDW Offshore AS to share 50 percent of the sale proceeds from disposal of its vessels, which was fully settled in 2023. 2) Relates to current portion of deferred settlement obligations, see Note 22 for more informationBook value of trade creditors and other current liabilities is approximately equal to fair value.",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-143-2": {
"value": "Note 25 | Capital managementAkastor\u2019s capital management is designed to ensure that the group has sufficient financial flexibility to carry out its strategic targets, both short-term and long-term. Akastor is targeting to maintain a financial structure that, through solidity and cash flow, secures the group\u2019s strong long-term creditworthiness, as well as maximize value creation for its shareholders through:\ue603\ue679 Investing in projects and business areas which will increase the company\u2019s Return On Capital Employed (ROCE) over time.\ue603\ue679 Optimizing the company\u2019s capital structure to ensure both sufficient and timely funding over time to finance its activities at the lowest cost.Investment policyAkastor\u2019s capital management is based on a rigorous investment selection process which considers not only Akastor\u2019s weighted average cost of capital and strategic orientation but also external factors such as market expectations.Funding policyLiquidity planningAkastor has a strong focus on its liquidity situation to meet its capital needs and ensure solvency for its financial obligations. Akastor had a liquidity reserve per year end 2023 of NOK 479 million, composed of an undrawn committed credit facility of NOK 335 million and cash and cash equivalents of NOK 144 million.Funding of operationsAkastor\u2019s group funding policy is that subsidiaries should finance their operations with the treasury department (Akastor Treasury). This ensures optimal availability and transfer of cash within the group and better control of the company\u2019s overall debt as well as cheaper funding for its operations. However, DDW Offshore is financed directly through a USD 31 million Term loan maturing in 2026. Funding durationAkastor emphasizes financial flexibility and steers its capital structure accordingly to limit its liquidity and refinancing risks. In this perspective, loans and other external borrowings are to be renegotiated well in advance of their due date and generally for periods of 3 to 5 years. However, as a result of MHWirth divestment in 2021 and the required refinancing carried out in connection with this, corporate facilities currently have a shorter duration as realization of assets are expected to be carried out in the short to medium term.Funding costAkastor aims to have diversified funding sources in order to reach the lowest possible cost of capital. These funding sources might include:\ue603\ue679 The use of banks based on syndicated credit facilities.\ue603\ue679 The issue of debt instruments in the Norwegian capital market.\ue603\ue679 The issue of debt instruments in foreign capital markets.Ratios used in monitoring of capital/covenantsAkastor monitors capital on the basis of a gearing ratio (net debt/equity) and equity ratio (equity/total assets). These ratios are similar to covenants as defined in the loan agreement entered into in 2022 for the revolving credit facilities which are shown below. See Note 21 Borrowings for details about these loans.\ue603\ue679 The company\u2019s gearing ratio shall not exceed 0.5 times and is calculated from the consolidated total borrowings to the consolidated Equity.\ue603\ue679 Equity ratio shall not be lower than 32.5%, calculated from the consolidated total equity to consolidated total assets.\ue603\ue679 Minimum liquidity amount shall exceed NOK 150 million on consolidated level.The ratios are calculated based on net debt including cash and borrowings, consolidated equity and consolidated total assets, however adjusted for certain items as defined in the loan agreement. Covenants ratios are based on accounting principles as of December 31, 2023. The covenants are monitored on a regular basis by the Akastor Treasury department to ensure compliance with the loan agreements which are tested and reported on a quarterly basis. Akastor was in compliance with its covenants as of December 31, 2023. In February 2024, the group extended the maturity of the corporate revolving credit facilities to June/July 2024. DDW Offshore's external financing has two financial covenants; i) a minimum liquidity of USD 1.425 million and ii) a minimum asset cover ratio of 120% (Market Value of the vessels / Secured Loan Amount) .",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-148-2": {
"value": "Note 26 | Financial risk management and exposuresThe group is exposed to a variety of financial risks: currency risk, interest rate risk, price risk, credit risk, liquidity risk and capital risk. The capital market risk affects the value of financial instruments held. The objective of financial risk management is to manage and control financial risk exposures and thereby increase the predictability of earnings and minimize potential adverse effects on the group\u2019s financial performance. Risk management is present in every project. It is the responsibility of the project managers, with the support of Akastor Treasury, to identify, evaluate and hedge financial risks under policies approved by the Board of Directors. The group has well-established principles for overall risk management, as well as policies for the use of derivatives and financial investments. There have not been any changes in these policies during the year. Currency riskThe group\u2019s exposure to currency risk is primarily against USD. In addition, The group has significant investments in portfolio companies that operate internationally and are exposed to currency risk on commercial transactions, recognized assets and liabilities and net investments in foreign operations.Exposure to currency riskChanges in currency rates change the values of borrowings, receivables and cash balances. 2023 2022Amounts in million USD USDCash and cash equivalents (3) -Intercompany loans 60 48 Loans and receivables 89 109 Deferred settlement obligations (41) (42)Balance sheet exposure 104 115 Net exposure (NOK million) 1 063 1 141Sensitivity analysisA strengthening of USD against NOK as of December 31 would have affected the measurement of financial instruments denominated in a foreign currency and increased (decreased) income statement by the amounts shown below. This analysis is based on foreign currency exchange rate variances that the group considered to be reasonably possible at the end of the reporting period. The analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of forecast sales and purchases. Figures in the table below only include the effect in income statement for change in currency regarding financial instruments and do not include effect from operating cost and revenue.Effect of weakening of NOK against USD:Profit (loss) after taxAmounts in NOK million 2023 2022USD (10%) 106 114A strengthening of the NOK against USD as of December 31 would have issued at variable rates as well as cash expose the group to cash flow had the equal but opposite effect on the above amounts, on the basis that interest rate risk. Borrowings and receivables issued at fixed rates expose all other variables remain constant. The sensitivity analysis does not include the group to fair value interest rate risk. However, as these borrowings are effects on the consolidated result and equity from changed exchange rates measured at amortized cost, interest rate variations do not affect profit and used for consolidation of foreign subsidiaries.loss when held to maturity.The primary currency-related risk is the risk of reduced competitiveness An increase of 100 basis points in interest rates during 2023 would have abroad in the case of a strengthened NOK. This risk relates to future increased (decreased) profit and loss by the amounts shown on the table commercial contracts and is not included in the sensitivity analysis above.below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. The analysis is performed on the same Interest rate riskbasis as for 2022.The group\u2019s interest rate risk arises from cash balances, interest-bearing borrowings and interest-bearing receivables. Borrowings and receivables Effect of increase of 100 basis points in interest rates on profit (loss) before taxAmounts in NOK million 2023 2022Cash and cash equivalents 1 1Interest-bearing receivables 6 4Borrowings (13) (17)Net (6) (12)A decrease of 100 basis points in interest rates during 2023 would have had the equal but opposite effect on the above amounts, on the basis that all other variables remain constant. There are no effects on equity as there are no interest swaps.Credit riskCredit risk is the risk of financial losses to the group if customer or counterparty to financial investments/instruments fails to meet contractual obligations and arise principally from investment securities and receivables. The group evaluates that significant credit risk concentrations are related to external receivables. The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets (see Note 27 Financial instruments) and contract assets (see Note 8 Revenue and other income). The group does not hold collateral as security. The group reviews the creditworthiness of counterparty when entering into significant or long-term contract and actively monitors its credit exposure to each counterparty. Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its financial liabilities. The group manages its liquidity to ensure that it will always have sufficient liquidity reserves to meet its liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Akastor Treasury maintains flexibility in funding by maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow from its portfolio companies and therefore to a large degree depends on realization of assets to reduce debt and improve liquidity. In order to mitigate refinancing risk when the corporate financing facilities mature and secure available liquidity, the group is in accordance with its strategy focusing on realization of holdings. Liquidity risk has been mitigated in the short term through the extension of the current corporate financing facilities through to June and July 2024, to be replaced by new corporate credit lines, which have been committed, but subject to the amount received following the DRU arbitration award. If the proceeds from DRU arbitration come in at a lower value than anticipated, Akastor will need to source other means of funding such as through a bond financing. The group policy for the purpose of optimizing availability and flexibility of cash within the group is to operate a centrally managed cash pooling arrangement. An important condition for the participants (business units) in such cash pooling arrangements is that the group as an owner of such pools is financially viable and is able to prove its capability to service its obligations concerning repayment of any net deposits made by business units. Management monitors rolling quarterly forecasts of the group\u2019s liquidity reserve on the basis of expected cash flow. Climate riskAkastor, as an investment company, is exposed to climate related risks, mainly transition risks and physical risks which are closely linked to the risks identified by the portfolio companies it has ownership interests in. The group\u2019s most significant group of assets, equity-accounted investees, consists primarily of investments in HMH and AKOFS Offshore. The largest climate-related risks are related to the transition to a low-emission economy, and an expected decrease in the oil and gas sector, which will be challenging in terms of access to and cost of capital. In addition, large oil companies are shifting towards low-carbon production, leading to changes in customer requirements that may require new investments in technology. Overall, this may lead to negative impact on the equity of these investees and thus reduction of the value of Akastor\u2019s investments.With regards to the physical assets in the group, mainly attributed to the vessels held by DDW Offshore, the group is mainly exposed to physical risks such as extreme weather changes. The group has not identified significant changes when assessing useful life or impairment testing of the vessels due to climate related risks. For the 2023 financial statements, the group has not identified any material impacts on judgement and estimates due to climate-related risks. Akastor and its portfolio companies preform climate related risk and opportunity assessment based on the methodology described in the Task Force on Climate-Related Financial Disclosures (TCFD) on a regular basis. Assessment of risks is carried out in preparation of the group\u2019s financial statements. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20232)Borrowings 21 1 369 1 511 1 042 183 95 190 - Lease liabilities 28 34 34 18 14 2 - - Deferred settlement obligations 22, 24 589 424 171 8 74 45 127 Trade and other payables 24 121 121 121 - - - - Total financial liabilities 2 114 2 090 1 352 204 171 235 127 3)Financial guarantees 3 850 31 265 1 499 1 665 390 20222)Borrowings 21 1 340 1 403 59 334 852 157 - Lease liabilities 28 85 89 27 22 34 6 1 Other non-current liabilities 22 103 110 - - 110 - -Other current liabilities 22 162 162 - 162 - - - Deferred settlement obligations 22, 24 417 429 103 8 91 102 126 Trade and other payables 24 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-156-2": {
"value": "Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiaries and related parties as of December 31, 2023 (estimated remaining exposure as of December 31, 2023):\ue603\ue679 Performance guarantees on behalf of group companies of nil (NOK 17 million in 2022)\ue603\ue679 Performance guarantees on behalf of related parties of NOK 1.5 billion (NOK 2.2 million in 2022)\ue603\ue679 Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.1 billion (NOK 2.6 billion in 2022)\ue603\ue679 Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.2 billion in 2022)Although guarantees are financial instruments, they are considered contingent obligations and the notional amounts are not included in the financial statements. See more information about guarantees for related parties in Note 30 Related parties. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-156-3": {
"value": "Guarantee obligationsThe group has provided the following guarantees on behalf of subsidiaries and related parties as of December 31, 2023 (estimated remaining exposure as of December 31, 2023):\ue603\ue679 Performance guarantees on behalf of group companies of nil (NOK 17 million in 2022)\ue603\ue679 Performance guarantees on behalf of related parties of NOK 1.5 billion (NOK 2.2 million in 2022)\ue603\ue679 Parent company indemnity guarantees for fulfillment of lease obligations and finance obligations of NOK 2.1 billion (NOK 2.6 billion in 2022)\ue603\ue679 Financial guarantees including counter guarantees for bank/surety bonds and guarantees for pension obligations to employees of NOK 0.2 billion (NOK 0.2 billion in 2022)Although guarantees are financial instruments, they are considered contingent obligations and the notional amounts are not included in the financial statements. See more information about guarantees for related parties in Note 30 Related parties. ",
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"pp-value-159-2": {
"value": "Price riskThe group is exposed to fluctuations in market prices in the operational areas related to contracts, including changes in market prices for raw materials, equipment and development in wages. These risks are to the extent possible managed in bid processes by locking in committed prices from vendors as a basis for offers to customer or through escalation clauses with customers. ",
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"language": "en",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-157-3": {
"value": "Credit riskCredit risk is the risk of financial losses to the group if customer or counterparty to financial investments/instruments fails to meet contractual obligations and arise principally from investment securities and receivables. The group evaluates that significant credit risk concentrations are related to external receivables. The maximum exposure to credit risk at the reporting date equals the carrying amounts of financial assets (see Note 27 Financial instruments) and contract assets (see Note 8 Revenue and other income). The group does not hold collateral as security. The group reviews the creditworthiness of counterparty when entering into significant or long-term contract and actively monitors its credit exposure to each counterparty. ",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-158-3": {
"value": "Liquidity riskLiquidity risk is the risk that the group will encounter difficulty in meeting the obligations associated with its financial liabilities. The group manages its liquidity to ensure that it will always have sufficient liquidity reserves to meet its liabilities when due.Prudent liquidity risk management includes maintaining sufficient cash, the availability of funding from an adequate amount of committed credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Akastor Treasury maintains flexibility in funding by maintaining availability under committed credit lines. Akastor is an investment company with limited upstream cash flow from its portfolio companies and therefore to a large degree depends on realization of assets to reduce debt and improve liquidity. In order to mitigate refinancing risk when the corporate financing facilities mature and secure available liquidity, the group is in accordance with its strategy focusing on realization of holdings. Liquidity risk has been mitigated in the short term through the extension of the current corporate financing facilities through to June and July 2024, to be replaced by new corporate credit lines, which have been committed, but subject to the amount received following the DRU arbitration award. If the proceeds from DRU arbitration come in at a lower value than anticipated, Akastor will need to source other means of funding such as through a bond financing. The group policy for the purpose of optimizing availability and flexibility of cash within the group is to operate a centrally managed cash pooling arrangement. An important condition for the participants (business units) in such cash pooling arrangements is that the group as an owner of such pools is financially viable and is able to prove its capability to service its obligations concerning repayment of any net deposits made by business units. Management monitors rolling quarterly forecasts of the group\u2019s liquidity reserve on the basis of expected cash flow. Financial liabilities and the period in which they matureThe following is the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross and undiscounted and include contractual interest payments and exclude the impact of netting agreements. Book Total cash 6 months 6\u201312 More than 1)Amounts in NOK million Notevalueflow and lessmonths 1\u20132 years 2\u20135 years5 years20232)Borrowings 21 1 369 1 511 1 042 183 95 190 - Lease liabilities 28 34 34 18 14 2 - - Deferred settlement obligations 22, 24 589 424 171 8 74 45 127 Trade and other payables 24 121 121 121 - - - - Total financial liabilities 2 114 2 090 1 352 204 171 235 127 3)Financial guarantees 3 850 31 265 1 499 1 665 390 20222)Borrowings 21 1 340 1 403 59 334 852 157 - Lease liabilities 28 85 89 27 22 34 6 1 Other non-current liabilities 22 103 110 - - 110 - -Other current liabilities 22 162 162 - 162 - - - Deferred settlement obligations 22, 24 417 429 103 8 91 102 126 Trade and other payables 24 335 335 272 63 - - - Total financial liabilities 2 442 2 528 461 589 1 087 265 127 3)Financial guarantees 5 058 198 1 555 3 640 665 1) Nominal currency value including interest.2) The interest costs are calculated using the last fixing rate known by year end (plus applicable margin).3) Financial guarantees are not recognized on the consolidated balance sheet. The undiscounted cash flows potentially payable under financial guarantees are classified on the basis of expiry date.",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-168-2": {
"value": "Note 27 | Financial instruments Accounting classifications and fair valuesLevel 2 - fair values are based on inputs other than quoted prices included The following table shows the carrying amounts and fair values of financial in Level 1 that are observable for the asset or liability, either directly or assets and financial liabilities, including their levels in the fair value indirectly.hierarchy. It does not include fair value information for financial assets and financial liabilities not measured at fair value if the carrying amount is a Level 3 - fair values are based on unobservable inputs, mainly based on reasonable approximation of fair value. For financial instruments measured internal assumptions used in the absence of quoted prices from an active at fair value, the levels in the fair value hierarchy are as shown below.market or other observable price inputs.Level 1 - fair values are based on prices quoted in an active market for identical assets or liabilities.2023 2022Financial Financial instruments instruments Carrying measured at Carrying measured at Fair value Amounts in NOK million Noteamountfair valueamountfair valuehierarchyFinancial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 16 125 125 40 40 Level 1 1)Equity securities 16 158 158 321 321 Level 3Warrants 16 56 56 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 16 711 711 636 636 Level 3 Financial assets not measured at fair value Financial assets at amortized costCash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Trade and other receivables 18 586 696 Financial assets 2 332 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 21 (1 369) (1 371) (1 340) (1 342) Level 2Other financial liabilitiesTrade and other payables 24 (113) (335)Other non-current liabilities 22 - (103)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 22, 24 (422) (422) (417) (417) Level 3Other current liabilities 22 - - (162) (162) Level 3Financial liabilities (1 904) (2 357) 1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Additions - (3)Settlements (18) 24 Net gain (loss) in the income statement (48) 136Balance as of December 31, 2023 926 422",
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"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-169-3": {
"value": "2023 2022Financial Financial instruments instruments Carrying measured at Carrying measured at Fair value Amounts in NOK million Noteamountfair valueamountfair valuehierarchyFinancial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 16 125 125 40 40 Level 1 1)Equity securities 16 158 158 321 321 Level 3Warrants 16 56 56 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 16 711 711 636 636 Level 3 Financial assets not measured at fair value Financial assets at amortized costCash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Trade and other receivables 18 586 696 Financial assets 2 332 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 21 (1 369) (1 371) (1 340) (1 342) Level 2Other financial liabilitiesTrade and other payables 24 (113) (335)Other non-current liabilities 22 - (103)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 22, 24 (422) (422) (417) (417) Level 3Other current liabilities 22 - - (162) (162) Level 3Financial liabilities (1 904) (2 357) 1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Additions - (3)Settlements (18) 24 Net gain (loss) in the income statement (48) 136Balance as of December 31, 2023 926 422",
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"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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"pp-value-169-4": {
"value": "2023 2022Financial Financial instruments instruments Carrying measured at Carrying measured at Fair value Amounts in NOK million Noteamountfair valueamountfair valuehierarchyFinancial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 16 125 125 40 40 Level 1 1)Equity securities 16 158 158 321 321 Level 3Warrants 16 56 56 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 16 711 711 636 636 Level 3 Financial assets not measured at fair value Financial assets at amortized costCash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Trade and other receivables 18 586 696 Financial assets 2 332 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 21 (1 369) (1 371) (1 340) (1 342) Level 2Other financial liabilitiesTrade and other payables 24 (113) (335)Other non-current liabilities 22 - (103)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 22, 24 (422) (422) (417) (417) Level 3Other current liabilities 22 - - (162) (162) Level 3Financial liabilities (1 904) (2 357) 1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Additions - (3)Settlements (18) 24 Net gain (loss) in the income statement (48) 136Balance as of December 31, 2023 926 422",
"dimensions": {
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"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
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},
"pp-value-169-5": {
"value": "2023 2022Financial Financial instruments instruments Carrying measured at Carrying measured at Fair value Amounts in NOK million Noteamountfair valueamountfair valuehierarchyFinancial assets measured at fair valueFair value through P&L (mandatorily at FVTPL)Equity securities 16 125 125 40 40 Level 1 1)Equity securities 16 158 158 321 321 Level 3Warrants 16 56 56 34 34 Level 3Fair value through Other comprehensive income1)Debt instruments 16 711 711 636 636 Level 3 Financial assets not measured at fair value Financial assets at amortized costCash and cash equivalents 19 144 119 Non-current interest-bearing receivables 17 550 668 Trade and other receivables 18 586 696 Financial assets 2 332 2 514 Financial liabilities not measured at fair valueFinancial liabilities at amortized cost2)Borrowings 21 (1 369) (1 371) (1 340) (1 342) Level 2Other financial liabilitiesTrade and other payables 24 (113) (335)Other non-current liabilities 22 - (103)Financial liabilities measured at fair valueFair value through profit & lossDeferred settlement obligations 22, 24 (422) (422) (417) (417) Level 3Other current liabilities 22 - - (162) (162) Level 3Financial liabilities (1 904) (2 357) 1) Investments in level 3 in the hierarchy relate to equity securities and debt securities with no active market. These investments are measured at the best estimate of fair value. 2) For credit facilities and other loans with floating interest, notional amounts are used as approximation of fair values.Reconciliation of Level 3 financial assets and financial liabilitiesAmounts in NOK million Assets LiabilitiesBalance as of December 31, 2021 1 782 (459)Settlements (982) 59 Net gain (loss) in the income statement 220 (16)Reclassifications (29) (162)Balance as of December 31, 2022 991 (579)Additions - (3)Settlements (18) 24 Net gain (loss) in the income statement (48) 136Balance as of December 31, 2023 926 422",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-172-2": {
"value": "Measurement of fair values at level 3Debt instruments at FVOCIFinancial assets measured at FVOCI are related to debt instruments in NES Fircroft. The valuation model considers the present value of the expected cash flows from the ultimate disposal of the investments weighted with different probabilities. The expected disposal value is determined by forecast EBITDA at the time of disposal and market multiples, adjusted by forecast net debt of the investee. The estimated fair value would increase (decrease) if:\ue603\ue679 The forecast EBITDA were higher (lower);\ue603\ue679 The market multiples applied were higher (lower); or\ue603\ue679 The net debt of the investees at the date of disposal were lower (higher). Warrants measured at FVTPLThe financial asset relates to warrant investment in Odfjell Drilling. The valuation is obtained from external valuation experts, using a Monte Carlo simulation model where the simulated stock prices are based on a lognormal stock price model assumed to follow a Geometric Brownian Motion. The key inputs to the valuation model consist of the stock price of Odfjell Drilling (listed on the Oslo Stock Exchange under ticker ODL) at the valuation date, as well as assumption of future volatility based on the share\u2019s historical prices. The estimated fair value is mostly sensitive to the ODL share price and would increase (decrease) if the ODL share price were higher (lower). Deferred settlement obligationsThese liabilities relate to contingent considerations and obligations from business disposals. Final amounts to be paid depend on future earnings in the disposed companies or outcome of indemnity claims and price adjustment mechanisms. \ue603\ue679 Liabilities depending on future earnings: The recognized amounts are determined based on recent forecasts and strategy figures for the entity, thus the final realized values are sensitive to the above inputs as driven by market conditions. \ue603\ue679 Liabilities depending on outcome of indemnity claims and price adjustment mechanisms: Provisions are made based on all available evidence as at the reporting date.The credit exposure on the Level 3 asset is limited to the amount recognized and the credit risk is not considered to be significant due to the nature of the arrangement.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-175-2": {
"value": "Note 28 | LeasesGroup as lesseeIT equipment and office equipment are considered as leases of low-value The group leases office buildings on a number of locations. The leases assets. The right-of-use assets and lease liabilities are not recognized for typically run for a period of 3-10 years and some of the leases have short-term leases or leases of low-value assets.extension options. The lease agreements do not impose any covenants or restrictions. The group applies the short-term lease recognition exemptions for leases of property or machinery with lease term of 12 months or less. Leases of Right-of-use assetsAmounts in NOK million Note 2023 2022Balance as of January 1 27 41 Additions - 4 1)Depreciation(10) (15)Disposal of subsidiaries 6 (12) -Remeasurement 2 (4)Balance as of December 31 7 27 1) Includes depreciation related to discontinued operations of NOK 1 million in 2023 (NOK 5 million in 2022) The right-of-use assets are related to leases of office buildings. Lease liabilitiesAmounts in NOK million Note 2023 2022Balance as of January 1 85 155Cash payments (41) (78)Additions - 4 Remeasurement 2 5 Disposal of subsidiaries 6 (12) -Balance as of December 31 34 85Current lease liabilities 32 48Non-current lease liabilities 2 37Amounts recognized in the income statement and cash flow statementAmounts in NOK million 2023 2022Expenses related to leases of low-value items (3) (3)Interest on lease liabilities (3) (5)Total amounts recognized in the income statement (6) (8)Payments for leases expensed (3) (3)Interest paid for lease liabilities (3) (6)Principal payments of lease liabilities (41) (78)Total cash outflow for leases (46) (87)Some property leases contain extension or termination options exercisable before the end of the non-cancellable period. They are used to maximize operational flexibility in terms of managing the assets used in the group\u2019s operations. The extension and termination options held are exercisable only by the group and not by the respective lessor. The group assesses at lease commencement date whether it is reasonably certain to exercise the extension or termination options. Extension options in offices leases have not been included in the lease liability, because the group expects to be able to replace the assets without significant cost or business disruption. If the group had exercised the extension options in significant property leases as of December 31, 2023, the group estimates potential future lease payments (undiscounted) of approximately NOK 37 million, which are not included in the lease liabilities. Group as lessorThe group leases out the vessels in DDW Offshore and subleases out some of the property leases. Finance leasesSome of the subleases of right-of-use assets are classified as finance lease, with reference to the right-of-use assets arising from the head leases. The finance lease of two vessels in DDW Offshore was completed in 2023. The following table sets out a maturity analysis of finance lease receivables, showing the undiscounted lease payments to be received after the reporting date. Amounts in NOK million 2023 2022Due within one year 20 213Due in one to two years - 18Total undiscounted lease receivable 20 232Unearned interest income 1 13Total finance lease receivables 19 218Current finance lease receivables 19 208Non-current finance lease receivables - 10Operating leasesThe lease income from subleasing right-of-use assets in 2023 was NOK 7 million (NOK 10 million in 2022). The following table sets out future undiscounted operating lease income under the non-cancellable lease periods. Amounts in NOK million 2023 2022Due within one year 10 104Due in one to two years - 2Total 10 106",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-188-3": {
"value": "Compensation to key managementThe key management personnel of Akastor includes the Board of Directors and the executive management team. The figures below represent remuneration expenses recognized in the year. Detailed remuneration disclosures are provided in Remuneration Report 2023. Amounts in NOK million 2023 2022Base salary 7 7Variable pay and other benefits 7 8Post-employment benefits (pension expenses to company) 1 1Remuneration to Board of Directors 4 3Total 18 19The balance of accrued expenses related to key management remuneration amounted to NOK 18 million as of December 31, 2023, of which NOK 5 million is contingent on continuous employment after a three-year period. Executive management\u2019s and directors\u2019 shareholdingThe following number of shares is owned by the members of the executive management and the directors (and their related parties) as of December 31:Title 2023 2022Karl Erik Kjelstad CEO 700 000 600 000\u00d8yvind Paaske CFO 135 083 105 083Frank Ove Reite Chairperson 200 000 200 000Lone F\u00f8nss Schr\u00f8der Deputy chair 4 400 4 400Svein Oskar Stoknes Director 1 297 1 297Kathryn Baker Director 45 683 45 683Luis Antonio G. Araujo Director - -Asle Christian Halvorsen Director, elected by employees 10 000 10 000Stian Sj\u00f8lund Director, elected by employees 10 000 10 000Henning Jensen Director, elected by employees - -",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
},
"pp-value-189-2": {
"value": "Note 31 | Events after reporting date In February 2024, the maturity of corporate bank facilities and subordinated Aker facilities was extended to June and July 2024, respectively.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:5967007LIEEXZXIX5468",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00"
}
}
}
}