Note 1: Accounting Policies and Basis of Preparation
Overview and Basis of Preparation
Solstad Maritime (the \u201cGroup\u201d) consists of Solstad Maritime ASA and its subsidiaries. Solstad Maritime ASA (the \u201cCompany\u201d) is a public limited liability company incorporated in Norway. The Company\u2019s registered office is at Nesavegen 39, 4280 Skudeneshavn. Solstad Maritime is part of a group that operates a shipping business from its head office in Skudeneshavn, Norway, and its main activities are the operation of offshore service vessels and construction vessels, offering maritime services to the global offshore energy industry. The Group was listed on Euronext Oslo B\u00f8rs on May 16, 2025.
Solstad Maritime ASA Group includes Solstad Maritime ASA, subsidiaries incorporated in several countries (see Note 12 for an overview of consolidated companies), and our share of investments in associates (see Note 13).
Solstad Maritime ASA group (Solstad Maritime) was deconsolidated from Solstad Offshore on January 16, 2024 following the completion of the refinancing of Solstad Offshore ASA. See Note 3 for further information.
The financial statements were authorized for issue by the board of directors on March 25, 2026.
The accompanying consolidated financial statement are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by EU. The financial statements as of December 31, 2025 are presented on a consolidated basis according to IFRS 10. The consolidated financial statement are presented in US Dollars (USD). This is a
change from 2024 and comparable numbers has been restated. Throughout the Notes all figures are stated in USD thousand unless clearly stated otherwise.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.
Going Concern
Pursuant to section 3-3a and section 4-5 of the Norwegian Accounting Act, it is confirmed that the annual accounts have been prepared under the assumption that the Company is a going conern and that the conditions are present.
The going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and conditions of the Refinancing agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of December 31, 2025. The main portion of the Solstad Maritime\u2019s external debt matures in 2029.
The Company continues to maintain strong activity in Brazil, Australia, and other international regions. Furthermore, the long-term outlook for offshore energy services remains positive. The Company\u2019s firm backlog provides a stable foundation for Solstad Maritime into 2026 and beyond.
Summary of Material Accounting Policies
Changes in Accounting Principles
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued Not Yet Effective IFRS Accounting Standards and Amendments Not Yet Implemented
IFRS Accounting standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. IFRS 18 is assesed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.
IFRS 18 Presentation and Disclosure in Financial Statements
IASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Finanacial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued.
The Group has made an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates from financial item into the new category investing, the effect will not be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant.
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APMs Adjusted EBITDA and Order intake currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18.
The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 1. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
Consolidation
The consolidated financial statements comprise of the financial statements of Solstad Maritime ASA and its subsidiaries as of 31 December each year. Any deviating accounting principles are adjusted for in this consolidation.
The Group accounts present the total profit or loss and each component of OCI and financial position of Solstad Maritime ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Maritime ASA has control. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interest.
Non-current Assets Held for Sale and Discontinued Operations
The Group classifies non-current assets and disposal
groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.
Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.
Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group classifies its financial assets in two categories:
Financial assets at amortized cost \u2013 all financial assets except for investments in shares
Financial assets at fair value through profit or loss (FVTPL) \u2013 investments in shares
Impairment of Financial Assets
For trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in alculating estimated credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.
Further disclosures relating to impairment of financial assets are also provided in Note 2 and Note 7.
Contract Assets
A contract asset is initially recognised for revenue earned from work performed where the receipt of consideration is conditional on successful completion or acceptance of the customer. Upon completion of the work and acceptance by the customer, the amount recognised as contract assets is reclassified to trade receivables.
Financial Liabilities
The Group initially recognizes financial liabilities at fair value less transaction costs, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on modification or derecognition is also recognized in the statement of profit or loss.
Derecognition of Financial Liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in the statement of profit or loss.
Contract Liability
A contract liability is recognised if a payment is received, or a payment is due (whichever is earlier) from a customer before the Group transfers the related services. Contract liabilities are recognised as revenue when the Group performs under the contract (i.e., transfers control of the related services to the customer).
Segment Information
The Group reports internally to the executive management on operating segments. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following two segments:
AHTS: Anchor handling tug supply vessels
CSV: Construction support vessels operating subsea construction contracts
The Group owns and operates AHTS and CSV vessels. The different types of vessels operate in different markets and management reviews operational results within these markets. Within each segment income and cost are allocated to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support.
Lease accounting and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Reversal of bareboat costs for operating leases, reversal of bareboat income for financial leases where the Group is a lessor, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factor when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.
The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.
Property, Plant and Equipment \u2013 Impairment Charges and Depreciation
Property, plant and equipment acquired by Group companies are stated at historical cost, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated cost of disposal, as if the asset were already of the age and in the condition
anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the cost less accumulated depreciation and any impairment. Refer to Note 2 for further information.
Years | |
Vessels | 25 |
Operations equipment, incl. computers | 3-15 |
Buildings and related leasehold improvements | 1-10 |
Fixture, furniture, fittings and office computers | 3-5 |
Repair and maintenance | 5 |
The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.
The business segments are the Group\u2019s strategic units of control. However, while determining the recoverable amount, each vessel is treated as one cash-generating unit. Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any gain or loss is included in operating profit.
Leases
Right-of-use-assets
Right-of-use-assets are recognized at cost at the commencement date. The cost of the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement.
After initial recognition, the right of use asset is recognized to cost, less depreciation and impairment losses.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include both fixed, variable lease payments that depend on an index or rate, and amounts expected to be paid under residual value guarantees.
When calculating present value of the lease the incremental borrowing rate at the beginning of the lease is used, if the implicit rate is unavailable. The incremental borrowing rate (IBR) for vessels are set using an assessment around lessors cost of capital, interest rate based on the Group\u2019s weighted average cost of capital and adjusting for the term length. For offices, the IBR is set through a reference interest free rate and including margin for similar-currency loan for the Group and the equivalent
property yield in similar market on offices. Subsequently, the amount of the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. The liability is remeasured if modifications or changes to the lease terms occur.
Lessor accounting
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership
of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis
over the lease term and is included as Charter income in the statement of profit or loss due to its operating nature.The lease term commences from the time the vessel is made available to the tenant and terminates upon agreed return.
If substantially all the risk and rewards incidental to ownership is transferred the lease is classified as a financial lease. The financial asset is tested for impairment at each reporting date using the simplified approach, which requires measuring the loss allowance at an amount equal to lifetime expected credit loss.
Cash
Cash comprise cash in hand and short-term deposits. Bank overdrafts are included within borrowings in current liabilities on the balance sheet. Restricted bank deposits are funds on separate bank accounts for tax deductions.
Provisions
A provision is recognized when the Group has an obligation to fulfill, (legal or self-imposed) as a result of a previous event. The main provision for the Group is towards foreign tax, either as corporate income tax or value added taxes/import taxes, see Note 25 Contingent Liabilities, Assets and Provisions, for further details.
Revenue from Contracts with Customers \u2013 Charter Income
Income and expenses relating to charter contracts and related service income are apportioned according to the number of days for each contract occurring before and after the end of the accounting period. The contract begins when the vessel is \u201cdelivered\u201d to the charterer and ends when the vessel is \u201credelivered\u201d to Solstad. Charter income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is
recognised over time. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts, and ROV- and gangway contracts, contain both a lease component that is regulated by IFRS 16 and a service component that is regulated by IFRS 15. Both the lease component and the service component are recognized together as revenue in operating income (Reference
Note 4 for split).
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. Related mobilization cost and expected demobilization costs, and other costs incurred to be able to fulfil a contract, are also amortized over the contract period, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and are recognized in the period in which the performance obligations are being satisfied. The Group has mainly delivery over time on the other income. The largest components are connected to management fee.
Cash Flow
The Group applies the indirect method. Investment in shares and other liquid assets with maturity over three months are not included under cash.
Overview and Basis of Preparation
Solstad Maritime (the \u201cGroup\u201d) consists of Solstad Maritime ASA and its subsidiaries. Solstad Maritime ASA (the \u201cCompany\u201d) is a public limited liability company incorporated in Norway. The Company\u2019s registered office is at Nesavegen 39, 4280 Skudeneshavn. Solstad Maritime is part of a group that operates a shipping business from its head office in Skudeneshavn, Norway, and its main activities are the operation of offshore service vessels and construction vessels, offering maritime services to the global offshore energy industry. The Group was listed on Euronext Oslo B\u00f8rs on May 16, 2025.
Solstad Maritime ASA Group includes Solstad Maritime ASA, subsidiaries incorporated in several countries (see Note 12 for an overview of consolidated companies), and our share of investments in associates (see Note 13).
Solstad Maritime ASA group (Solstad Maritime) was deconsolidated from Solstad Offshore on January 16, 2024 following the completion of the refinancing of Solstad Offshore ASA. See Note 3 for further information.
The financial statements were authorized for issue by the board of directors on March 25, 2026.
The accompanying consolidated financial statement are prepared in accordance with IFRS\u00ae Accounting Standards as adopted by EU. The financial statements as of December 31, 2025 are presented on a consolidated basis according to IFRS 10. The consolidated financial statement are presented in US Dollars (USD). This is a
change from 2024 and comparable numbers has been restated. Throughout the Notes all figures are stated in USD thousand unless clearly stated otherwise.
Enumerated amounts presented in tables and statements may not always agree with the calculated sum of the related line items due to rounding differences. The aim is for each line item to agree with its source and therefore there may be rounding differences affecting the total when adding up the presented line items.
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Pursuant to section 3-3a and section 4-5 of the Norwegian Accounting Act, it is confirmed that the annual accounts have been prepared under the assumption that the Company is a going conern and that the conditions are present.
The going concern assumption is based on the level of cash and cash equivalents and equity at reporting date, terms and conditions of the Refinancing agreement with banking and borrowing facilities, the forecasted cash flow prognosis for the Company and the backlog position as of December 31, 2025. The main portion of the Solstad Maritime\u2019s external debt matures in 2029.
The Company continues to maintain strong activity in Brazil, Australia, and other international regions. Furthermore, the long-term outlook for offshore energy services remains positive. The Company\u2019s firm backlog provides a stable foundation for Solstad Maritime into 2026 and beyond.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__24": { "value": "Changes in Accounting Principles
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued Not Yet Effective IFRS Accounting Standards and Amendments Not Yet Implemented
IFRS Accounting standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. IFRS 18 is assesed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.
IFRS 18 Presentation and Disclosure in Financial Statements
IASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Finanacial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued.
The Group has made an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates from financial item into the new category investing, the effect will not be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant.
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APMs Adjusted EBITDA and Order intake currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18.
The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 1. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__25": { "value": "Changes in Accounting Principles
The Group has not implemented any new accounting standards or otherwise made any significant changes to accounting policies during 2025.
The following updates were implemented:
Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates
The implementations of IAS 21 did not have any material impact on the Group\u2019s financial statements.
Issued Not Yet Effective IFRS Accounting Standards and Amendments Not Yet Implemented
IFRS Accounting standards and amendments not yet implemented may have an impact on the Group\u2019s financial reporting. IFRS 18 is assesed to have a significant impact on the financial statements. The other current updates and changes to the issued standards and amendments not yet implemented, have been assessed to currently not significantly impact the financial statement.
IFRS 18 Presentation and Disclosure in Financial Statements
IASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Finanacial Statements. IFRS 18 introduces new requirements for presentation within the statement of profit or loss, including specified totals and subtotals. Entities are required to classify all income and expenses within one of the five categories operating, investing, financing, income taxes and discontinued.
The Group has made an analysis of the effects, and there will be several reclassifications from current operating result and financing result to the new categories. The main effects are:
Reclassification of income from associates from financial item into the new category investing, the effect will not be significant.
Parts of agio and disagio will be reclassified from financial items to operating, investing and tax. The effect based on 2025 result is not estimated, but is expected to be significant.
Interest income from banks will be reclassified from financial item to investing, the effect is expected to be significant.
Several minor reclassifications of interest charges and interest expenses from financial item to operating, not expected to be significant.
IFRS 18 also introduces management performance measures, which are subtotals of income and expense that an entity uses in public information outside of the financial statements. That will include the APMs Adjusted EBITDA and Order intake currently used by the Group. IFRS 18 requires an entity to disclose information related to how the MPM is measured, how it provides useful information and a reconciliation to the most comparable subtotal specified by IFRS 18.
The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospectively.
Change in Presentation Currency
The Group has changed its presentation currency from NOK to USD in 2025, following the change of functional currency to USD for a significant part of the subsidiaries in 2024 to better reflect the increased influence USD has on revenues in the Group.
A second opening balance has been included in line with requirements in IAS 1. The translation of the opening balance as of 01.01.24 was done based on closing rate of NOK vs USD on 31 December 2023 (NOK/USD 10.1724) for all assets, liabilities and total equity. Within equity, the equity components of paid-in equity are translated at historical rates. Within other equity, the main focus has been to estimate what the currency translation differences would have been had USD always been the presentation currency. For practical purposes some approximations had to be made. The retained earnings have been calculated as the residual component within equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__26": { "value": "Consolidation
The consolidated financial statements comprise of the financial statements of Solstad Maritime ASA and its subsidiaries as of 31 December each year. Any deviating accounting principles are adjusted for in this consolidation.
The Group accounts present the total profit or loss and each component of OCI and financial position of Solstad Maritime ASA and its subsidiaries as one. The consolidated accounts include companies in which Solstad Maritime ASA has control. The non-controlling interest in equity is reported separately in the consolidated financial statements. The Group has chosen to use fair value on assets and liabilities for the initial recognition of non-controlling interest.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__27": { "value": "Non-current Assets Held for Sale and Discontinued Operations
The Group classifies non-current assets and disposal
groups as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Non-current assets and disposal groups classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell. Costs to sell are the incremental costs directly attributable to the disposal of an asset (disposal group), excluding finance costs and income tax expense.
Property, plant and equipment and intangible assets are not depreciated or amortized once classified as held for sale. Assets and liabilities classified as held for sale are presented separately as current items in the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__19": { "value": "Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group classifies its financial assets in two categories:
Financial assets at amortized cost \u2013 all financial assets except for investments in shares
Financial assets at fair value through profit or loss (FVTPL) \u2013 investments in shares
Impairment of Financial Assets
For trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in alculating estimated credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.
Further disclosures relating to impairment of financial assets are also provided in Note 2 and Note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__22-1": { "value": "Financial Assets
The Group\u2019s financial assets are trade receivables, lease receivables, other current assets (such as contract assets), other non-current assets and cash.
The classification of financial assets at initial recognition depends on the financial asset\u2019s contractual cash flow characteristics and the Groups\u2019 model for managing them. With the exception of trade receivables that do not contain a significant financing component, the Entity initially measures its trade receivables at its fair value plus transaction costs. Trade receivables that do not contain a significant financing component are measured at the transaction price determined under IFRS 15.
The Group classifies its financial assets in two categories:
Financial assets at amortized cost \u2013 all financial assets except for investments in shares
Financial assets at fair value through profit or loss (FVTPL) \u2013 investments in shares
Impairment of Financial Assets
For trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in alculating estimated credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.
Further disclosures relating to impairment of financial assets are also provided in Note 2 and Note 7.
Financial Liabilities
The Group initially recognizes financial liabilities at fair value less transaction costs, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on modification or derecognition is also recognized in the statement of profit or loss.
Derecognition of Financial Liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in the statement of profit or loss.
General
The Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and freight rates, influence the value of the Group\u2019s financial assets, liabilities, and future cash flows.
Management monitors the financial market risks. When a risk factor is identified, action should be taken to reduce this risk. Given the Group\u2019s financial positions during the last years, the Group has had limited possibility to enter into financial derivatives, to remove the exposure, but after the refinancing in 2024 the Group has the possibility to do hedges on interests and exchange rates. For the period 2025 and 2024 no derivatives have been entered into to hedg market risks.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__20": { "value": "Impairment of Financial Assets
For trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in alculating estimated credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.
Further disclosures relating to impairment of financial assets are also provided in Note 2 and Note 7.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__21-1": { "value": "Impairment of Financial Assets
For trade and other receivables, lease receivables and other non-current assets, the Group applies a simplified approach in alculating estimated credit losses (ECLs). Therefore, the Group does not track changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date, based on its historical credit loss experience.For specific customers a seperate assessent is performed if there are inicators of reduced value based on historical experience, current situation and expectations about future economic conditions.
Further disclosures relating to impairment of financial assets are also provided in Note 2 and Note 7.
Property, Plant and Equipment \u2013 Impairment Charges and Depreciation
Property, plant and equipment acquired by Group companies are stated at historical cost, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated cost of disposal, as if the asset were already of the age and in the condition
anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the cost less accumulated depreciation and any impairment. Refer to Note 2 for further information.
Years | |
Vessels | 25 |
Operations equipment, incl. computers | 3-15 |
Buildings and related leasehold improvements | 1-10 |
Fixture, furniture, fittings and office computers | 3-5 |
Repair and maintenance | 5 |
The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.
The business segments are the Group\u2019s strategic units of control. However, while determining the recoverable amount, each vessel is treated as one cash-generating unit. Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any gain or loss is included in operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__28": { "value": "Financial Liabilities
The Group initially recognizes financial liabilities at fair value less transaction costs, that are subsequently measured at amortized cost. Other financial liabilities are subsequently measured at amortized cost using the effective interest method. The difference has been recognized and amortized as interest expense over the period until maturity of the debt. Interest expense is recognized in profit or loss. Any gain or loss on modification or derecognition is also recognized in the statement of profit or loss.
Derecognition of Financial Liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__29": { "value": "Derecognition of Financial Liabilities
The Group derecognizes a financial liability when its contractual obligations are discharged or cancelled or expired. The Group also derecognizes a financial liability when its terms are modified, and the cash flows of the modified liability are substantially different in which case a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount and the consideration paid is recognized in the statement of profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__30": { "value": "Segment Information
The Group reports internally to the executive management on operating segments. The executive management group is the chief operating decision maker (CODM) and monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. The operating segments are divided into the following two segments:
AHTS: Anchor handling tug supply vessels
CSV: Construction support vessels operating subsea construction contracts
The Group owns and operates AHTS and CSV vessels. The different types of vessels operate in different markets and management reviews operational results within these markets. Within each segment income and cost are allocated to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support.
Lease accounting and straight lining in accordance with IFRS 16 are not included in the reported financial information per segment. Reversal of bareboat costs for operating leases, reversal of bareboat income for financial leases where the Group is a lessor, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factor when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.
The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__33": { "value": "leases, reversal of bareboat income for financial leases where the Group is a lessor, and effects of the straight lining requirements in IFRS 16 are booked as adjustments outside of the segments, as these are seen as disruptive factor when the CODM is to make decisions about resource allocations. These IFRS 16-adjustments and other unallocated income and cost has been included in the segment note as separate sections for reconciliation purposes.The investment in associates and joint ventures are not allocated to the segments, and the figures are exclusive of share result from these investments. The results of the associates and joint ventures are followed up as financial investments.
Vessels, capitalized periodic maintenance, interest bearing liabilities and leasing liabilities are the only assets and liabilities allocated to the segments.
The segments coincide with the operational structure of the Group.
All accounting policies applied in the segment reporting are the same as used in the Group reporting, except for IFRS 16-adjustments.
The Group presents activities by geographical markets in the segment note based on the location of the Group\u2019s vessels and operations throughout the year.
Property, Plant and Equipment \u2013 Impairment Charges and Depreciation
Property, plant and equipment acquired by Group companies are stated at historical cost, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated cost of disposal, as if the asset were already of the age and in the condition
anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the cost less accumulated depreciation and any impairment. Refer to Note 2 for further information.
Years | |
Vessels | 25 |
Operations equipment, incl. computers | 3-15 |
Buildings and related leasehold improvements | 1-10 |
Fixture, furniture, fittings and office computers | 3-5 |
Repair and maintenance | 5 |
The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.
The business segments are the Group\u2019s strategic units of control. However, while determining the recoverable amount, each vessel is treated as one cash-generating unit. Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any gain or loss is included in operating profit.
Leases
Right-of-use-assets
Right-of-use-assets are recognized at cost at the commencement date. The cost of the assets includes the recognized lease liabilities, initial direct expenses, and lease payments made prior to commencement.
After initial recognition, the right of use asset is recognized to cost, less depreciation and impairment losses.
Lease Liabilities
At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include both fixed, variable lease payments that depend on an index or rate, and amounts expected to be paid under residual value guarantees.
When calculating present value of the lease the incremental borrowing rate at the beginning of the lease is used, if the implicit rate is unavailable. The incremental borrowing rate (IBR) for vessels are set using an assessment around lessors cost of capital, interest rate based on the Group\u2019s weighted average cost of capital and adjusting for the term length. For offices, the IBR is set through a reference interest free rate and including margin for similar-currency loan for the Group and the equivalent
property yield in similar market on offices. Subsequently, the amount of the lease liability is increased to reflect the accretion of interest and reduced for lease payments made. The liability is remeasured if modifications or changes to the lease terms occur.
Lessor accounting
Leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership
of an asset are classified as operating leases. Rental income is accounted for on a straight-line basis
over the lease term and is included as Charter income in the statement of profit or loss due to its operating nature.The lease term commences from the time the vessel is made available to the tenant and terminates upon agreed return.
If substantially all the risk and rewards incidental to ownership is transferred the lease is classified as a financial lease. The financial asset is tested for impairment at each reporting date using the simplified approach, which requires measuring the loss allowance at an amount equal to lifetime expected credit loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__31": { "value": "Property, Plant and Equipment \u2013 Impairment Charges and Depreciation
Property, plant and equipment acquired by Group companies are stated at historical cost, except the assets of acquired subsidiaries that are stated at the fair value at the date of acquisition. Depreciation is calculated on a straight-line basis and adjusted for residual value and impairment, if any. Residual value is the current estimated amount that would be obtained from disposal of the asset, after deducting the estimated cost of disposal, as if the asset were already of the age and in the condition
anticipated at the end of its useful lifespan. The book value of the property, plant and equipment on the balance sheet represents the cost less accumulated depreciation and any impairment. Refer to Note 2 for further information.
Years | |
Vessels | 25 |
Operations equipment, incl. computers | 3-15 |
Buildings and related leasehold improvements | 1-10 |
Fixture, furniture, fittings and office computers | 3-5 |
Repair and maintenance | 5 |
The residual value and expected useful lifetime assumptions of long-lived assets are reviewed at each balance sheet date, and where they differ significantly from previous estimates, depreciation charges are amended accordingly.
The business segments are the Group\u2019s strategic units of control. However, while determining the recoverable amount, each vessel is treated as one cash-generating unit. Gains and losses on disposal are determined by comparing the disposal proceeds with the book value and any gain or loss is included in operating profit.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__34-1": { "value": "Cash
Cash comprise cash in hand and short-term deposits. Bank overdrafts are included within borrowings in current liabilities on the balance sheet. Restricted bank deposits are funds on separate bank accounts for tax deductions.
Cash Flow
The Group applies the indirect method. Investment in shares and other liquid assets with maturity over three months are not included under cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__35": { "value": "Provisions
A provision is recognized when the Group has an obligation to fulfill, (legal or self-imposed) as a result of a previous event. The main provision for the Group is towards foreign tax, either as corporate income tax or value added taxes/import taxes, see Note 25 Contingent Liabilities, Assets and Provisions, for further details.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__36-1": { "value": "Revenue from Contracts with Customers \u2013 Charter Income
Income and expenses relating to charter contracts and related service income are apportioned according to the number of days for each contract occurring before and after the end of the accounting period. The contract begins when the vessel is \u201cdelivered\u201d to the charterer and ends when the vessel is \u201credelivered\u201d to Solstad. Charter income is recorded net after deduction for direct, contract-related charter expenses (commissions, witholding tax and bareboat hire). Any loss on contracts is accrued when a loss is probable. Service income related to ROVs, gangways, other equipment and tooling and additional personnel are based on the number of days. Income is
recognised over time. Revenue from bareboat agreements is regulated by IFRS 16. The time charter contracts, and ROV- and gangway contracts, contain both a lease component that is regulated by IFRS 16 and a service component that is regulated by IFRS 15. Both the lease component and the service component are recognized together as revenue in operating income (Reference
Note 4 for split).
Earned Not Invoiced, Prepayments, Mobilization Fees and Related Costs
Revenues that are earned but not invoiced are classified as accounts receivable in the balance sheet. If approval of a performa invoice is required through the charter agreement, and the approval has not been received, the accrued revenues are classified as contract assets. For some charter contracts a prepayment of the charter hire is required. The prepaid amount is classified as a contract liability in the balance sheet.
Mobilization- and demobilization fees are related to the period before the delivery of the vessel, and after the redelivery of the vessel, but the performance obligations are fulfilled in the period between delivery and redelivary of the vessel. The mobilization- and demobilization fees are amortized over the contract period, and the balance is booked as contract asset if the invoiced amount is lower than the earned performance obligation, or contract liability if the invoiced amount is higher than the earned performance obligation. Related mobilization cost and expected demobilization costs, and other costs incurred to be able to fulfil a contract, are also amortized over the contract period, and this is classified as Costs to fulfil a contract in Other current receivables in the balance sheet.
Revenue from Contracts with Customers - Other Income
Other income is management fee income and other income not directly related to the vessel operations, and are recognized in the period in which the performance obligations are being satisfied. The Group has mainly delivery over time on the other income. The largest components are connected to management fee.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__39": { "value": "Note 2: Significant Judgements, Accounting Estimates and Assessments
The preparation of financial statements in conformity with IFRS requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income, expenses, and financial items during the reporting periods. Accounting estimates are employed in the financial statements to determine reported amounts. These estimates are based on management\u2019s best judgement and conditions considered to be realistic. Situations or changes may occur in the market which may result in changes to the estimates, thereby impacting the Group\u2019s assets, liabilities, equity and result.
Assessments, estimates and assumptions which have a significant effect on the accounts are summarized below:
Significant Judgements
Amend and Extend - Loan Agreement
The long-term financing has during 2025 been amended to improved financial terms, maturity extended with two years from 16 January 2027 to 16 January 2029 with two 12 months extension options and amended repayment profile accordingly. The interest margins have also been adjusted. In addition, an uncommitted Accordion Facility of MUSD 125 has been included to the facility agreement.
The Group has made an assessment in accordance with IFRS 9 of whether the change in the loan agreement should be booked as an extinguishment of the original liability and recognition of a new financial liability, or if it is a modification of the original liability. The calcualtion of the new payment plan, including amendement fee, based on the current plan effective interest rate shows a change of less than 10%, which indicates that this is an amendement.
The Group has also assessed the qualitative change of the amended terms, and assess that the change in repayment profile and lower margin would not lead to a significant change in the future risk exposure. The repayment profile was changed to align with the current risk profile of the Group, and the lower margin is amended to offset competitive disadvantages based on peer refinancing at lower margins. Based on this the amended loan was recognized as a modification of the financial liability, and a gain of 31.6 MUSD has been recognized in Other financial income in the Statement of Comprehensive Income.
Deferred Tax Asset
Solstad Maritime has made an updated assessment of the Deferred tax asset recognized in the Group as of 31 December 2025. Solstad Maritime has through its Norwegian subsidiaries had large tax deficits. Due to the economic situation, the Group had not recognized any deferred tax asset (DTA) for the tax loss carried forward before 31 December 2024, when MNOK 600 was recognized. The assessment was based on the financial restructuring and economic outlook.
The Group\u2019s financial results shifted during 2023, from negative to positive operating results before depreciations and impairments. The budget and forecasts for the next five years also show improved earnings going forward. The net negative results for the Group has been due to heavy debt. The capital injections in January 2024 mitigates some of these effects, and result before tax is also positive in the five year forecasts. Market reports from independent brokers also supports the forecasts.
Based on assessments performed, the Group find that probable future taxable profit will be available and that the evidence is convincing for the next two years, taking into account the Group\u2019s positive earnings over the last years and the backlog with firm revenues. In accordance with IAS 12, the Group has increased the recognized deferred tax asset with MNOK 200, from MNOK 600 to MNOK 800 related to loss carried forward as of 31 December 2025.
Assets Held for Sale
The classification as asset held for sale is based on management\u2019s judgement of an assessment of assets available for immediate sale, and where the Group is actively marketing the vessels for sale. Sale is considered highly probable before a reclassification to asset held for sale is done. The Group\u2019s strategy will impact the judgement, as well as the current market conditions.
One vessel (CSV) is classified as held for sale as of 31 December 2025. The current charterer decleared its purchase option for the vessel in November 2025, and the sale was considered highly probable at that time. The vessel will be deliverd to the new owners in June 2026, at the end of the firm period of the charter agreement. The classification as an asset held for sale is based on management\u2019s judgement of an assessment
of assets available for immediate sale, and where the Group is actively marketing for sale, and that the sale is also considered highly probable. The Group\u2019s strategy will impact the judgement, as well as the current market conditions.
Accounting Estimates
Vessel
The carrying amount of the Group\u2019s vessels represents 68% of the total balance. Consequently, judgements and estimates linked to the vessels have a significant impact on the Group\u2019s financial statements. Depreciation is calculated on a straight-line basis over the useful life of the asset. Depreciable amount equals historical cost less residual value.
Useful Life of Vessels
The depreciation depends on the estimated useful life of the vessel. The Group did an reassessment of the useful life of vessels during the process of updating the forecasts in the five year plan in December 2024, and with prospective effect from Janaury 2025 for the depreciations the useful life of vessels is set to 25 years. This is based on strategy, experience and knowledge of the types of vessels under the Group\u2019s control. For some vessels useful life may be considered higher or lower than 25 years, dependent on the specific plan for the vessel. This is subject for management\u2019s judgement.
Residual Value
The estimate for residual values are reviewed annualy. In 2025 the model for calculating the residual values was reassessed and changed to better reflect the expected selling values of the vessels. The level of depreciation depends on the residual value of the vessel. Assumptions concerning residual value are made based on knowledge of the market for secondhand vessels.
The estimate of residual value is based on a market value of a charter free vessel less sales related expenses (estimated at 5%). Market values of the vessels are based
on estimates obtained from three independent brokers and updated annually. An adjustment is made to account for the age of the vessel, where the average broker value is multiplied with a factor starting from 35% at age 0 (assuming a sales price of 35% of cost price for the vessel after 25 years), and increasing to 100% as the vessels age increase to useful life of 25 years. An uncertainty adjustment adjust the residual value further down, from 30% to 50%, where the oldest vessels have
a lower uncertainty than the newer vessels. Changes in environmental requirements may impact the residual value, and economical lifetime, but the Group has implemented several measures to ensure the fleet will be in compliance with changes in such requirements. Wear and tear, technical and commercial obsolescence and environmental requirements are factors affecting the assessment of the useful life. To maintain the residual value, vessels are modified to be competitive in the market, and maintain secondhand price.
Impairment Test of Vessels
For the purpose of assessing impairment for vessels, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units, CGU). Each vessel together with associated contracts is considered a separate CGU.
Test for impairment is performed for all vessels with impairment or reversal indicators, based on value in use-calculations. If the value in use-calculation gives a value lower than net book value, the broker value is also considered. If both the value in use and the broker value is below net book value the vessel is impaired.
Broker Values
Brokers value is set as an average of three acknowledge and independent brokers. The brokers estimates are based on their judgement of the market, \u201cwilling buyer and willing seller\u201d. The assumptions used in the broker estimates, and the estimated values, are assessed by management. Assets held for sale are measured at the lower of its book value and fair value less costs to sell at the time of reclassification.
Value in Use
Estimated cash flows are based on next year\u2019s budgets per vessel and forecasted earnings going forward. For each vessel, a budget and five years plan are prepared. The budget process has been detailed and includes approvement up to the board of directors of Solstad Maritime ASA. Estimated future cash flows are based on historical performance per vessel, in combination with current market situation and future expectations. For the period after the five-year plan, internal and external analyses together with historical performance serve as a decision basis for managements judgements. Critical assumptions in the assessment are related to weighted average cost of capital (WACC) and income rates/utilization.
For vessels on firm contracts over the period, the assumption is that the contracts run up until expiry. Customer\u2019s execution of options is weighted to include uncertainty in the expected cash flow. For vessels without contract, assumptions derived from comparable vessels and contracts in combination with other market information are considered when estimating future income. Management\u2019s assumption is that markets are normalized to historical rates, with a gradual increase over the remaining period. Further information is presented in
Note 7.
Discount Rate
The discount rate is based on a WACC for the Group. A tax rate of 22% is assumed in the calculation. The cost of equity is derived from the ten-year interest rate for state bonds (risk-free interest rate), market risk premium and an unlevered beta (Damodaran for Europe and USA). The debt element of the discount rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market rates. The rate is a post-tax rate. We do not expect that the result of the impairment assessment would be materially different if a pre-tax rate had been used. The discount rate used for 2025 is 9.4%. The discount rate used for 2024 was 11.2%
Climate and Regulatory Risks
All of the Company\u2019s vessels comply with current environmental requirements. In 2025, none of the Company\u2019s vessels had conditions imposed on them for
upgrading or improving technical equipment or any other measures necessary to satisfy current environmental standards.
The company\u2019s HSE and ISM system complies with international regulations (IMO\u2019s International Safety Management Code). All vessels and our administration hold ISM certification from Det Norske Veritas or relevant Flag State.
The entity constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Entity, and other accounting estimates in future periods such as residual value and useful life of the Group\u2019s vessels. Based on the managements judgements as of 31 December 2025 no material effects are identified for the prognosis period.
Please also refer to Note 7.
Assets Held for Sale
The classification as asset held for sale is based on management\u2019s judgement of an assessment of assets available for immediate sale, and where the Group is actively marketing the vessels for sale. Sale is considered highly probable before a reclassification to asset held for sale is done. The Group\u2019s strategy will impact the judgement, as well as the current market conditions.
One vessel (CSV) is classified as held for sale as of 31 December 2025. The current charterer decleared its purchase option for the vessel in November 2025, and the sale was considered highly probable at that time. The vessel will be deliverd to the new owners in June 2026, at the end of the firm period of the charter agreement. The classification as an asset held for sale is based on management\u2019s judgement of an assessment
of assets available for immediate sale, and where the Group is actively marketing for sale, and that the sale is also considered highly probable. The Group\u2019s strategy will impact the judgement, as well as the current market conditions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__41": { "value": "Note 3: Major Transactions / Events
Major Transactions / Events in 2025
Listing
On the 16 May 2025 Solstad Maritime ASA was listed on Euronext Oslo B\u00f8rs.
Amend and Extend - Loan Agreement
On 11 December 2025 the Group signed and amendment and restatement agreement with DNB Bank ASA (\u201cDNB\u201d). The term loan has been extended by 2 years, with maturity extended from January 2027 to January 2029. The lenders\u2019 option to further extend the term loan by an additional 2x1 year is maintained. The amortisation profile is adjusted accordingly, reducing annual scheduled installments from MUSD 131 to MUSD 90. In addition, an uncommitted Accordion Facility of MUSD 125 has been included to the facility agreement.
The amended loan agreement has been acconted for as a modification of the loan agreement, and a net gain of MUSD 31.6 has been recogniced as Other financial income in the Statement of Comrehensive Income. Reference is made to Note 2.
Major Transactions / Events in 2024
Company Refinancing
The agreement for refinancing of the group announced on 23 October 2023 between Solstad Shipholding AS, Aker Capital AS, and AMSC ASA (the \u201cFinancing\u201d) was completed on 16 January 2024.
The Financing secured new equity of MNOK 4,000 and refinancing of a majority of Solstad Offshore ASA\u2019s outstanding secured debt of aboutBNOK 11.3 by a new long-term financing of about BNOK 9.5to Solstad Maritime AS.
Solstad Maritime Holding AS was owned approximately 42.0% by Aker Capital AS, 19.6% by AMSC ASA (this includes share subscribed pursuant to subscription rights purchased in the market), 27.3% by Solstad Shipholding AS a subsidiary of Solstad Offshore ASA and 11.1% by eligible Solstad Offshore ASA shareholders and investors (other than AMSC ASA) that had been granted or had purchased subscription rights in Solstad Maritime Holding AS.
Note 4: Operating Income, Reporting by Segments and Geographical Markets
The Group\u2019s income mainly derive from offering vessels (including additional services such as ROVs) and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.
The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 8 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 201,755 | 201,923 |
Additional services | 65,715 | 73,372 |
Other income | 9,946 | 4,173 |
Revenue from contracts with customers | 277,415 | 279,468 |
Lease element from contracts with day rate (Note 8) | 312,785 | 276,502 |
Gain on sale of assets | 158 | 7,266 |
Total operating income | 590,358 | 563,235 |
Contract balances | 2025 | 2024 |
Trade receivables from charters (Note 22) | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Contract liabilities | 1,362 | 2,755 |
Costs to fulfill a contract | 18,381 | 5,655 |
For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.
Revenue recognized in 2025 that was included in the contract liability balance at the beginning of the year amounts to MUSD 2.2. (MUSD 1.1 in 2024). It is expected that MUSD 1.4 of the outstanding amount of contract liabilities will be recognized as revenues in 2026.
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 124, MUSD 77 and MUSD 56). The group had three customers with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 44% of the revenues. MUSD 31 is allocated to the AHTS segment, MUSD 218 is allocated the CSV segment and the remaining MUSD 8 is unallocated. The Group is exposed to the South American market with 46%, North Sea 27%, Mediterranean/remaining part of Europe with 14% and Africa with 13% based on the three most significant customers.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Revenue from these vessels is recognized as operational leases. The remaining minimum payment of the performance obligations (total of service element and lease element) under the charter parties are as follows:
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 411,041 | 401,016 | 340,348 | 332,047 |
Year 2 | 345,498 | 328,850 | 200,464 | 190,804 |
Year 3 | 133,782 | 124,230 | 143,409 | 133,169 |
Year 4 | 121,838 | 110,380 | 54,259 | 49,156 |
Year 5 | 51,948 | 45,914 | 39,756 | 35,139 |
Over 5 years | 26,719 | 23,040 | 64,749 | 55,833 |
Finance cost | 57,397 | 46,837 | ||
Total minimum lease payment | 1,090,827 | 1,090,827 | 842,985 | 842,985 |
Financial Lease
One of the Group\u2019s vessels is rented out on long-term charterparty with a purchase option in year 5 and 10 (Maximus). It is considered reasonably certain that the purchase option will be executed after year 5 (2027), and the lease is booked as a financial lease. The bareboat income from this vessel is split in interest income and installments. Reference to Note 8.
31.12.2025 | 31.12.2024 | |||
Minimum rental income | ||||
Present value minimum rental income | Minimum rental income | |||
Present value minimum rental income | ||||
Next year | 30,295 | 29,556 | 30,295 | 29,556 |
Year 2 | 149,070 | 141,887 | 30,295 | 28,835 |
Year 3* | - | - | 149,070 | 138,426 |
Year 4 | - | - | - | - |
Year 5 | - | - | - | - |
Over 5 years | - | - | - | - |
Finance cost | 7,922 | 12,842 | ||
Total minimum lease payment | 179,365 | 179,365 | 209,660 | 209,660 |
* Include purchase option price of MUSD 125
Reporting by Segments and Geographical Markets
The Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 138,094 | 353,984 | -27,019 | 2,637 | 467,696 |
Service income | 12,138 | 100,421 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 150,390 | 454,405 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 44,216 | 58,400 | - | 24,362 | 126,978 |
Vessel operating expenses | 31,689 | 144,825 | -6,750 | 481 | 170,245 |
Administrative expenses | 7,290 | 14,839 | - | -3,696 | 18,432 |
Operating expenses | 83,195 | 218,063 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 67,195 | 236,341 | -20,269 | -8,565 | 274,702 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 348,487 | 782,919 | 20,542 | 4,755 | 1,156,703 |
Other non-current receivables (1) | - | - | 155,322 | 1,027 | 156,349 |
Other assets (2) | - | - | - | 313,549 | 313,549 |
Total assets | 348,487 | 782,919 | 175,864 | 319,331 | 1,626,600 |
Interest bearing liabilities | 156,320 | 464,660 | - | -39,465 | 581,515 |
Leasing liabilities | - | - | 21,142 | 5,284 | 26,426 |
Other liabilities (3) | - | - | - | 138,809 | 138,809 |
Total liabilities | 156,320 | 464,660 | 21,142 | 104,628 | 746,749 |
Other segment information | |||||
Investments in fixed assets | 11,284 | 29,140 | - | 23 | 40,447 |
Additions/adjustments RoU assets | - | - | 5,684 | 419 | 6,103 |
Addition of periodic maintenance | 26,919 | 53,075 | - | - | 79,993 |
Depreciation and impairment | 26,035 | 45,928 | 5,691 | 1,392 | 79,046 |
(1) Allocated non-current receivable to IFRS 16 is the financial lease on Maximus
(2) Not allocated other assets are mainly deferred tax asset, investments in associates and current assets/working capital
(3) Not allocated liabilities are mainly IFRS 9-adjustments on loans, pension liabilities and other current liabilites/working capital (excluding current portion of interest bearing liabilities and leasing liabilities)
(4) Reduction of Charter income under IFRS 16 is mainly related to the financial lease of Maximus, partly offset by
straight lining-effects.
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 104,900 | 376,890 | -28,965 | 10,157 | 462,982 |
Service income | 12,166 | 76,649 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 124,164 | 453,539 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 45,838 | 58,105 | - | 21,131 | 125,074 |
Vessel operating expenses | 29,058 | 118,512 | -3,639 | 651 | 144,582 |
Administrative expenses | 5,186 | 10,677 | - | 4,017 | 19,880 |
Operating expenses | 80,081 | 187,295 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 44,083 | 266,244 | -25,327 | -11,302 | 273,699 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 346,040 | 747,490 | 19,748 | 5,023 | 1,118,301 |
Other non-current receivables (1) | - | - | 170,374 | 1,011 | 171,385 |
Other assets (2) | - | - | - | 399,451 | 399,451 |
Total assets | 346,040 | 747,490 | 190,122 | 405,485 | 1,689,137 |
Interest bearing liabilities | 191,763 | 569,504 | - | -7,151 | 754,115 |
Leasing liabilities | - | - | 17,985 | 5,461 | 23,445 |
Other liabilities (3) | - | - | - | 132,391 | 132,391 |
Total liabilities | 191,763 | 569,504 | 17,985 | 130,701 | 909,952 |
Other segment information | |||||
Investments in fixed assets | 3,012 | 10,014 | - | 72 | 13,097 |
Additions/adjustments RoU assets | - | - | 17,192 | -117 | 17,075 |
Addition of periodic maintenance | 12,217 | 35,272 | - | -9 | 47,481 |
Depreciation and impairment | -17,521 | 33,931 | 3,410 | 1,275 | 21,096 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 492,078 | - | -27,019 | 2,637 | 467,696 |
Service income | - | 112,558 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 492,236 | 112,558 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 102,616 | - | - | 24,362 | 126,978 |
Vessel operating expenses | 88,078 | 88,436 | -6,750 | 481 | 170,245 |
Administrative expenses | 22,128 | - | - | -3,696 | 18,432 |
Operating expenses | 212,822 | 88,436 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 279,414 | 24,122 | -20,269 | -8,565 | 274,702 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 481,790 | - | -28,965 | 10,157 | 462,982 |
Service income | - | 88,815 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 488,888 | 88,815 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 103,943 | - | - | 21,131 | 125,074 |
Vessel operating expenses | 79,205 | 68,365 | -3,639 | 651 | 144,582 |
Administrative expenses | 15,863 | - | - | 4,017 | 19,880 |
Operating expenses | 199,011 | 68,365 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 289,877 | 20,450 | -25,327 | -11,302 | 273,699 |
The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on freight income. Revenues are allocated to the following areas based on operating continental shelf:
2025 | 2024 | |||
North Sea | 35% | 205,232 | 38% | 211,321 |
North- and Central America | 0% | - | 0% | 2,045 |
Mediterranean / remaining part of Europe | 14% | 85,349 | 15% | 83,920 |
Africa | 6% | 33,090 | 15% | 87,183 |
South America | 20% | 119,183 | 14% | 78,335 |
Australia | 12% | 72,757 | 9% | 50,459 |
Asia | 13% | 74,747 | 9% | 49,971 |
Total | 100% | 590,358 | 100% | 563,235 |
The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore, assets cannot be allocated per segment in accordance with IFRS 8.
Note 4: Operating Income, Reporting by Segments and Geographical Markets
The Group\u2019s income mainly derive from offering vessels (including additional services such as ROVs) and maritime personnel to customers world wide. Basically all contracts with customers are contracts with day rate. Contracts with day rate are contracts where income is earned on a day-by-day basis, based on an agreed day rate with the customer. Revenue from contracts with day rate is recognized accordingly.
The agreed day rate is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel (and ROVs and gangways) according to the customers requirements, while the lease element is the estimated rental of the vessel (and equipment). Refer to Note 8 for more information related to the lease element.
Some of the contracts also include rental of additional crew and personnel, victualling and onshore project management. Victualling is meals and bedding provided to the customer\u2019s personnel onboard the vessel. The Group also provides ordinary management services, such as technical services, crewing, insurance and commercial management for vessels not owned by the Group. Revenue on services, as mentioned above, are recognized over time, as the performance obligation is satisfied over time.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 201,755 | 201,923 |
Additional services | 65,715 | 73,372 |
Other income | 9,946 | 4,173 |
Revenue from contracts with customers | 277,415 | 279,468 |
Lease element from contracts with day rate (Note 8) | 312,785 | 276,502 |
Gain on sale of assets | 158 | 7,266 |
Total operating income | 590,358 | 563,235 |
Contract balances | 2025 | 2024 |
Trade receivables from charters (Note 22) | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Contract liabilities | 1,362 | 2,755 |
Costs to fulfill a contract | 18,381 | 5,655 |
For the majority of contracts, payment is generally due within 30-60 days after the end of each month or 30-60 days after the service is completed. Payment terms for all other services is normally 30 days after services is invoiced.
Revenue recognized in 2025 that was included in the contract liability balance at the beginning of the year amounts to MUSD 2.2. (MUSD 1.1 in 2024). It is expected that MUSD 1.4 of the outstanding amount of contract liabilities will be recognized as revenues in 2026.
The Group had three customers with more than 10% of total revenue in 2025 (MUSD 124, MUSD 77 and MUSD 56). The group had three customers with more than 10% of the revenue in 2024. In 2025 the three most significant customers contributed to 44% of the revenues. MUSD 31 is allocated to the AHTS segment, MUSD 218 is allocated the CSV segment and the remaining MUSD 8 is unallocated. The Group is exposed to the South American market with 46%, North Sea 27%, Mediterranean/remaining part of Europe with 14% and Africa with 13% based on the three most significant customers.
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Revenue from these vessels is recognized as operational leases. The remaining minimum payment of the performance obligations (total of service element and lease element) under the charter parties are as follows:
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 411,041 | 401,016 | 340,348 | 332,047 |
Year 2 | 345,498 | 328,850 | 200,464 | 190,804 |
Year 3 | 133,782 | 124,230 | 143,409 | 133,169 |
Year 4 | 121,838 | 110,380 | 54,259 | 49,156 |
Year 5 | 51,948 | 45,914 | 39,756 | 35,139 |
Over 5 years | 26,719 | 23,040 | 64,749 | 55,833 |
Finance cost | 57,397 | 46,837 | ||
Total minimum lease payment | 1,090,827 | 1,090,827 | 842,985 | 842,985 |
Financial Lease
One of the Group\u2019s vessels is rented out on long-term charterparty with a purchase option in year 5 and 10 (Maximus). It is considered reasonably certain that the purchase option will be executed after year 5 (2027), and the lease is booked as a financial lease. The bareboat income from this vessel is split in interest income and installments. Reference to Note 8.
31.12.2025 | 31.12.2024 | |||
Minimum rental income | ||||
Present value minimum rental income | Minimum rental income | |||
Present value minimum rental income | ||||
Next year | 30,295 | 29,556 | 30,295 | 29,556 |
Year 2 | 149,070 | 141,887 | 30,295 | 28,835 |
Year 3* | - | - | 149,070 | 138,426 |
Year 4 | - | - | - | - |
Year 5 | - | - | - | - |
Over 5 years | - | - | - | - |
Finance cost | 7,922 | 12,842 | ||
Total minimum lease payment | 179,365 | 179,365 | 209,660 | 209,660 |
* Include purchase option price of MUSD 125
Reporting by Segments and Geographical Markets
The Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 138,094 | 353,984 | -27,019 | 2,637 | 467,696 |
Service income | 12,138 | 100,421 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 150,390 | 454,405 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 44,216 | 58,400 | - | 24,362 | 126,978 |
Vessel operating expenses | 31,689 | 144,825 | -6,750 | 481 | 170,245 |
Administrative expenses | 7,290 | 14,839 | - | -3,696 | 18,432 |
Operating expenses | 83,195 | 218,063 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 67,195 | 236,341 | -20,269 | -8,565 | 274,702 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 348,487 | 782,919 | 20,542 | 4,755 | 1,156,703 |
Other non-current receivables (1) | - | - | 155,322 | 1,027 | 156,349 |
Other assets (2) | - | - | - | 313,549 | 313,549 |
Total assets | 348,487 | 782,919 | 175,864 | 319,331 | 1,626,600 |
Interest bearing liabilities | 156,320 | 464,660 | - | -39,465 | 581,515 |
Leasing liabilities | - | - | 21,142 | 5,284 | 26,426 |
Other liabilities (3) | - | - | - | 138,809 | 138,809 |
Total liabilities | 156,320 | 464,660 | 21,142 | 104,628 | 746,749 |
Other segment information | |||||
Investments in fixed assets | 11,284 | 29,140 | - | 23 | 40,447 |
Additions/adjustments RoU assets | - | - | 5,684 | 419 | 6,103 |
Addition of periodic maintenance | 26,919 | 53,075 | - | - | 79,993 |
Depreciation and impairment | 26,035 | 45,928 | 5,691 | 1,392 | 79,046 |
(1) Allocated non-current receivable to IFRS 16 is the financial lease on Maximus
(2) Not allocated other assets are mainly deferred tax asset, investments in associates and current assets/working capital
(3) Not allocated liabilities are mainly IFRS 9-adjustments on loans, pension liabilities and other current liabilites/working capital (excluding current portion of interest bearing liabilities and leasing liabilities)
(4) Reduction of Charter income under IFRS 16 is mainly related to the financial lease of Maximus, partly offset by
straight lining-effects.
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 104,900 | 376,890 | -28,965 | 10,157 | 462,982 |
Service income | 12,166 | 76,649 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 124,164 | 453,539 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 45,838 | 58,105 | - | 21,131 | 125,074 |
Vessel operating expenses | 29,058 | 118,512 | -3,639 | 651 | 144,582 |
Administrative expenses | 5,186 | 10,677 | - | 4,017 | 19,880 |
Operating expenses | 80,081 | 187,295 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 44,083 | 266,244 | -25,327 | -11,302 | 273,699 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 346,040 | 747,490 | 19,748 | 5,023 | 1,118,301 |
Other non-current receivables (1) | - | - | 170,374 | 1,011 | 171,385 |
Other assets (2) | - | - | - | 399,451 | 399,451 |
Total assets | 346,040 | 747,490 | 190,122 | 405,485 | 1,689,137 |
Interest bearing liabilities | 191,763 | 569,504 | - | -7,151 | 754,115 |
Leasing liabilities | - | - | 17,985 | 5,461 | 23,445 |
Other liabilities (3) | - | - | - | 132,391 | 132,391 |
Total liabilities | 191,763 | 569,504 | 17,985 | 130,701 | 909,952 |
Other segment information | |||||
Investments in fixed assets | 3,012 | 10,014 | - | 72 | 13,097 |
Additions/adjustments RoU assets | - | - | 17,192 | -117 | 17,075 |
Addition of periodic maintenance | 12,217 | 35,272 | - | -9 | 47,481 |
Depreciation and impairment | -17,521 | 33,931 | 3,410 | 1,275 | 21,096 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 492,078 | - | -27,019 | 2,637 | 467,696 |
Service income | - | 112,558 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 492,236 | 112,558 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 102,616 | - | - | 24,362 | 126,978 |
Vessel operating expenses | 88,078 | 88,436 | -6,750 | 481 | 170,245 |
Administrative expenses | 22,128 | - | - | -3,696 | 18,432 |
Operating expenses | 212,822 | 88,436 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 279,414 | 24,122 | -20,269 | -8,565 | 274,702 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 481,790 | - | -28,965 | 10,157 | 462,982 |
Service income | - | 88,815 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 488,888 | 88,815 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 103,943 | - | - | 21,131 | 125,074 |
Vessel operating expenses | 79,205 | 68,365 | -3,639 | 651 | 144,582 |
Administrative expenses | 15,863 | - | - | 4,017 | 19,880 |
Operating expenses | 199,011 | 68,365 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 289,877 | 20,450 | -25,327 | -11,302 | 273,699 |
The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on freight income. Revenues are allocated to the following areas based on operating continental shelf:
2025 | 2024 | |||
North Sea | 35% | 205,232 | 38% | 211,321 |
North- and Central America | 0% | - | 0% | 2,045 |
Mediterranean / remaining part of Europe | 14% | 85,349 | 15% | 83,920 |
Africa | 6% | 33,090 | 15% | 87,183 |
South America | 20% | 119,183 | 14% | 78,335 |
Australia | 12% | 72,757 | 9% | 50,459 |
Asia | 13% | 74,747 | 9% | 49,971 |
Total | 100% | 590,358 | 100% | 563,235 |
The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore, assets cannot be allocated per segment in accordance with IFRS 8.
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 201,755 | 201,923 |
Additional services | 65,715 | 73,372 |
Other income | 9,946 | 4,173 |
Revenue from contracts with customers | 277,415 | 279,468 |
Lease element from contracts with day rate (Note 8) | 312,785 | 276,502 |
Gain on sale of assets | 158 | 7,266 |
Total operating income | 590,358 | 563,235 |
Contract balances | 2025 | 2024 |
Trade receivables from charters (Note 22) | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Contract liabilities | 1,362 | 2,755 |
Costs to fulfill a contract | 18,381 | 5,655 |
Operating income | 2025 | 2024 |
Service element from contracts with day rate | 201,755 | 201,923 |
Additional services | 65,715 | 73,372 |
Other income | 9,946 | 4,173 |
Revenue from contracts with customers | 277,415 | 279,468 |
Lease element from contracts with day rate (Note 8) | 312,785 | 276,502 |
Gain on sale of assets | 158 | 7,266 |
Total operating income | 590,358 | 563,235 |
Contract balances | 2025 | 2024 |
Trade receivables from charters (Note 22) | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Contract liabilities | 1,362 | 2,755 |
Costs to fulfill a contract | 18,381 | 5,655 |
Operating Lease
Some of the Group\u2019s vessels are rented out on long-term charter parties. Revenue from these vessels is recognized as operational leases. The remaining minimum payment of the performance obligations (total of service element and lease element) under the charter parties are as follows:
31.12.2025 | 31.12.2024 | |||
Minimum payment | ||||
Present value minimum payment | Minimum payment | |||
Present value minimum payment | ||||
Next year | 411,041 | 401,016 | 340,348 | 332,047 |
Year 2 | 345,498 | 328,850 | 200,464 | 190,804 |
Year 3 | 133,782 | 124,230 | 143,409 | 133,169 |
Year 4 | 121,838 | 110,380 | 54,259 | 49,156 |
Year 5 | 51,948 | 45,914 | 39,756 | 35,139 |
Over 5 years | 26,719 | 23,040 | 64,749 | 55,833 |
Finance cost | 57,397 | 46,837 | ||
Total minimum lease payment | 1,090,827 | 1,090,827 | 842,985 | 842,985 |
Financial Lease
One of the Group\u2019s vessels is rented out on long-term charterparty with a purchase option in year 5 and 10 (Maximus). It is considered reasonably certain that the purchase option will be executed after year 5 (2027), and the lease is booked as a financial lease. The bareboat income from this vessel is split in interest income and installments. Reference to Note 8.
31.12.2025 | 31.12.2024 | |||
Minimum rental income | ||||
Present value minimum rental income | Minimum rental income | |||
Present value minimum rental income | ||||
Next year | 30,295 | 29,556 | 30,295 | 29,556 |
Year 2 | 149,070 | 141,887 | 30,295 | 28,835 |
Year 3* | - | - | 149,070 | 138,426 |
Year 4 | - | - | - | - |
Year 5 | - | - | - | - |
Over 5 years | - | - | - | - |
Finance cost | 7,922 | 12,842 | ||
Total minimum lease payment | 179,365 | 179,365 | 209,660 | 209,660 |
* Include purchase option price of MUSD 125
Note 8: Right-of-use Assets and Lessor Accounting
Equipment | Office | Total | Lease liabilities | Financial assets | |
Opening balance 01.01.2025 | 18,570 | 4,574 | 23,144 | 23,445 | 170,374 |
Other adjustments | - | 419 | 419 | 399 | - |
Additions (1) | 5,684 | - | 5,684 | 5,684 | - |
Translation differences | - | 554 | 554 | 3,168 | - |
Depreciation | -5,397 | -1,164 | -6,561 | - | - |
Interest expense/income | - | - | - | 2,089 | 15,243 |
Lease payments/received | - | - | - | -8,360 | -30,295 |
Closing balance 31.12.2025 | 18,857 | 4,383 | 23,240 | 26,426 | 155,322 |
(1) Addition of equipment of MUSD 6 is related to two ROVs.
Equipment | Office | Total | Lease liabilities | Financial assets | |
Opening balance 01.01.2024 | 4,580 | 6,375 | 10,955 | 12,049 | - |
Other adjustments | - | -423 | -423 | -423 | - |
Additions (1) | 17,192 | 306 | 17,498 | 17,498 | 183,648 |
Translation differences | 10 | -577 | -567 | -2,026 | - |
Depreciation | -3,212 | -1,107 | -4,319 | - | - |
Interest expense/income | - | - | - | 1,362 | 15,859 |
Lease payments/received | - | - | - | -5,015 | -29,133 |
Closing balance 31.12.2024 | 18,570 | 4,574 | 23,144 | 23,445 | 170,374 |
(1) Additions of equipment of MUSD 17 is related to six ROVs. Additions of financial assets of MUSD 184 is related to Normand Maximus.
Based on value-in-use-calculations, the Group has not recognized any impairment of Right-of-use assets. Further reference is made to Note 7.
The following are the amounts recognised in profit or loss: | 2025 | 2024 |
Depreciation expense of right-of-use assets | 6,561 | 4,319 |
Interest expense on lease liabilities | 2,089 | 1,362 |
Operating expenses in the period related to short term leases | - | - |
Operating expenses in the period related to low value assets | 30 | 26 |
Total lease expenses included in other operating expenses | 8,680 | 5,706 |
Group as a Lessor - Operating leases
As mentioned in Note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers\u2019 requirements, while the lease element is the estimated rental of the vessel (equipment).
Several vessel has been rented out on bareboat terms through the year (mainly to Solstad Offshore group). The full day rate is then considered a lease element.
For the future minimum rentals receivable under non-cancellable operating leases and finance leases, see Note 4.
Reporting by Segments and Geographical Markets
The Group\u2019s main activity is to offer ships, additional services (ROVs etc) and maritime personnel in all geographical regions. Internally the Company reports and monitors it\u2019s operation in the two segments AHTS and CSV. Reference is made to Note 1 for further information on segment reporting.
Services was a separate segment in 2024, but due to a change in internal organization the operational follow up was transferred to the vessel managers in the vessel segments. Resource allocation decisions are accordingly made by the CODM based on the vessel types (AHTS and CSV). Compareable numbers have been restated accordingly.
2025 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 138,094 | 353,984 | -27,019 | 2,637 | 467,696 |
Service income | 12,138 | 100,421 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 150,390 | 454,405 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 44,216 | 58,400 | - | 24,362 | 126,978 |
Vessel operating expenses | 31,689 | 144,825 | -6,750 | 481 | 170,245 |
Administrative expenses | 7,290 | 14,839 | - | -3,696 | 18,432 |
Operating expenses | 83,195 | 218,063 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 67,195 | 236,341 | -20,269 | -8,565 | 274,702 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 348,487 | 782,919 | 20,542 | 4,755 | 1,156,703 |
Other non-current receivables (1) | - | - | 155,322 | 1,027 | 156,349 |
Other assets (2) | - | - | - | 313,549 | 313,549 |
Total assets | 348,487 | 782,919 | 175,864 | 319,331 | 1,626,600 |
Interest bearing liabilities | 156,320 | 464,660 | - | -39,465 | 581,515 |
Leasing liabilities | - | - | 21,142 | 5,284 | 26,426 |
Other liabilities (3) | - | - | - | 138,809 | 138,809 |
Total liabilities | 156,320 | 464,660 | 21,142 | 104,628 | 746,749 |
Other segment information | |||||
Investments in fixed assets | 11,284 | 29,140 | - | 23 | 40,447 |
Additions/adjustments RoU assets | - | - | 5,684 | 419 | 6,103 |
Addition of periodic maintenance | 26,919 | 53,075 | - | - | 79,993 |
Depreciation and impairment | 26,035 | 45,928 | 5,691 | 1,392 | 79,046 |
(1) Allocated non-current receivable to IFRS 16 is the financial lease on Maximus
(2) Not allocated other assets are mainly deferred tax asset, investments in associates and current assets/working capital
(3) Not allocated liabilities are mainly IFRS 9-adjustments on loans, pension liabilities and other current liabilites/working capital (excluding current portion of interest bearing liabilities and leasing liabilities)
(4) Reduction of Charter income under IFRS 16 is mainly related to the financial lease of Maximus, partly offset by
straight lining-effects.
2024 | AHTS | CSV | IFRS 16 | Unallocated | Total |
Charter income (4) | 104,900 | 376,890 | -28,965 | 10,157 | 462,982 |
Service income | 12,166 | 76,649 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 124,164 | 453,539 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 45,838 | 58,105 | - | 21,131 | 125,074 |
Vessel operating expenses | 29,058 | 118,512 | -3,639 | 651 | 144,582 |
Administrative expenses | 5,186 | 10,677 | - | 4,017 | 19,880 |
Operating expenses | 80,081 | 187,295 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 44,083 | 266,244 | -25,327 | -11,302 | 273,699 |
Assets and liabilities | |||||
Fixed assets/ RoU assets | 346,040 | 747,490 | 19,748 | 5,023 | 1,118,301 |
Other non-current receivables (1) | - | - | 170,374 | 1,011 | 171,385 |
Other assets (2) | - | - | - | 399,451 | 399,451 |
Total assets | 346,040 | 747,490 | 190,122 | 405,485 | 1,689,137 |
Interest bearing liabilities | 191,763 | 569,504 | - | -7,151 | 754,115 |
Leasing liabilities | - | - | 17,985 | 5,461 | 23,445 |
Other liabilities (3) | - | - | - | 132,391 | 132,391 |
Total liabilities | 191,763 | 569,504 | 17,985 | 130,701 | 909,952 |
Other segment information | |||||
Investments in fixed assets | 3,012 | 10,014 | - | 72 | 13,097 |
Additions/adjustments RoU assets | - | - | 17,192 | -117 | 17,075 |
Addition of periodic maintenance | 12,217 | 35,272 | - | -9 | 47,481 |
Depreciation and impairment | -17,521 | 33,931 | 3,410 | 1,275 | 21,096 |
Allthough CODM asesses performance and makes resource allocation decisions with respect to vessel types, it continues to monitor income and direct costs by vessel in reference to vessel operations and service operations. Services operations are additional services such as ROVs, tooling, project personnel and engineering support within the two vessel segments.
2025 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 492,078 | - | -27,019 | 2,637 | 467,696 |
Service income | - | 112,558 | - | - | 112,558 |
Other income | - | - | - | 9,946 | 9,946 |
Gain on sale of assets | 158 | - | - | - | 158 |
Total operating income | 492,236 | 112,558 | -27,019 | 12,582 | 590,358 |
Personnel expenses | 102,616 | - | - | 24,362 | 126,978 |
Vessel operating expenses | 88,078 | 88,436 | -6,750 | 481 | 170,245 |
Administrative expenses | 22,128 | - | - | -3,696 | 18,432 |
Operating expenses | 212,822 | 88,436 | -6,750 | 21,147 | 315,656 |
Operating result before depreciation and impairment | 279,414 | 24,122 | -20,269 | -8,565 | 274,702 |
2024 | Vessels (AHTS + CSV) | Services (AHTS + CSV) | IFRS 16 | Unallocated | Total |
Charter income | 481,790 | - | -28,965 | 10,157 | 462,982 |
Service income | - | 88,815 | - | - | 88,815 |
Other income | - | - | - | 4,173 | 4,173 |
Gain on sale of assets | 7,098 | - | - | 168 | 7,266 |
Total operating income | 488,888 | 88,815 | -28,965 | 14,497 | 563,235 |
Personnel expenses | 103,943 | - | - | 21,131 | 125,074 |
Vessel operating expenses | 79,205 | 68,365 | -3,639 | 651 | 144,582 |
Administrative expenses | 15,863 | - | - | 4,017 | 19,880 |
Operating expenses | 199,011 | 68,365 | -3,639 | 25,799 | 289,536 |
Operating result before depreciation and impairment | 289,877 | 20,450 | -25,327 | -11,302 | 273,699 |
The Group\u2019s vessels operate in several geographical areas during a year. Allocation between the different areas is based on freight income. Revenues are allocated to the following areas based on operating continental shelf:
2025 | 2024 | |||
North Sea | 35% | 205,232 | 38% | 211,321 |
North- and Central America | 0% | - | 0% | 2,045 |
Mediterranean / remaining part of Europe | 14% | 85,349 | 15% | 83,920 |
Africa | 6% | 33,090 | 15% | 87,183 |
South America | 20% | 119,183 | 14% | 78,335 |
Australia | 12% | 72,757 | 9% | 50,459 |
Asia | 13% | 74,747 | 9% | 49,971 |
Total | 100% | 590,358 | 100% | 563,235 |
The Group\u2019s vessels generally operate in more than one geographic region during the year. Therefore, assets cannot be allocated per segment in accordance with IFRS 8.
Note 5: Financial Market Risk, Financial Instruments
General
The Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and freight rates, influence the value of the Group\u2019s financial assets, liabilities, and future cash flows.
Management monitors the financial market risks. When a risk factor is identified, action should be taken to reduce this risk. Given the Group\u2019s financial positions during the last years, the Group has had limited possibility to enter into financial derivatives, to remove the exposure, but after the refinancing in 2024 the Group has the possibility to do hedges on interests and exchange rates. For the period 2025 and 2024 no derivatives have been entered into to hedg market risks.
Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a concentration of counterparties in specific geographical markets. Management continuously review and assess mitigating responses to limit the concentration risk.
Status for accounts receivables is shown in the table below. Based on the composition of the customers, management applies an individual assessment for expected loss on trade receivables.
The following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 62,460 | 17,237 | 3,651 | 627 | 83,975 |
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 98,169 | 5,793 | 3,914 | 2,503 | 110,379 |
2025 | 2024 | ||||
As at 1 January | 1,209 | 196 | |||
Provision for expected credit losses | 310 | 1,198 | |||
Reversal of prior year accruals | - | -165 | |||
Write-off | -889 | - | |||
Foreign echange movement | - | -19 | |||
As at 31 December | 631 | 1,209 |
Interest Rate Risk
Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.
The Group\u2019s exposure to interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged: :
Increase / decrease in basis points | Effect on result before tax | |
+ / - 300 | 2025 | - / + 18,629 |
+ / - 300 | 2024 | - / + 22,838 |
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s presentation currency is USD. Presentation currency changed to USD in 2025, while the functional currency within the Group chaged in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK versus USD of 10% would have an estimated positive effect on equity of MUSD 27 (MUSD 16 in 2024). The effect is calculated based on net assets nominated in NOK.
Except for translation adjustments relating to foreign entities in foreign currency, further effect on equity is considered immaterial.
Liquidity Risk
Liquidity risk is the risk that the Group\u2019s will be unable to fulfill its obligations as they fall due.
The liquidity situation in the Group is considered adequate. The refinaincing in 2024 gave an increased liquidity of MNOK 3,000 and a new debt financing, as the prior debt facility had maturity in March 2024. In December 2025 the loan agreement was amended to improved financial terms, extend maturity with two years from 16 January 2027 to 16 January 2029 and amended repayment profile accordingly. The interest margins was also adjusted (Reference Note 2 and 3). The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium- and long-term cash flow forecast of its operational activities.
The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 90,000 | 180,000 | 350,980 | - | 620,980 |
Lease obligations (2) | 1,693 | 5,369 | 14,168 | 5,197 | - | 26,426 |
Account payables | 57,113 | - | - | - | - | 57,113 |
Interest payments | 487 | 40,889 | 63,336 | 2,059 | - | 106,771 |
59,293 | 136,258 | 257,504 | 358,236 | - | 811,290 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 130,566 | 630,700 | - | - | 761,266 |
Lease obligations (2) | 1,192 | 3,783 | 10,740 | 7,293 | 435 | 23,443 |
Account payables | 39,267 | - | - | - | - | 39,267 |
Interest payments | 3,647 | 72,628 | 71,789 | 501 | 7 | 148,573 |
44,106 | 206,977 | 713,229 | 7,794 | 442 | 972,549 |
Capital Structure and Equity
The governing principle for the Group is that it should have a solid balance sheet and liquidity reserves sufficient to support its business. The main financing other than equity is through external bank loan.Following table shows the equity and assets of the Group, to show the underlying capital structure:
31.12.2025 | 31.12.2024 | |
Total equity | 879,851 | 779,186 |
Total assets | 1,626,600 | 1,689,137 |
Equity ratio | 54% | 46% |
Financing Risk
The following table shows the book value and maturity of the Group\u2019s financial instruments exposed to changes in interest rates:
31.12.2025 | Drawn | Maturity interval | Interest interval | Average interest | ||
Loan, floating interest | 620,980 | 16.01.2029 | 16.01.2029 | 8.00% | 8.00% | 8.00% |
31.12.2024 | Drawn | Maturity interval | Interest interval | Average interest | ||
Loan, floating interest | 761,266 | 15.01.2027 | 15.01.2027 | 9.52 % | 9.54 % | 9.52 % |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to USD. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The financial asset related to Normand Maximus is accounted for following IFRS 16. The fair value is estimated as the expected payments following the lease agreement (reference Note 4). No loss is expected.
The following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 19 | 77,811 | 77,811 | 177,319 | 177,319 |
Investments in shares (non-current) | 294 | 294 | 294 | 294 | |
Other non-current receivables | 20 | 156,505 | 180,548 | 171,385 | 210,671 |
Accounts receivable | 22 | 83,975 | 83,975 | 110,379 | 110,379 |
Other current receivables | 22 | 59,478 | 59,478 | 41,780 | 41,780 |
Market based shares | 13 | - | - | 3,470 | 3,470 |
Total financial assets | 378,062 | 402,105 | 504,627 | 543,914 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 6 | 581,515 | 581,515 | 754,115 | 754,115 |
Other financial liabilities | 80 | 80 | 70 | 70 | |
Accounts payable | 24 | 57,113 | 57,113 | 39,267 | 39,267 |
Other current liabilities | 24 | 55,447 | 55,447 | 70,032 | 70,032 |
Total financial liabilities | 694,155 | 694,155 | 863,484 | 863,484 | |
Hereof current part of non-current debt | 91,842 | 91,842 | 135,428 | 135,428 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data
The Group\u2019s level 1 includes shares in listed companies, however this is not relevant for the Group from 2025 as the shares was sold during the year. Level 3 includes non-registered shares.
The Following Methods and Assumptions Were Used to Estimate the Fair Values
Nominal value of loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares is based on market value.
The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.
The following table show book value of financial instruments according to the hierarchy above:
2025 | 2024 | |||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
Investments in shares | - | - | 294 | - | - | 294 |
Market based shares | - | - | - | 3,470 | - | - |
Total per level | - | - | 294 | 3,470 | - | 294 |
Total all levels | 294 | 3,764 | ||||
31.12.2025 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total | |||
Assets | ||||||
Equity instruments | ||||||
Market based shares | - | - | ||||
Investments in stocks and shares | 294 | - | 294 | |||
Debt instruments | ||||||
Other non-current receivables | - | 156,505 | 156,505 | |||
Loan to associates | - | - | - | |||
Accounts receivable | - | 83,975 | 83,975 | |||
Other current receivables | - | 59,478 | 59,478 | |||
Cash and cash equivalents | - | 77,811 | 77,811 | |||
Total Financial assets | 294 | 377,768 | 378,062 | |||
Liabilities | ||||||
Interest bearing liabilities | - | 581,515 | 581,515 | |||
Other non-current liabilities | - | 80 | 80 | |||
Other financial liabilities | ||||||
Trade and other payables | - | 57,113 | 57,113 | |||
Other current payables | - | 55,447 | 55,447 | |||
Total financial liabilities | - | 694,155 | 694,155 |
31.12.2024 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total |
Assets | |||
Equity instruments | |||
Market based shares | 3,470 | - | 3,470 |
Investments in stocks and shares | 294 | - | 294 |
Debt instruments | |||
Other non-current receivables | - | 171,385 | 171,385 |
Accounts receivable | - | 110,379 | 110,379 |
Other current receivables | - | 41,780 | 41,780 |
Cash and cash equivalents | - | 177,319 | 177,319 |
Total Financial assets | 3,764 | 500,863 | 504,627 |
Liabilities | |||
Interest bearing liabilities | - | 754,115 | 754,115 |
Other non-current liabilities | 70 | 70 | |
Other financial liabilities | |||
Trade and other payables | - | 39,267 | 39,267 |
Other current payables | - | 70,032 | 70,032 |
Total financial liabilities | - | 863,484 | 863,484 |
General
The Group is exposed to several types of financial risks through its operations. Financial market risks, such as currency rates, interest rates and freight rates, influence the value of the Group\u2019s financial assets, liabilities, and future cash flows.
Management monitors the financial market risks. When a risk factor is identified, action should be taken to reduce this risk. Given the Group\u2019s financial positions during the last years, the Group has had limited possibility to enter into financial derivatives, to remove the exposure, but after the refinancing in 2024 the Group has the possibility to do hedges on interests and exchange rates. For the period 2025 and 2024 no derivatives have been entered into to hedg market risks.
Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a concentration of counterparties in specific geographical markets. Management continuously review and assess mitigating responses to limit the concentration risk.
Status for accounts receivables is shown in the table below. Based on the composition of the customers, management applies an individual assessment for expected loss on trade receivables.
The following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 62,460 | 17,237 | 3,651 | 627 | 83,975 |
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 98,169 | 5,793 | 3,914 | 2,503 | 110,379 |
2025 | 2024 | ||||
As at 1 January | 1,209 | 196 | |||
Provision for expected credit losses | 310 | 1,198 | |||
Reversal of prior year accruals | - | -165 | |||
Write-off | -889 | - | |||
Foreign echange movement | - | -19 | |||
As at 31 December | 631 | 1,209 |
Interest Rate Risk
Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.
The Group\u2019s exposure to interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged: :
Increase / decrease in basis points | Effect on result before tax | |
+ / - 300 | 2025 | - / + 18,629 |
+ / - 300 | 2024 | - / + 22,838 |
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s presentation currency is USD. Presentation currency changed to USD in 2025, while the functional currency within the Group chaged in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK versus USD of 10% would have an estimated positive effect on equity of MUSD 27 (MUSD 16 in 2024). The effect is calculated based on net assets nominated in NOK.
Except for translation adjustments relating to foreign entities in foreign currency, further effect on equity is considered immaterial.
Liquidity Risk
Liquidity risk is the risk that the Group\u2019s will be unable to fulfill its obligations as they fall due.
The liquidity situation in the Group is considered adequate. The refinaincing in 2024 gave an increased liquidity of MNOK 3,000 and a new debt financing, as the prior debt facility had maturity in March 2024. In December 2025 the loan agreement was amended to improved financial terms, extend maturity with two years from 16 January 2027 to 16 January 2029 and amended repayment profile accordingly. The interest margins was also adjusted (Reference Note 2 and 3). The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium- and long-term cash flow forecast of its operational activities.
The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 90,000 | 180,000 | 350,980 | - | 620,980 |
Lease obligations (2) | 1,693 | 5,369 | 14,168 | 5,197 | - | 26,426 |
Account payables | 57,113 | - | - | - | - | 57,113 |
Interest payments | 487 | 40,889 | 63,336 | 2,059 | - | 106,771 |
59,293 | 136,258 | 257,504 | 358,236 | - | 811,290 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 130,566 | 630,700 | - | - | 761,266 |
Lease obligations (2) | 1,192 | 3,783 | 10,740 | 7,293 | 435 | 23,443 |
Account payables | 39,267 | - | - | - | - | 39,267 |
Interest payments | 3,647 | 72,628 | 71,789 | 501 | 7 | 148,573 |
44,106 | 206,977 | 713,229 | 7,794 | 442 | 972,549 |
Financing Risk
The following table shows the book value and maturity of the Group\u2019s financial instruments exposed to changes in interest rates:
31.12.2025 | Drawn | Maturity interval | Interest interval | Average interest | ||
Loan, floating interest | 620,980 | 16.01.2029 | 16.01.2029 | 8.00% | 8.00% | 8.00% |
31.12.2024 | Drawn | Maturity interval | Interest interval | Average interest | ||
Loan, floating interest | 761,266 | 15.01.2027 | 15.01.2027 | 9.52 % | 9.54 % | 9.52 % |
Credit Risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss.
The Group operates in a cyclical business, where exposure to losses on trade fluctuates. The business has recovered over the last years, and no material losses have been recognized. Due to the nature of the business concentration risk is present to some degree. Counterparties are concentrated in few industry sectors, and even though the Group operates worldwide, there is a concentration of counterparties in specific geographical markets. Management continuously review and assess mitigating responses to limit the concentration risk.
Status for accounts receivables is shown in the table below. Based on the composition of the customers, management applies an individual assessment for expected loss on trade receivables.
The following table shows the ageing of account receivables: | |||||
per 31.12.2025 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 62,460 | 17,237 | 3,651 | 627 | 83,975 |
per 31.12.2024 | Not yet due | 0 -1 month over due | 1 - 3 months over due | Older than 3 months | Total |
Account receivables | 98,169 | 5,793 | 3,914 | 2,503 | 110,379 |
2025 | 2024 | ||||
As at 1 January | 1,209 | 196 | |||
Provision for expected credit losses | 310 | 1,198 | |||
Reversal of prior year accruals | - | -165 | |||
Write-off | -889 | - | |||
Foreign echange movement | - | -19 | |||
As at 31 December | 631 | 1,209 |
Interest Rate Risk
Interest rate risk is the risk that the fair value of future cashflows of a financial instrument will fluctuate because of changes in market interest rates.
The Group\u2019s exposure to interest rate risk arises primarily from long-term debt bearing floating interest rates. The Group\u2019s policy is to continuously monitor its interest rate exposure and, where considered appropriate, use fixed-rate instruments or interest rate hedging instruments to mitigate volatility in financing costs. Hedging activities are undertaken solely for risk management purposes and not for speculative reasons. As of 31.12. 2025 and 31.12.2024, the Group has no fixed-rate debt or interest rate hedging arrangements. The extent and timing of any interest rate hedging are assessed on an ongoing basis, taking into account market developments and the Group\u2019s financial strategy.
The following table shows the sensitivity of the Group\u2019s result before taxes at a reasonable change in the interest rate, while all other variables are unchanged: :
Increase / decrease in basis points | Effect on result before tax | |
+ / - 300 | 2025 | - / + 18,629 |
+ / - 300 | 2024 | - / + 22,838 |
Foreign Currency Risk
Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of changes in foreign exchange rates.
The Group\u2019s presentation currency is USD. Presentation currency changed to USD in 2025, while the functional currency within the Group chaged in 2024, and was changed to reflect the increased influence USD has on revenues in the Group. The bank financing is in 100% USD as at 31 December 2025 (and 2024).
With the change in functional currency from NOK to USD within the Group, the effects of fluctuations in exchange rate on balance sheet totals is significantly reduced in the P&L. A reasonable strengthening in the currency of NOK versus USD of 10% would have an estimated positive effect on equity of MUSD 27 (MUSD 16 in 2024). The effect is calculated based on net assets nominated in NOK.
Except for translation adjustments relating to foreign entities in foreign currency, further effect on equity is considered immaterial.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__58": { "value": "Liquidity Risk
Liquidity risk is the risk that the Group\u2019s will be unable to fulfill its obligations as they fall due.
The liquidity situation in the Group is considered adequate. The refinaincing in 2024 gave an increased liquidity of MNOK 3,000 and a new debt financing, as the prior debt facility had maturity in March 2024. In December 2025 the loan agreement was amended to improved financial terms, extend maturity with two years from 16 January 2027 to 16 January 2029 and amended repayment profile accordingly. The interest margins was also adjusted (Reference Note 2 and 3). The Group monitors its available cash through a continued evaluation of its liquidity position combined with a rolling medium- and long-term cash flow forecast of its operational activities.
The following table shows the maturity of the Group\u2019s financial obligations based on contractual, undiscounted cash flows:
per 31.12.2025 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 90,000 | 180,000 | 350,980 | - | 620,980 |
Lease obligations (2) | 1,693 | 5,369 | 14,168 | 5,197 | - | 26,426 |
Account payables | 57,113 | - | - | - | - | 57,113 |
Interest payments | 487 | 40,889 | 63,336 | 2,059 | - | 106,771 |
59,293 | 136,258 | 257,504 | 358,236 | - | 811,290 | |
per 31.12.2024 | Less than 3 months | 3 to 12 months | 2 to 3years | 4 to 5 years | Over 5years | Total |
Interest bearing liabilities (1) | - | 130,566 | 630,700 | - | - | 761,266 |
Lease obligations (2) | 1,192 | 3,783 | 10,740 | 7,293 | 435 | 23,443 |
Account payables | 39,267 | - | - | - | - | 39,267 |
Interest payments | 3,647 | 72,628 | 71,789 | 501 | 7 | 148,573 |
44,106 | 206,977 | 713,229 | 7,794 | 442 | 972,549 |
Capital Structure and Equity
The governing principle for the Group is that it should have a solid balance sheet and liquidity reserves sufficient to support its business. The main financing other than equity is through external bank loan.Following table shows the equity and assets of the Group, to show the underlying capital structure:
31.12.2025 | 31.12.2024 | |
Total equity | 879,851 | 779,186 |
Total assets | 1,626,600 | 1,689,137 |
Equity ratio | 54% | 46% |
Fair Value
Estimated market values on financial instruments nominated in other currencies than USD are determined using the currency rate at the balance sheet date, and then translated to USD. Nominal value of cash and loan obligations is normally a reasonable estimate of the items\u2019 market value. The same apply for other payables. All receivables have been assessed for impairment indicators and written down to fair value if such exist. The estimated fair value of the Group\u2019s long-term loan obligations is based on the estimated market interest level at the balance sheet date. The financial asset related to Normand Maximus is accounted for following IFRS 16. The fair value is estimated as the expected payments following the lease agreement (reference Note 4). No loss is expected.
The following table shows the booked and fair value of financial assets and obligations.
Financial assets | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Cash to bank | 19 | 77,811 | 77,811 | 177,319 | 177,319 |
Investments in shares (non-current) | 294 | 294 | 294 | 294 | |
Other non-current receivables | 20 | 156,505 | 180,548 | 171,385 | 210,671 |
Accounts receivable | 22 | 83,975 | 83,975 | 110,379 | 110,379 |
Other current receivables | 22 | 59,478 | 59,478 | 41,780 | 41,780 |
Market based shares | 13 | - | - | 3,470 | 3,470 |
Total financial assets | 378,062 | 402,105 | 504,627 | 543,914 | |
Financial liabilities | 2025 | 2024 | |||
Note | Carrying amounts | Fair value | Carrying amounts | Fair value | |
Mortgage loan with floating interests | 6 | 581,515 | 581,515 | 754,115 | 754,115 |
Other financial liabilities | 80 | 80 | 70 | 70 | |
Accounts payable | 24 | 57,113 | 57,113 | 39,267 | 39,267 |
Other current liabilities | 24 | 55,447 | 55,447 | 70,032 | 70,032 |
Total financial liabilities | 694,155 | 694,155 | 863,484 | 863,484 | |
Hereof current part of non-current debt | 91,842 | 91,842 | 135,428 | 135,428 |
Fair Value Hierarchy
The Group use the following hierarchy for valuation and presentation of financial instruments:
Level 1: Quoted prices in active markets for identical assets or liabilities
Level 2: Other techniques for which all inputs which have significant effect on the recorded fair value are observable, either directly or indirectly
Level 3: Techniques which use inputs which have significant effect on the recorded fair value that are not based on observable market data
The Group\u2019s level 1 includes shares in listed companies, however this is not relevant for the Group from 2025 as the shares was sold during the year. Level 3 includes non-registered shares.
The Following Methods and Assumptions Were Used to Estimate the Fair Values
Nominal value of loan obligations is normally a reasonable estimate of the items\u2019 market value. The fair value of listed shares is based on market value.
The fair value of shares in non-listed companies are estimated based on the relevant company\u2019s financial report, focusing on the Group\u2019s share of its booked equity, and therefore a thorough evaluation is required prior to estimating the market value.
The following table show book value of financial instruments according to the hierarchy above:
2025 | 2024 | |||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
Investments in shares | - | - | 294 | - | - | 294 |
Market based shares | - | - | - | 3,470 | - | - |
Total per level | - | - | 294 | 3,470 | - | 294 |
Total all levels | 294 | 3,764 | ||||
31.12.2025 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total | |||
Assets | ||||||
Equity instruments | ||||||
Market based shares | - | - | ||||
Investments in stocks and shares | 294 | - | 294 | |||
Debt instruments | ||||||
Other non-current receivables | - | 156,505 | 156,505 | |||
Loan to associates | - | - | - | |||
Accounts receivable | - | 83,975 | 83,975 | |||
Other current receivables | - | 59,478 | 59,478 | |||
Cash and cash equivalents | - | 77,811 | 77,811 | |||
Total Financial assets | 294 | 377,768 | 378,062 | |||
Liabilities | ||||||
Interest bearing liabilities | - | 581,515 | 581,515 | |||
Other non-current liabilities | - | 80 | 80 | |||
Other financial liabilities | ||||||
Trade and other payables | - | 57,113 | 57,113 | |||
Other current payables | - | 55,447 | 55,447 | |||
Total financial liabilities | - | 694,155 | 694,155 |
31.12.2024 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total |
Assets | |||
Equity instruments | |||
Market based shares | 3,470 | - | 3,470 |
Investments in stocks and shares | 294 | - | 294 |
Debt instruments | |||
Other non-current receivables | - | 171,385 | 171,385 |
Accounts receivable | - | 110,379 | 110,379 |
Other current receivables | - | 41,780 | 41,780 |
Cash and cash equivalents | - | 177,319 | 177,319 |
Total Financial assets | 3,764 | 500,863 | 504,627 |
Liabilities | |||
Interest bearing liabilities | - | 754,115 | 754,115 |
Other non-current liabilities | 70 | 70 | |
Other financial liabilities | |||
Trade and other payables | - | 39,267 | 39,267 |
Other current payables | - | 70,032 | 70,032 |
Total financial liabilities | - | 863,484 | 863,484 |
2025 | 2024 | |||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
Investments in shares | - | - | 294 | - | - | 294 |
Market based shares | - | - | - | 3,470 | - | - |
Total per level | - | - | 294 | 3,470 | - | 294 |
Total all levels | 294 | 3,764 | ||||
31.12.2025 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total | |||
Assets | ||||||
Equity instruments | ||||||
Market based shares | - | - | ||||
Investments in stocks and shares | 294 | - | 294 | |||
Debt instruments | ||||||
Other non-current receivables | - | 156,505 | 156,505 | |||
Loan to associates | - | - | - | |||
Accounts receivable | - | 83,975 | 83,975 | |||
Other current receivables | - | 59,478 | 59,478 | |||
Cash and cash equivalents | - | 77,811 | 77,811 | |||
Total Financial assets | 294 | 377,768 | 378,062 | |||
Liabilities | ||||||
Interest bearing liabilities | - | 581,515 | 581,515 | |||
Other non-current liabilities | - | 80 | 80 | |||
Other financial liabilities | ||||||
Trade and other payables | - | 57,113 | 57,113 | |||
Other current payables | - | 55,447 | 55,447 | |||
Total financial liabilities | - | 694,155 | 694,155 |
31.12.2024 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total |
Assets | |||
Equity instruments | |||
Market based shares | 3,470 | - | 3,470 |
Investments in stocks and shares | 294 | - | 294 |
Debt instruments | |||
Other non-current receivables | - | 171,385 | 171,385 |
Accounts receivable | - | 110,379 | 110,379 |
Other current receivables | - | 41,780 | 41,780 |
Cash and cash equivalents | - | 177,319 | 177,319 |
Total Financial assets | 3,764 | 500,863 | 504,627 |
Liabilities | |||
Interest bearing liabilities | - | 754,115 | 754,115 |
Other non-current liabilities | 70 | 70 | |
Other financial liabilities | |||
Trade and other payables | - | 39,267 | 39,267 |
Other current payables | - | 70,032 | 70,032 |
Total financial liabilities | - | 863,484 | 863,484 |
2025 | 2024 | |||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
Investments in shares | - | - | 294 | - | - | 294 |
Market based shares | - | - | - | 3,470 | - | - |
Total per level | - | - | 294 | 3,470 | - | 294 |
Total all levels | 294 | 3,764 | ||||
31.12.2025 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total | |||
Assets | ||||||
Equity instruments | ||||||
Market based shares | - | - | ||||
Investments in stocks and shares | 294 | - | 294 | |||
Debt instruments | ||||||
Other non-current receivables | - | 156,505 | 156,505 | |||
Loan to associates | - | - | - | |||
Accounts receivable | - | 83,975 | 83,975 | |||
Other current receivables | - | 59,478 | 59,478 | |||
Cash and cash equivalents | - | 77,811 | 77,811 | |||
Total Financial assets | 294 | 377,768 | 378,062 | |||
Liabilities | ||||||
Interest bearing liabilities | - | 581,515 | 581,515 | |||
Other non-current liabilities | - | 80 | 80 | |||
Other financial liabilities | ||||||
Trade and other payables | - | 57,113 | 57,113 | |||
Other current payables | - | 55,447 | 55,447 | |||
Total financial liabilities | - | 694,155 | 694,155 |
31.12.2024 | Financial assets and liabilities at fair value through profit or loss | Financial instruments at amortized cost | Total |
Assets | |||
Equity instruments | |||
Market based shares | 3,470 | - | 3,470 |
Investments in stocks and shares | 294 | - | 294 |
Debt instruments | |||
Other non-current receivables | - | 171,385 | 171,385 |
Accounts receivable | - | 110,379 | 110,379 |
Other current receivables | - | 41,780 | 41,780 |
Cash and cash equivalents | - | 177,319 | 177,319 |
Total Financial assets | 3,764 | 500,863 | 504,627 |
Liabilities | |||
Interest bearing liabilities | - | 754,115 | 754,115 |
Other non-current liabilities | 70 | 70 | |
Other financial liabilities | |||
Trade and other payables | - | 39,267 | 39,267 |
Other current payables | - | 70,032 | 70,032 |
Total financial liabilities | - | 863,484 | 863,484 |
Note 6: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Leasing liabilities | 26,426 | 23,445 |
Interest bearing liabilities | 581,515 | 754,115 |
Total interest-bearing debt | 607,940 | 777,561 |
Current portion of Interest-bearing debt | 98,904 | 140,403 |
For maturity profile reference is made to Note 5 Financial market risk, financial instruments.Current portion of interest-bearing liabilities includes the next twelve months installments.
The long-term financing has during 2025 been amended to improved financial terms and maturity is extended with two years from 16 January 2027 to 16 January 2029, and amended repayment profile accordingly (Reference Note 2 and Note 3).
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 77,811 | 177,319 |
Account receivables | 83,975 | 110,379 |
Vessels | 986,453 | 1,009,022 |
Pledged assets included as held for sale | 23,011 | 9,721 |
Total carrying value | 1,171,249 | 1,306,441 |
All owned vessels are placed as security for the mortgages.
Fair value and cost connected to lending | 2025 | 2024 |
Transaction costs costs | 11,444 | 12,013 |
Fair value and amortized cost adjustments net book value | 29,863 | -1,932 |
The loans are presented at amortized cost. Fair value adjustments and transaction costs are amortized over the maturity of the loan. Transaction cost of MUSD 4.2 has been incurred during 2025 relating to the amendement of the loan agreement. A gain of MUSD 31.6 has been booked related to the modification of the loan agreement in December 2025 (Reference Note 2 and Note 3).
Changes in Liabilities Arising from Financing Activities
1 January 2025 | Refinance effect | Interest expense | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities (1) | 135,428 | - | - | - | -43,585 | 91,842 |
Non-current interest bearing liabilities (2) | 618,688 | -31,627 | 57,619 | -198,430 | 43,424 | 489,672 |
Current leasing obligations | 4,976 | - | - | - | 2,086 | 7,061 |
Non-current leasing obligations | 18,470 | - | 2,089 | -8,360 | 7,166 | 19,365 |
Total liabilities from financing activities | 777,561 | -31,627 | 59,708 | -206,791 | 9,090 | 607,940 |
* Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of non-current debt
** For leasing liabilities, other changes includes additions, translation effects and change in portion classified as non-current. For interest bearing liabilities other changes includes currency changes and change in portion classified as non-current.
1 January 2024 | Interest expense | Cash flows | Other* | 31 December 2024 | |
Current interest bearing liabilities (1) | 1,090,601 | - | -1,165,410 | 210,237 | 135,428 |
Non-current interest bearing liabilities (2) | - | 85,625 | 680,838 | -147,775 | 618,688 |
Current leasing obligations | 2,169 | - | 2,807 | 4,976 | |
Non-current leasing obligations | 9,881 | 1,362 | -5,015 | 12,242 | 18,470 |
Total liabilities from financing activities | 1,102,650 | 86,987 | -489,587 | 77,511 | 777,561 |
(1) A interest bearing liability of MUSD 84 was added as part of the contribution in kind of Maximus Shipping AS. The loan was repaid the same day. MUSD 1,081 is repayment of the internal fleet loan to Solstad Offshore.
(2) Cash flow includes draw down of the new facility with MUSD 913
Covenants
Solstad Maritime ASA is subject to various financial covenants under its prevailing financing agreement related to the liability of MUSD 621. The maturity date for the Solstad Maritime ASA financing is 16 January 2029 for the term and revolving facility with DNB Bank ASA. The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. There are no guarantees in connection to the Group\u2019s senior secured facilities and the loan agreements in Solstad Maritime AS .
Solstad Maritime AS (Consolidated Level - Quarterly Measurement)
1. Positive working capital
2. Minimum free liquidity: Available Cash minimum MUSD 95 including undrawn part of Revolving Credit Facility (MNOK 600)
3. Leverage ratio < 3.25x (and reduced to 3.0 after 31 December 2026).
4. Fair market value > 165%
In addition to the financial covenants, the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions provisions and such other requirements as reasonably required under bank financing agreements.
The Company is in compliance with all the covenants related to bank loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Note 6: Mortgage Debt and Other Liabilities
2025 | 2024 | |
Leasing liabilities | 26,426 | 23,445 |
Interest bearing liabilities | 581,515 | 754,115 |
Total interest-bearing debt | 607,940 | 777,561 |
Current portion of Interest-bearing debt | 98,904 | 140,403 |
For maturity profile reference is made to Note 5 Financial market risk, financial instruments.Current portion of interest-bearing liabilities includes the next twelve months installments.
The long-term financing has during 2025 been amended to improved financial terms and maturity is extended with two years from 16 January 2027 to 16 January 2029, and amended repayment profile accordingly (Reference Note 2 and Note 3).
Book value of pledged assets: | 2025 | 2024 |
Bank deposits and cash equivalents | 77,811 | 177,319 |
Account receivables | 83,975 | 110,379 |
Vessels | 986,453 | 1,009,022 |
Pledged assets included as held for sale | 23,011 | 9,721 |
Total carrying value | 1,171,249 | 1,306,441 |
All owned vessels are placed as security for the mortgages.
Fair value and cost connected to lending | 2025 | 2024 |
Transaction costs costs | 11,444 | 12,013 |
Fair value and amortized cost adjustments net book value | 29,863 | -1,932 |
The loans are presented at amortized cost. Fair value adjustments and transaction costs are amortized over the maturity of the loan. Transaction cost of MUSD 4.2 has been incurred during 2025 relating to the amendement of the loan agreement. A gain of MUSD 31.6 has been booked related to the modification of the loan agreement in December 2025 (Reference Note 2 and Note 3).
Changes in Liabilities Arising from Financing Activities
1 January 2025 | Refinance effect | Interest expense | Cash flows* | Other** | 31 December 2025 | |
Current interest bearing liabilities (1) | 135,428 | - | - | - | -43,585 | 91,842 |
Non-current interest bearing liabilities (2) | 618,688 | -31,627 | 57,619 | -198,430 | 43,424 | 489,672 |
Current leasing obligations | 4,976 | - | - | - | 2,086 | 7,061 |
Non-current leasing obligations | 18,470 | - | 2,089 | -8,360 | 7,166 | 19,365 |
Total liabilities from financing activities | 777,561 | -31,627 | 59,708 | -206,791 | 9,090 | 607,940 |
* Changes in cash flow related to current and non-current interest bearing liabilities is presented in aggretage in cash flow line Repayment of non-current debt
** For leasing liabilities, other changes includes additions, translation effects and change in portion classified as non-current. For interest bearing liabilities other changes includes currency changes and change in portion classified as non-current.
1 January 2024 | Interest expense | Cash flows | Other* | 31 December 2024 | |
Current interest bearing liabilities (1) | 1,090,601 | - | -1,165,410 | 210,237 | 135,428 |
Non-current interest bearing liabilities (2) | - | 85,625 | 680,838 | -147,775 | 618,688 |
Current leasing obligations | 2,169 | - | 2,807 | 4,976 | |
Non-current leasing obligations | 9,881 | 1,362 | -5,015 | 12,242 | 18,470 |
Total liabilities from financing activities | 1,102,650 | 86,987 | -489,587 | 77,511 | 777,561 |
(1) A interest bearing liability of MUSD 84 was added as part of the contribution in kind of Maximus Shipping AS. The loan was repaid the same day. MUSD 1,081 is repayment of the internal fleet loan to Solstad Offshore.
(2) Cash flow includes draw down of the new facility with MUSD 913
Covenants
Solstad Maritime ASA is subject to various financial covenants under its prevailing financing agreement related to the liability of MUSD 621. The maturity date for the Solstad Maritime ASA financing is 16 January 2029 for the term and revolving facility with DNB Bank ASA. The loan agreements include customary security provisions including cross-collateralized mortgaged over relevant vessels, assignment of insurances and earnings, pledges over shares, assignment of any relevant intra-group loans, assignment over any monetary claims under any hedging agreements (if relevant), pledge over bank accounts, step-in rights/direct agreements with respect to management agreements and such other security as reasonably required by the banks. There are no guarantees in connection to the Group\u2019s senior secured facilities and the loan agreements in Solstad Maritime AS .
Solstad Maritime AS (Consolidated Level - Quarterly Measurement)
1. Positive working capital
2. Minimum free liquidity: Available Cash minimum MUSD 95 including undrawn part of Revolving Credit Facility (MNOK 600)
3. Leverage ratio < 3.25x (and reduced to 3.0 after 31 December 2026).
4. Fair market value > 165%
In addition to the financial covenants, the loan agreements include customary provisions related to operational aspects related to acceptable ship registries, bareboat registrations, class requirements, information undertakings, sanctions provisions and such other requirements as reasonably required under bank financing agreements.
The Company is in compliance with all the covenants related to bank loan agreements at year-end 2025, and expect to be in compliance for the next 12 months.
Note 7: Tangible Fixed Assets
Vessel | Other assets | Total | |
Acquisition cost 01.01.2025 | 1,092,901 | 1,466 | 1,094,367 |
Acc. depreciation/ impairment 01.01.2025 | -83,879 | -982 | -84,862 |
Carrying value 01.01.2025 | 1,009,022 | 482 | 1,009,504 |
Additions | 40,430 | 17 | 40,447 |
Disposals | - | -10 | -10 |
Transfer to asset held for sale | -18,290 | - | -18,290 |
Translation differences | - | 82 | 82 |
Cost price 31.12.2025 | 1,115,040 | 1,555 | 1,116,595 |
Acc. depreciations/ impairment 31.12.2025 | -128,588 | -1,164 | -129,751 |
Carrying value 31.12.2025 | 986,453 | 390 | 986,843 |
Depreciation current period | -44,709 | -181 | -44,890 |
Impairment current period | - | - | - |
Vessel | Other assets | Total | |
Acquisition cost 01.01.2024 | 1,090,020 | 1,416 | 1,091,436 |
Acc. depreciation/ impairment 01.01.2024 | -88,299 | -814 | -89,113 |
Carrying value 01.01.2024 | 1,001,721 | 602 | 1,002,323 |
Additions | 13,019 | 78 | 13,097 |
Disposals | - | - | - |
Transfer to asset held for sale | -10,068 | - | -10,068 |
Translation differences | -70 | -29 | -99 |
Cost price 31.12.2024 | 1,092,901 | 1,466 | 1,094,367 |
Acc. depreciations/ impairment 31.12.2024 | -83,879 | -982 | -84,862 |
Carrying value 31.12.2024 | 1,009,022 | 482 | 1,009,504 |
Depreciation current period | -43,779 | -168 | -43,947 |
Impairment current period | 48,199 | - | 48,199 |
Capitalized periodic maintenance | 2025 | 2024 |
Capitalized periodic maintenance at 01.01 | 75,932 | 49,113 |
Additions this year | 79,993 | 47,481 |
Disposal this year | - | - |
Transfer to asset held for sale | -4,720 | - |
Depreciation this year | -27,595 | -20,682 |
Impairment this year | - | - |
Translation differences | - | 21 |
Capitalized periodic maintenance at 31.12 | 123,609 | 75,932 |
Specification of change in Assets held for sale for tangible fixed assets: | ||
Total | ||
Opening balance 01.01.2025 | 9,721 | |
Sales | -9,721 | |
Addition | 23,011 | |
Closing balance 31.12.2025 | 23,011 |
Each part of a fixed asset that is significant to the total cost of the item are separately identified and depreciated over that
component\u2019s useful lifetime. Assumed physical lifetime for all categories are 35-40 years, while estimated useful life for
Solstad is 25 years. The useful life of a vessel is adjusted if there are factors indicating increased timeframe for utilization of
the vessel. Estimation of residual value are based on market values/ brokers values in the beginning of the year, refereance
is made to note 2.
Periodic maintenance is depreciated over the period until the next planned interim and main docking
takes place, respectively. The normal interval is five years for both interims- and main docking. The depreciation rate for
other equipment is 3 to 10 years.
Vessels with a book value of MUSD 1,009 (MUSD 1,019 in 2024) are pledged as security for the Group\u2019s loans (reference Note 6).
There is no capitalized interest in 2024 and 2025.
Impairment Valuation of Fixed Assets
Quarterly, the Group assesses whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist, the recoverable amount of the assets are estimated. Budget and forecasts for the next five years (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for six vessels (two CSV and four AHTS). No indicators for reversal of impairment was identified.
The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels with impairment indicators, and for vessels where a reversal of impairment could be relevant. Fair value is estimated based on broker values unless there are available estimates for sales values. Broker value is set as an average of three acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Discount Rate
The discount rate is based on a weighted average cost of capital (WACC) for the Group. The debt element of the discount rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The discount rate used for 2025 is a post-tax rate of 9.4%.
Income Assumptions
For vessels having firm contracts, revenue is based on the current contracts. For vessels without firm contracts, and for vessels where the firm contract expires during the period, revenue is based on expected utilization and charter day rates in the vessels assumed operational area over the prognosis period. Day rates are expected to gradually increase over the prognosis periode. Market rates after year end gives support to estimated rate levels in the early prognosis period. Market uncertainty is reflected in the assumptions, based on management\u2019s assessment and market analysis provided from independent third parties.
Inflation
No inflation of income in 2026, while operating expense is adjusted for inflation by 2%. This is consistent throughout the prognosis period.
Residual Values
Estimated residual values used in the value in use calculations are set using the same principle as for the ordinally depreciations. Reference Note 2. Average life of the core fleet is 17 years, with respectively 18 years average for the CSV vessels and 16 years for the AHTS vessels.
Impairment Testing
Based on the impairment test, no impairment or reversal of impairment has been recognized in 2025.
Sensitivity and Scenario Calculations
The sensitivity of the value-in-use-calculations for the vessels with indicators of impairment or reversals of previous impaired assets, is analyzed by altering the key assumptions, discounting rate, utilization, and day rates. A change of discounting rate by 1% point and 2% points indicates impairment of MUSD 32 and MUSD 39, respectively. A yearly change in day rates or utilization for the prognosis period bringing the revenue down by 5-6%, indicates potential impairment of MUSD 45-50. The Group has recognized significant reversals of impairments on the vessels during the last years, and as of 31 December 2025 only MUSD 2.3 of possible reversals are remaining.
Climate Related Matters
The Company constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company. It is however not expected to have any significant effect on the Group\u2019s opex, as higher fuel prices due to CO2levies or the cost of green fuels will for the most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2025 no material effects are identified for the prognosis period.
Changes in environmental requirements may impact the residual value and economical lifetime in the future.
To effectively meet short-term sustainability goals, implementing measures to enhance operational energy efficiency stands out as the optimal solution for curbing emissions. Transitioning to green technologies, battery hybrid and/or shore power upgrade currently proves to be the most advantageous. It is expected that certain charterers will demand green investments in vessels for future contracts in the medium term (2-5 years), but this is expected to be supported by increased charter rates as well. The board approved forecasts for the vessels do not include green investments as of 31 December 2025.
Long-term sustainability goals require newbuild programs and new technology to be in place. Newbuild programs have been limited for some time, but for CSVs it is expected about 25 newbuilds/10% increase in supply over the next few years. The current demand is not expected to fully absorb this supply. In the 5YP and current market the rates on long term contracts are already reflecting the newbuilds from 2027, where the rates are lower than in prior years. For AHTS\u2019 there is very limited newbuild activity. Rebuilding existing vessels to decarbonize and building new low-emission vessels come at an increased financial cost. We need support from our clients including long-term commitments to install new green technology for us and them to reach future emission reduction targets.
The Group\u2019s vessels are high-end, large offshore vessels, and a potentially increasingly worsened weather due to climate change is not expected to affect the usability of the existing fleet.
The Company assesses that the economic lifetime of existing vessels are not materially reduced in today\u2019s market, but has made an updated estimate of residual values to better reflect the uncertainty that is with regards to future selling prices of the vessels. The Company will further adjust the key assumptions used in value-in-use calculations and sensitivities to relevant parameters should changes occur (Reference Note 2).
Assets Held for Sale
At the end of 2025 one vessel (CSV) is classified as Asset held for sale. The net book value of of the asset is MUSD 23. At the end of 2024, one vessel (AHTS) with a net book value of MUSD 10 million was classified as held for sale. The vessel was deliverd to the new owners in 2025, and a net profit of MUSD 0.2 was recognized as Gain on sale of assets. In 2024 two vessels (AHTS\u2019) were sold, with a net profit of MUSD 7.3, recognized as Gain on sale of assets.
Note 7: Tangible Fixed Assets
Vessel | Other assets | Total | |
Acquisition cost 01.01.2025 | 1,092,901 | 1,466 | 1,094,367 |
Acc. depreciation/ impairment 01.01.2025 | -83,879 | -982 | -84,862 |
Carrying value 01.01.2025 | 1,009,022 | 482 | 1,009,504 |
Additions | 40,430 | 17 | 40,447 |
Disposals | - | -10 | -10 |
Transfer to asset held for sale | -18,290 | - | -18,290 |
Translation differences | - | 82 | 82 |
Cost price 31.12.2025 | 1,115,040 | 1,555 | 1,116,595 |
Acc. depreciations/ impairment 31.12.2025 | -128,588 | -1,164 | -129,751 |
Carrying value 31.12.2025 | 986,453 | 390 | 986,843 |
Depreciation current period | -44,709 | -181 | -44,890 |
Impairment current period | - | - | - |
Vessel | Other assets | Total | |
Acquisition cost 01.01.2024 | 1,090,020 | 1,416 | 1,091,436 |
Acc. depreciation/ impairment 01.01.2024 | -88,299 | -814 | -89,113 |
Carrying value 01.01.2024 | 1,001,721 | 602 | 1,002,323 |
Additions | 13,019 | 78 | 13,097 |
Disposals | - | - | - |
Transfer to asset held for sale | -10,068 | - | -10,068 |
Translation differences | -70 | -29 | -99 |
Cost price 31.12.2024 | 1,092,901 | 1,466 | 1,094,367 |
Acc. depreciations/ impairment 31.12.2024 | -83,879 | -982 | -84,862 |
Carrying value 31.12.2024 | 1,009,022 | 482 | 1,009,504 |
Depreciation current period | -43,779 | -168 | -43,947 |
Impairment current period | 48,199 | - | 48,199 |
Capitalized periodic maintenance | 2025 | 2024 |
Capitalized periodic maintenance at 01.01 | 75,932 | 49,113 |
Additions this year | 79,993 | 47,481 |
Disposal this year | - | - |
Transfer to asset held for sale | -4,720 | - |
Depreciation this year | -27,595 | -20,682 |
Impairment this year | - | - |
Translation differences | - | 21 |
Capitalized periodic maintenance at 31.12 | 123,609 | 75,932 |
Specification of change in Assets held for sale for tangible fixed assets: | ||
Total | ||
Opening balance 01.01.2025 | 9,721 | |
Sales | -9,721 | |
Addition | 23,011 | |
Closing balance 31.12.2025 | 23,011 |
Each part of a fixed asset that is significant to the total cost of the item are separately identified and depreciated over that
component\u2019s useful lifetime. Assumed physical lifetime for all categories are 35-40 years, while estimated useful life for
Solstad is 25 years. The useful life of a vessel is adjusted if there are factors indicating increased timeframe for utilization of
the vessel. Estimation of residual value are based on market values/ brokers values in the beginning of the year, refereance
is made to note 2.
Periodic maintenance is depreciated over the period until the next planned interim and main docking
takes place, respectively. The normal interval is five years for both interims- and main docking. The depreciation rate for
other equipment is 3 to 10 years.
Vessels with a book value of MUSD 1,009 (MUSD 1,019 in 2024) are pledged as security for the Group\u2019s loans (reference Note 6).
There is no capitalized interest in 2024 and 2025.
Impairment Valuation of Fixed Assets
Quarterly, the Group assesses whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist, the recoverable amount of the assets are estimated. Budget and forecasts for the next five years (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for six vessels (two CSV and four AHTS). No indicators for reversal of impairment was identified.
The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels with impairment indicators, and for vessels where a reversal of impairment could be relevant. Fair value is estimated based on broker values unless there are available estimates for sales values. Broker value is set as an average of three acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Discount Rate
The discount rate is based on a weighted average cost of capital (WACC) for the Group. The debt element of the discount rate is based on the risk-free interest rate, plus a premium equivalent to the difference between risk-free rate and market rates. The discount rate used for 2025 is a post-tax rate of 9.4%.
Income Assumptions
For vessels having firm contracts, revenue is based on the current contracts. For vessels without firm contracts, and for vessels where the firm contract expires during the period, revenue is based on expected utilization and charter day rates in the vessels assumed operational area over the prognosis period. Day rates are expected to gradually increase over the prognosis periode. Market rates after year end gives support to estimated rate levels in the early prognosis period. Market uncertainty is reflected in the assumptions, based on management\u2019s assessment and market analysis provided from independent third parties.
Inflation
No inflation of income in 2026, while operating expense is adjusted for inflation by 2%. This is consistent throughout the prognosis period.
Residual Values
Estimated residual values used in the value in use calculations are set using the same principle as for the ordinally depreciations. Reference Note 2. Average life of the core fleet is 17 years, with respectively 18 years average for the CSV vessels and 16 years for the AHTS vessels.
Impairment Testing
Based on the impairment test, no impairment or reversal of impairment has been recognized in 2025.
Sensitivity and Scenario Calculations
The sensitivity of the value-in-use-calculations for the vessels with indicators of impairment or reversals of previous impaired assets, is analyzed by altering the key assumptions, discounting rate, utilization, and day rates. A change of discounting rate by 1% point and 2% points indicates impairment of MUSD 32 and MUSD 39, respectively. A yearly change in day rates or utilization for the prognosis period bringing the revenue down by 5-6%, indicates potential impairment of MUSD 45-50. The Group has recognized significant reversals of impairments on the vessels during the last years, and as of 31 December 2025 only MUSD 2.3 of possible reversals are remaining.
Climate Related Matters
The Company constantly monitors the latest regulatory changes in relation to climate-related matters. Regulatory changes in climate requirements may impact future cash inflows for the Company. It is however not expected to have any significant effect on the Group\u2019s opex, as higher fuel prices due to CO2levies or the cost of green fuels will for the most part be forwarded to our clients. Based on the management\u2019s judgements as of 31 December 2025 no material effects are identified for the prognosis period.
Changes in environmental requirements may impact the residual value and economical lifetime in the future.
To effectively meet short-term sustainability goals, implementing measures to enhance operational energy efficiency stands out as the optimal solution for curbing emissions. Transitioning to green technologies, battery hybrid and/or shore power upgrade currently proves to be the most advantageous. It is expected that certain charterers will demand green investments in vessels for future contracts in the medium term (2-5 years), but this is expected to be supported by increased charter rates as well. The board approved forecasts for the vessels do not include green investments as of 31 December 2025.
Long-term sustainability goals require newbuild programs and new technology to be in place. Newbuild programs have been limited for some time, but for CSVs it is expected about 25 newbuilds/10% increase in supply over the next few years. The current demand is not expected to fully absorb this supply. In the 5YP and current market the rates on long term contracts are already reflecting the newbuilds from 2027, where the rates are lower than in prior years. For AHTS\u2019 there is very limited newbuild activity. Rebuilding existing vessels to decarbonize and building new low-emission vessels come at an increased financial cost. We need support from our clients including long-term commitments to install new green technology for us and them to reach future emission reduction targets.
The Group\u2019s vessels are high-end, large offshore vessels, and a potentially increasingly worsened weather due to climate change is not expected to affect the usability of the existing fleet.
The Company assesses that the economic lifetime of existing vessels are not materially reduced in today\u2019s market, but has made an updated estimate of residual values to better reflect the uncertainty that is with regards to future selling prices of the vessels. The Company will further adjust the key assumptions used in value-in-use calculations and sensitivities to relevant parameters should changes occur (Reference Note 2).
Assets Held for Sale
At the end of 2025 one vessel (CSV) is classified as Asset held for sale. The net book value of of the asset is MUSD 23. At the end of 2024, one vessel (AHTS) with a net book value of MUSD 10 million was classified as held for sale. The vessel was deliverd to the new owners in 2025, and a net profit of MUSD 0.2 was recognized as Gain on sale of assets. In 2024 two vessels (AHTS\u2019) were sold, with a net profit of MUSD 7.3, recognized as Gain on sale of assets.
Note 8: Right-of-use Assets and Lessor Accounting
Equipment | Office | Total | Lease liabilities | Financial assets | |
Opening balance 01.01.2025 | 18,570 | 4,574 | 23,144 | 23,445 | 170,374 |
Other adjustments | - | 419 | 419 | 399 | - |
Additions (1) | 5,684 | - | 5,684 | 5,684 | - |
Translation differences | - | 554 | 554 | 3,168 | - |
Depreciation | -5,397 | -1,164 | -6,561 | - | - |
Interest expense/income | - | - | - | 2,089 | 15,243 |
Lease payments/received | - | - | - | -8,360 | -30,295 |
Closing balance 31.12.2025 | 18,857 | 4,383 | 23,240 | 26,426 | 155,322 |
(1) Addition of equipment of MUSD 6 is related to two ROVs.
Equipment | Office | Total | Lease liabilities | Financial assets | |
Opening balance 01.01.2024 | 4,580 | 6,375 | 10,955 | 12,049 | - |
Other adjustments | - | -423 | -423 | -423 | - |
Additions (1) | 17,192 | 306 | 17,498 | 17,498 | 183,648 |
Translation differences | 10 | -577 | -567 | -2,026 | - |
Depreciation | -3,212 | -1,107 | -4,319 | - | - |
Interest expense/income | - | - | - | 1,362 | 15,859 |
Lease payments/received | - | - | - | -5,015 | -29,133 |
Closing balance 31.12.2024 | 18,570 | 4,574 | 23,144 | 23,445 | 170,374 |
(1) Additions of equipment of MUSD 17 is related to six ROVs. Additions of financial assets of MUSD 184 is related to Normand Maximus.
Based on value-in-use-calculations, the Group has not recognized any impairment of Right-of-use assets. Further reference is made to Note 7.
The following are the amounts recognised in profit or loss: | 2025 | 2024 |
Depreciation expense of right-of-use assets | 6,561 | 4,319 |
Interest expense on lease liabilities | 2,089 | 1,362 |
Operating expenses in the period related to short term leases | - | - |
Operating expenses in the period related to low value assets | 30 | 26 |
Total lease expenses included in other operating expenses | 8,680 | 5,706 |
Group as a Lessor - Operating leases
As mentioned in Note 4, the agreed day rate invoiced to customers is divided into a service element and a lease element. The service element includes the maritime services provided to navigate the vessel according to the customers\u2019 requirements, while the lease element is the estimated rental of the vessel (equipment).
Several vessel has been rented out on bareboat terms through the year (mainly to Solstad Offshore group). The full day rate is then considered a lease element.
For the future minimum rentals receivable under non-cancellable operating leases and finance leases, see Note 4.
Impairment Valuation of Fixed Assets
Quarterly, the Group assesses whether there is any impairment indicators of the fixed assets, or if there are indicators that prior period impairment loss no longer exists or have decreased. If such indicators exist, the recoverable amount of the assets are estimated. Budget and forecasts for the next five years (2026-2030) show weaker results for some of the vessels, and update of residual value (reference Note 2) will also impact the value in use calcualtion. Based on an overall analysis of these effects, impairment indicators has been identified for six vessels (two CSV and four AHTS). No indicators for reversal of impairment was identified.
The recoverable amount is the highest of an assets calculated value in use or fair value less cost to sell. The recoverable amount was calculated for all vessels with impairment indicators, and for vessels where a reversal of impairment could be relevant. Fair value is estimated based on broker values unless there are available estimates for sales values. Broker value is set as an average of three acknowledged, independent brokers. Each vessel is considered a separate cash generating unit. The value in use-calculations are based on budget and long-term forecast (five years).
The main assumptions used in the computations are charter rates, utilization, escalation of expenses, operational area and weighted average cost of capital (WACC).
Impairment Testing
Based on the impairment test, no impairment or reversal of impairment has been recognized in 2025.
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At the end of 2025 one vessel (CSV) is classified as Asset held for sale. The net book value of of the asset is MUSD 23. At the end of 2024, one vessel (AHTS) with a net book value of MUSD 10 million was classified as held for sale. The vessel was deliverd to the new owners in 2025, and a net profit of MUSD 0.2 was recognized as Gain on sale of assets. In 2024 two vessels (AHTS\u2019) were sold, with a net profit of MUSD 7.3, recognized as Gain on sale of assets.
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At the end of 2025 one vessel (CSV) is classified as Asset held for sale. The net book value of of the asset is MUSD 23. At the end of 2024, one vessel (AHTS) with a net book value of MUSD 10 million was classified as held for sale. The vessel was deliverd to the new owners in 2025, and a net profit of MUSD 0.2 was recognized as Gain on sale of assets. In 2024 two vessels (AHTS\u2019) were sold, with a net profit of MUSD 7.3, recognized as Gain on sale of assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__75": { "value": "Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 9: Financial Items
Financial items | 2025 | 2024 |
Interest expense | -67,385 | -92,564 |
Interest income/expense related parties | 13 | -3,217 |
Interest income bank | 6,248 | 7,680 |
Interest income financial lease | 15,243 | 15,859 |
Net currency income/ loss (-) | 8,155 | 29,721 |
Income from investment in associates | -400 | -566 |
Gain modification on bank loan | 31,627 | - |
Fair value adjustment financial assets | 268 | 1,489 |
Dividends | 208 | 168 |
Other financial income/ -expenses (-) | -348 | -7,302 |
Net financial items | -6,370 | -48,732 |
Net currency gain is mainly related to unrealized currency gain and -loss on assets and liabilities in foreign currency, change in currency rates in the period from posting of invoices and actual timing of payments, and realised currency gain and -loss related to repayment of IC loan.
Other financial expenses of MUSD 7.3 in 2024 mainly consist of IFRS 9 fair value adjustment remaining balance of MUSD 4.5 (the remaining balance of MUSD 3.1 was booked as interest cost) and MUSD 2.7 related to loss on related partiy receivables.
Note 10: Other Expenses, Wages, Employees and Distinctive Contributions
2025 | 2024 | |
Vessel operating expenses: | ||
Technical expenses | 37,480 | 34,875 |
Bunker and lube oil | 8,607 | 7,245 |
Insurance | 13,094 | 10,253 |
Project expenses | 100,310 | 78,873 |
IT, communications and other expenses | 10,754 | 13,335 |
Total other operating expenses | 170,245 | 144,581 |
Administrative expenses: | ||
Audit fees | 3,057 | 2,827 |
Consultant costs | 8,075 | 7,645 |
VAT adjustments | - | -5,455 |
Other gain/losses (1) | 4,220 | 10,953 |
Other administrative expenses | 3,080 | 3,909 |
Total administrative expenses | 18,432 | 19,880 |
(1) Other gain/losses in 2025 is related to accrued loss on a receivable against Solstad Offshore group. | ||
Personnel expenses: | ||
Employees, vessels | 104,998 | 105,273 |
Employees, administration | 21,980 | 19,802 |
Total employee expenses | 126,978 | 125,074 |
Wages and employee expenses: | ||
Wages | 85,008 | 82,987 |
Social security | 9,737 | 10,283 |
Pension expenses | 11,730 | 12,512 |
Other benefits | 5,435 | 4,365 |
Traveling expenses, courses and other personnel expenses | 15,068 | 14,927 |
Total employee expenses | 126,978 | 125,074 |
Charged Expenses During the Year on Administrative Expenses
The Solstad Offshore Group has been allocated their share of expenses connected to management, shared services as accounting, human resources, and other administrative expenses. These are included as managment fee, reference Note 15 for further information.
Renumeration to Directors, Managing Director and Auditors
Solstad Maritime Group provide certain services to Solstad Offshore, delivered under established management agreements between the companies. The executive management of Solstad Maritime ASA is employed by Solstad Maritime and engaged by Solstad Offshore through the management agreements.The remuneration of the hired executives is presented in the table with 100% of their total salary. The executives fixed remuneration, other benefits and pension cost is allocated to Solstad Maritime with 53.42% for CEO and 67.96%, 67.68% and 76.68% for CFO, COO and CCO respectively. The variable bonus remuneration is allocated with 71% to Solstad Maritime.
2025 | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 593 | 99 | 18 | 13 |
Kjetil Ramstad (CFO) | 264 | 66 | 1 | 13 |
Tor Johan Tveit (COO) | 226 | 57 | 1 | 13 |
Hans Knut Sk\u00e5r (CCO) | 227 | 57 | 2 | 13 |
1,311 | 278 | 22 | 52 | |
2024 | Wages | Bonus | Other benefits | Pension cost |
Lars Peder Solstad (CEO) | 540 | 180 | 20 | 12 |
Kjetil Ramstad (CFO) | 240 | 120 | 2 | 12 |
Tor Johan Tveit (COO) | 206 | 103 | 2 | 12 |
Hans Knut Sk\u00e5r (CCO) | 206 | 103 | 2 | 12 |
1,192 | 506 | 25 | 48 |
There are no distinctive agreements regarding remuneration for the Chairman of the Board and neither are there any distinctive bonus or option programmes for any Board Member. No loans have been given to the Company management.
The Group\u2019s executive bonus system is designed to promote performance in line with the Company\u2019s strategy. The variable salary is determined by the Group\u2019s performance on a pre-defined set of key performance indicators (KPIs) and is linked to the Groups Priorities. The KPI related to financial achievement is based on the Group\u2019s EBITDA.
There are no active warrants programs in the Company per 31 December 2025. The Chief Executive Officer has a six-month mutual termination period.
Payments to Board of Directors | 2025 | 2024 |
Frank O. Reite | 24 | - |
Peder Sortland | 19 | - |
P\u00e5l Lothe Magnussen* | 19 | - |
Charlotte C. Skog Henriksen* | 19 | - |
Hans Petter Felle* | 19 | - |
Kathryn Baker | - | - |
* No remuneration is paid as salary by the Company. The fee is invoiced to the Company by the respective director\u2019s employer.
Auditors EY | 2025 | 2024 |
Audit - statutory accounts | 2,487 | 2,005 |
Other assurance services | 192 | 103 |
Tax related services | 378 | - |
Other non-audit services | - | 681 |
Total | 3,057 | 2,788 |
Audit fees relates to statutory audit of accounts. Fee for tax advice is mainly assistance related to tax reporting to authorities in other countries. For 2025 and 2024 these services are mainly related to crew, and hence, they are viewed as compliance services. Other attestation services and other services include consultancy, reports and assistance on accounting matters and the restructuring process.
Auditors EY | 2025 | 2024 |
Audit - statutory accounts | 2,487 | 2,005 |
Other assurance services | 192 | 103 |
Tax related services | 378 | - |
Other non-audit services | - | 681 |
Total | 3,057 | 2,788 |
Audit fees relates to statutory audit of accounts. Fee for tax advice is mainly assistance related to tax reporting to authorities in other countries. For 2025 and 2024 these services are mainly related to crew, and hence, they are viewed as compliance services. Other attestation services and other services include consultancy, reports and assistance on accounting matters and the restructuring process.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:636700X6XN8UWIBHQ877", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f0__s6__6__83": { "value": "Note 11: Government Grants
2025 | 2024 | |
Net pay scheme at NOR-vessels | 7,334 | 8,488 |
Government grants | 7,334 | 8,488 |
Grants related to the net pay sheme and other crew subsides are recorded as a reduction in expenses.
Note 12: Share in Subsidiaries
The consolidated financial statements comprise the financial statements of Solstad Maritime ASA and its subsidiaries as of 31 December each year. The consolidated accounts include companies in which Solstad Maritime ASA has control. Any deviating accounting policies are adjusted for in the consolidation.
The Group accounts consists of the following subsidiaries:
Name of subsidiary | Owner | Place of business | 2025 | 2024 |
Solstad Maritime AS | Solstad Maritime ASA | Skudeneshavn, Norway | 100% | 100% |
Solstad Shipowning Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Rederi AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Construction AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Maximus Shipping AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Supply AS (1) | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 73,67% |
Farstad Supply AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Farstad Shipping Pte Ltd | Solstad Shipowning Holding AS | Singapore | 100% | 100% |
Farstad Shipping Crewing Services Pte Ltd | Farstad Shipping Pte Ltd | Singapore | 100% | 100% |
Dess PSV IV Ltd | Solstad Shipowning Holding AS | Limassol, Cyprus | 100% | 100% |
Solstad Operations Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Normand Drift AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Mexico AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Chartering AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Offshore UK Limited | Solstad Operations Holding AS | Aberdeen, UK | 100% | 100% |
DESS Cyprus Ltd | Solstad Operations Holding AS | Limassol, Cyprus | 100% | 100% |
Solstad Management Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Managment AS | Solstad Management Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Shipping AS | Solstad Management Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Australia Pty Ltd | Solstad Management Holding AS | Perth, Australia | 100% | 100% |
Solstad Management Australia Pty Ltd | Solstad Management Holding AS | Perth, Australia | 100% | 100% |
Solstad Offshore Asia Pacific Pte Ltd | Solstad Management Holding AS | Singapore | 100% | 100% |
Solstad Offshore Singapore Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Singapore | 100% | 100% |
Solstad Offshore Pty Ltd | Solstad Offshore Asia Pacific Pte Ltd | Perth, Australia | 100% | 100% |
Nor Offshore Labuan Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Labuan, Malaysia | 100% | 100% |
Solstad ROHQ Philippines (Branch) | Solstad Offshore Asia Pacific Pte Ltd | Manila, Philippines | 100% | 100% |
Norce Offshore Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Singapore | 100% | 100% |
Norce Offshore Pty Ltd | Norce Offshore Pte Ltd | Perth, Australia | 100% | 100% |
Norce Offshore Thailand Ltd (3) | Norce Offshore Pte Ltd | Bangkok, Thailand | 49% | 49% |
Solstad Management Singapore Pte Ltd | Solstad Management Holding AS | Singapore | 100% | 100% |
Solstad Offshore Crewing Services Pte Ltd (2) | Solstad Management Singapore Pte Ltd | Singapore | 100% | 100% |
Solstad Management Philippines Inc (4) | Solstad Management Singapore Pte Ltd | Singapore | 100% | 0% |
DESS Management Ltd (CYP) | Solstad Management Holding AS | Limassol, Cyprus | 100% | 100% |
DESS Management Pte Ltd (SIP) | Solstad Management Holding AS | Singapore | 100% | 100% |
(1) The minority interest in Solstad Subsea AS was purchased in 2025.
(2) Solstad Offshore Crewing Services Pte Ltd was transferred from Solstad Offshore Asia Pacific Pte Ltd in 2025.
(3) Norce Offshore Thailand Ltd is controlled based on selection of board member.
(4) Solstad Management Philippines Inc was established in 2025.
Note 12: Share in Subsidiaries
The consolidated financial statements comprise the financial statements of Solstad Maritime ASA and its subsidiaries as of 31 December each year. The consolidated accounts include companies in which Solstad Maritime ASA has control. Any deviating accounting policies are adjusted for in the consolidation.
The Group accounts consists of the following subsidiaries:
Name of subsidiary | Owner | Place of business | 2025 | 2024 |
Solstad Maritime AS | Solstad Maritime ASA | Skudeneshavn, Norway | 100% | 100% |
Solstad Shipowning Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Rederi AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Construction AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Maximus Shipping AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Supply AS (1) | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 73,67% |
Farstad Supply AS | Solstad Shipowning Holding AS | Skudeneshavn, Norway | 100% | 100% |
Farstad Shipping Pte Ltd | Solstad Shipowning Holding AS | Singapore | 100% | 100% |
Farstad Shipping Crewing Services Pte Ltd | Farstad Shipping Pte Ltd | Singapore | 100% | 100% |
Dess PSV IV Ltd | Solstad Shipowning Holding AS | Limassol, Cyprus | 100% | 100% |
Solstad Operations Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Normand Drift AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Mexico AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Normand Chartering AS | Solstad Operations Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Offshore UK Limited | Solstad Operations Holding AS | Aberdeen, UK | 100% | 100% |
DESS Cyprus Ltd | Solstad Operations Holding AS | Limassol, Cyprus | 100% | 100% |
Solstad Management Holding AS | Solstad Maritime AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Managment AS | Solstad Management Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Shipping AS | Solstad Management Holding AS | Skudeneshavn, Norway | 100% | 100% |
Solstad Australia Pty Ltd | Solstad Management Holding AS | Perth, Australia | 100% | 100% |
Solstad Management Australia Pty Ltd | Solstad Management Holding AS | Perth, Australia | 100% | 100% |
Solstad Offshore Asia Pacific Pte Ltd | Solstad Management Holding AS | Singapore | 100% | 100% |
Solstad Offshore Singapore Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Singapore | 100% | 100% |
Solstad Offshore Pty Ltd | Solstad Offshore Asia Pacific Pte Ltd | Perth, Australia | 100% | 100% |
Nor Offshore Labuan Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Labuan, Malaysia | 100% | 100% |
Solstad ROHQ Philippines (Branch) | Solstad Offshore Asia Pacific Pte Ltd | Manila, Philippines | 100% | 100% |
Norce Offshore Pte Ltd | Solstad Offshore Asia Pacific Pte Ltd | Singapore | 100% | 100% |
Norce Offshore Pty Ltd | Norce Offshore Pte Ltd | Perth, Australia | 100% | 100% |
Norce Offshore Thailand Ltd (3) | Norce Offshore Pte Ltd | Bangkok, Thailand | 49% | 49% |
Solstad Management Singapore Pte Ltd | Solstad Management Holding AS | Singapore | 100% | 100% |
Solstad Offshore Crewing Services Pte Ltd (2) | Solstad Management Singapore Pte Ltd | Singapore | 100% | 100% |
Solstad Management Philippines Inc (4) | Solstad Management Singapore Pte Ltd | Singapore | 100% | 0% |
DESS Management Ltd (CYP) | Solstad Management Holding AS | Limassol, Cyprus | 100% | 100% |
DESS Management Pte Ltd (SIP) | Solstad Management Holding AS | Singapore | 100% | 100% |
(1) The minority interest in Solstad Subsea AS was purchased in 2025.
(2) Solstad Offshore Crewing Services Pte Ltd was transferred from Solstad Offshore Asia Pacific Pte Ltd in 2025.
(3) Norce Offshore Thailand Ltd is controlled based on selection of board member.
(4) Solstad Management Philippines Inc was established in 2025.
Note 13: Investment in Associates and Shares
Associates
The Group\u2019s investment in its associates are accounted for under the equity method of accounting. The financial statements of the associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group. The profit or loss from investments in associates are presented as separate line item in the consolidated statement of comprehensive income as part of financial items. Changes recorded directly in the associates\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI or equity.
The Group\u2019s accounts consist of the following shares in associates:
Place of Business | Ownership | Date of Financial statement | ||
Solstad Offshore Crewing Services Philippines (SOCS) | AC | Manilla, Philippines | 25% | 31/12/2025 |
Remota Holding AS (REMO) | AC | Haugesund, Norway | 33% | 31/12/2025 |
Windstaller Alliance AS (WAAS) | AC | Oslo, Norway | 33% | 31/12/2025 |
Solstad Offshore Crewing Services Philippines (SOCS) delivers crewing services to the Group. Remota Holding AS (REMO) owns shares in Remota AS and USV AS, Norwegian companies offering remote operation services to the offshore industry. Windstaller Alliance AS is a company performing industrial activities in the renewable energy market. It was purchased from Solstad Offshore on 15 January 2024.
2025 | ||||
SOCS | REMO | WAAS | Total | |
Cost price 01.01. | 38 | 5,166 | 142 | 5,346 |
Acc result and adjustments | 174 | -1,078 | 15 | -889 |
Book value 01.01. | 212 | 4,088 | 157 | 4,457 |
Purchase/capital increase | - | 1,182 | - | 1,182 |
Share of result | -74 | -394 | 68 | -400 |
Other adjustments | - | - | - | - |
Book value 31.12. | 138 | 4,876 | 225 | 5,238 |
Balance sheet: | ||||
Current assets | 1,341 | 3,613 | 1,619 | |
Non-current assets | 151 | 33,449 | - | |
Current liabilities | -777 | -8,204 | -1,178 | |
Non-current liabilities | - | -14,518 | - | |
Net Assets | 715 | 14,340 | 441 |
2025 | ||||
SOCS | REMO | WAAS | Total | |
Revenues and profit: | ||||
Revenues | 1,250 | 3,921 | 4,782 | |
Operating expense | -1,182 | -4,807 | -4,519 | |
Financial expense | 9 | 515 | -2 | |
Result before tax | 78 | -370 | 261 | |
Taxes | -41 | - | -57 | |
Results | 37 | -370 | 204 | |
OCI | - | - | - | |
2024 | ||||
SOCS | REMO | WAAS | Total | |
Cost price 01.01. | 38 | 4,522 | - | 4,560 |
Acc result and adjustments | 143 | -511 | - | -369 |
Book value 01.01. | 181 | 4,011 | - | 4,191 |
Purchase/capital increase | - | 644 | 142 | 786 |
Share of result | - | -581 | 15 | -566 |
Other adjustments | 31 | 15 | - | 46 |
Book value 31.12. | 212 | 4,088 | 157 | 4,457 |
Balance sheet: | ||||
Current assets | 2,148 | 542 | 258 | |
Non-current assets | 136 | 1,047 | - | |
Current liabilities | -1,615 | -444 | -61 | |
Non-current liabilities | - | - | - | |
Net Assets | 669 | 1,144 | 197 | |
Revenues and profit: | ||||
Revenues | 1,220 | 767 | 366 | |
Operating expense | -1,110 | -2,609 | -316 | |
Financial expense | -36 | - | 12 | |
Result before tax | 74 | -1,842 | 62 | |
Taxes | - | - | -15 | |
Results | 74 | -1,842 | 47 | |
OCI | - | - | - |
Financial Assets at Fair Value Through Profit and Loss - Current
2025 | 2024 | ||||
Listed shares | Share | Book value | Cost price | Share | Book value |
Reach Subsea ASA | 0% | - | 881 | 1.53% | 3,470 |
Total |
The shares in Reach Subsea ASA was sold in 2025.
Subsidiaries with Significant and Non-controlling Interests
The Group purchased the remaining share of the significant non-controlling interest (NCI) in 2025. As of 31 December 2025 the Group has no remaining significant non-controlling interests.
2025 | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
Solstad Supply AS | Norway | 0% | -69 | - | - |
2024 | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
Solstad Supply AS | Norway | 27% | -326 | -3,239 | - |
Condensed financial statement: Solstad Supply AS | 2025 | 2024 | |||
Non-current assets | 2,876 | - | |||
Current assets | 547 | 2,831 | |||
Total assets | 3,423 | 2,831 | |||
Non-current liabilities | - | - | |||
Current debt | -350 | -7 | |||
Total liabilities | -350 | -7 | |||
Income | - | - | |||
Result after tax | -112 | -1,300 |
Note 13: Investment in Associates and Shares
Associates
The Group\u2019s investment in its associates are accounted for under the equity method of accounting. The financial statements of the associates are prepared for the same reporting period as the Group. The accounting policies of the companies are aligned with those of the Group. The profit or loss from investments in associates are presented as separate line item in the consolidated statement of comprehensive income as part of financial items. Changes recorded directly in the associates\u2019 comprehensive income or equity, are recognized pro-rata in the Group accounts, and are, where applicable, presented in OCI or equity.
The Group\u2019s accounts consist of the following shares in associates:
Place of Business | Ownership | Date of Financial statement | ||
Solstad Offshore Crewing Services Philippines (SOCS) | AC | Manilla, Philippines | 25% | 31/12/2025 |
Remota Holding AS (REMO) | AC | Haugesund, Norway | 33% | 31/12/2025 |
Windstaller Alliance AS (WAAS) | AC | Oslo, Norway | 33% | 31/12/2025 |
Solstad Offshore Crewing Services Philippines (SOCS) delivers crewing services to the Group. Remota Holding AS (REMO) owns shares in Remota AS and USV AS, Norwegian companies offering remote operation services to the offshore industry. Windstaller Alliance AS is a company performing industrial activities in the renewable energy market. It was purchased from Solstad Offshore on 15 January 2024.
2025 | ||||
SOCS | REMO | WAAS | Total | |
Cost price 01.01. | 38 | 5,166 | 142 | 5,346 |
Acc result and adjustments | 174 | -1,078 | 15 | -889 |
Book value 01.01. | 212 | 4,088 | 157 | 4,457 |
Purchase/capital increase | - | 1,182 | - | 1,182 |
Share of result | -74 | -394 | 68 | -400 |
Other adjustments | - | - | - | - |
Book value 31.12. | 138 | 4,876 | 225 | 5,238 |
Balance sheet: | ||||
Current assets | 1,341 | 3,613 | 1,619 | |
Non-current assets | 151 | 33,449 | - | |
Current liabilities | -777 | -8,204 | -1,178 | |
Non-current liabilities | - | -14,518 | - | |
Net Assets | 715 | 14,340 | 441 |
2025 | ||||
SOCS | REMO | WAAS | Total | |
Revenues and profit: | ||||
Revenues | 1,250 | 3,921 | 4,782 | |
Operating expense | -1,182 | -4,807 | -4,519 | |
Financial expense | 9 | 515 | -2 | |
Result before tax | 78 | -370 | 261 | |
Taxes | -41 | - | -57 | |
Results | 37 | -370 | 204 | |
OCI | - | - | - | |
2024 | ||||
SOCS | REMO | WAAS | Total | |
Cost price 01.01. | 38 | 4,522 | - | 4,560 |
Acc result and adjustments | 143 | -511 | - | -369 |
Book value 01.01. | 181 | 4,011 | - | 4,191 |
Purchase/capital increase | - | 644 | 142 | 786 |
Share of result | - | -581 | 15 | -566 |
Other adjustments | 31 | 15 | - | 46 |
Book value 31.12. | 212 | 4,088 | 157 | 4,457 |
Balance sheet: | ||||
Current assets | 2,148 | 542 | 258 | |
Non-current assets | 136 | 1,047 | - | |
Current liabilities | -1,615 | -444 | -61 | |
Non-current liabilities | - | - | - | |
Net Assets | 669 | 1,144 | 197 | |
Revenues and profit: | ||||
Revenues | 1,220 | 767 | 366 | |
Operating expense | -1,110 | -2,609 | -316 | |
Financial expense | -36 | - | 12 | |
Result before tax | 74 | -1,842 | 62 | |
Taxes | - | - | -15 | |
Results | 74 | -1,842 | 47 | |
OCI | - | - | - |
Financial Assets at Fair Value Through Profit and Loss - Current
2025 | 2024 | ||||
Listed shares | Share | Book value | Cost price | Share | Book value |
Reach Subsea ASA | 0% | - | 881 | 1.53% | 3,470 |
Total |
The shares in Reach Subsea ASA was sold in 2025.
Subsidiaries with Significant and Non-controlling Interests
The Group purchased the remaining share of the significant non-controlling interest (NCI) in 2025. As of 31 December 2025 the Group has no remaining significant non-controlling interests.
2025 | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
Solstad Supply AS | Norway | 0% | -69 | - | - |
2024 | Country | NCI | Result allocated to NCI | Accumulated NCI | Paid dividend |
Solstad Supply AS | Norway | 27% | -326 | -3,239 | - |
Condensed financial statement: Solstad Supply AS | 2025 | 2024 | |||
Non-current assets | 2,876 | - | |||
Current assets | 547 | 2,831 | |||
Total assets | 3,423 | 2,831 | |||
Non-current liabilities | - | - | |||
Current debt | -350 | -7 | |||
Total liabilities | -350 | -7 | |||
Income | - | - | |||
Result after tax | -112 | -1,300 |
Note 14: Insurance Settlements
For damage on the Group\u2019s vessels and equipment, resulting in payment (averages) from insurance companies, compensation is presented net with the corresponding expense in Vessel operating expenses. When damages occur to vessels or equipment that are reported as insurance cases, the Group pays for the repairs in advance. A cost accrual for own share of cost is booked at the time of damage. Loss of Hire-revenues are recognized in the Charter revenues. The averages are recognized when the claim advice is received from the insurance company.
The following compensation has been received from the insurance companies:
2025 | 2024 | |
Received compensation damages | 6,776 | 4,187 |
Received compensation Loss of Hire | 7,258 | 2,136 |
Note 15: Transactions with Related Parties
Balances and transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed in this note. In addition to general management services, the Group has the following transactions with related parties:
Income | Expenses | Receivables | Payables | |||||
2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | |
Solstad Offshore ASA group | 17,738 | 19,770 | 10,690 | 12,124 | ||||
- BB leases* | 91,725 | 79,034 | - | - | ||||
- Crew rental | - | - | -10,312 | -10,330 | ||||
- Management fees | 8,288 | 2,038 | - | - | ||||
- Interest revenues/expenses | - | 975 | - | 3,133 | ||||
Other related parties | ||||||||
Aker group | 7,228 | 2,900 | - | - | 5 | - | - | - |
Omega Subsea Group (2025) | - | - | 83,313 | - | - | - | 8,788 | - |
Omega Subsea Robotics AS (2024)* | - | - | - | 3,880 | - | - | - | - |
Solstad Offshore Crewing Services Philippines | 121 | - | - | - | 11 | - | 5,725 | 349 |
Windstaller | 1,908 | - | - | - | 249 | 21 | - | - |
Remota Group | 4 | - | - | - | 2,618 | 2,322 | - | - |
Ivan Eiendom | - | - | 1,116 | 1,031 | - | - | 43 | - |
Normand Installer SA | 543 | 549 | - | - | 1,427 | 4,709 | - | - |
* Actual BB cost included, not adjusted for IFSR 16 accounting
The Group\u2019s Affiliation with Related Parties
Solstad Maritime was deconsolidated from Solstad Offshore on 16 January 2024, and is an associate to Solstad Offshore from the same time. Solstad Maritime has management of some of the vessels in Solstad Offshore (MUSD 8), and also crew are hired from Solstad Maritime (cost reduction of MUSD 10). Several vessels are also on BB/TC rental to Solstad Offshore (MUSD 92), including Normand Maximus, which was used as a contribution in kind from AMSC during the refinancing of the Group in 2024. The table includes total revenues, not adjusted for IFRS 16 accounting. Interest costs are related to a loan between the Group and Solstad Offshore following the refinancing in 2024. The loan was repaid in November 2024. Solstad Offshore does not have any employees in Norway, including the executive management. All management services and corporate services are purchased from Solstad Maritime, and is included as part of the management fee.
The Group leases 10 ROVs from Omega Subsea Robotics (8 ROVs in 2024), a subsidiary of Omega Subsea which is an associate of Solstad Offshore. The Group also rent personell, other equipment and management services from Omega Subsea if needed. The table includes total costs, not adjusted for IFRS 16 accounting.
The Group leases offices and a warehouse at market price from a company controlled by the CEO.
Occasionally, the group has business relationships with Aker BP ASA, a company affiliated with Aker Capital AS through Aker ASA.
The Group is part of the Windstaller Alliance. Vessels utilized on contracts have revenues on time charter contracts with the alliance.
Board Members and the Company\u2019s Management are considered as related parties.
Note 16: Share Capital and Shareholders
Shares | Share capital | |
01.01.2025 | 465,358,555 | 8,969 |
31.12.2025 | 465,358,555 | 8,969 |
01.01.2024 | 126,903,553 | 2,495 |
Capital increase privat placement 16 January 2024 | 274,957,699 | 5,268 |
Capital increase privat placement 19 June 2024 | 63,497,303 | 1,205 |
31.12.2024 | 465,358,555 | 8,969 |
At 31 December 2025 and 31 December 2024 the Company\u2019s share capital represents 465,358,555 shares at USD 0.019. The number of shareholders at 31 December 2025 was 5,498 (2024: 2,584).
The Chief Executive Officer holds 4,735,966 shares through Jarsteinen AS. The Chairman of the Board holds 356,509 shares through Fausken Invest AS. A Board member holds 305,280 shares owned directly.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 241,060,322 | 51.8 % |
Solstad Offshore ASA | 126,908,020 | 27.3 % |
Kistefos AS | 19,611,823 | 4.2 % |
B.O. Steen Shipping AS | 6,931,486 | 1.5 % |
Jarsteinen AS | 4,735,966 | 1.0 % |
Kistefos Investment AS | 2,326,000 | 0.5 % |
DNB Bank ASA | 1,955,729 | 0.4 % |
Songa Capital AS | 1,739,780 | 0.4 % |
Nordnet Livsforsikring AS | 1,565,176 | 0.3 % |
Magnus Leonard Roth | 1,500,000 | 0.3 % |
Minority shareholders | 57,024,253 | 12.3 % |
465,358,555 | 100 % |
Note 16: Share Capital and Shareholders
Shares | Share capital | |
01.01.2025 | 465,358,555 | 8,969 |
31.12.2025 | 465,358,555 | 8,969 |
01.01.2024 | 126,903,553 | 2,495 |
Capital increase privat placement 16 January 2024 | 274,957,699 | 5,268 |
Capital increase privat placement 19 June 2024 | 63,497,303 | 1,205 |
31.12.2024 | 465,358,555 | 8,969 |
At 31 December 2025 and 31 December 2024 the Company\u2019s share capital represents 465,358,555 shares at USD 0.019. The number of shareholders at 31 December 2025 was 5,498 (2024: 2,584).
The Chief Executive Officer holds 4,735,966 shares through Jarsteinen AS. The Chairman of the Board holds 356,509 shares through Fausken Invest AS. A Board member holds 305,280 shares owned directly.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 241,060,322 | 51.8 % |
Solstad Offshore ASA | 126,908,020 | 27.3 % |
Kistefos AS | 19,611,823 | 4.2 % |
B.O. Steen Shipping AS | 6,931,486 | 1.5 % |
Jarsteinen AS | 4,735,966 | 1.0 % |
Kistefos Investment AS | 2,326,000 | 0.5 % |
DNB Bank ASA | 1,955,729 | 0.4 % |
Songa Capital AS | 1,739,780 | 0.4 % |
Nordnet Livsforsikring AS | 1,565,176 | 0.3 % |
Magnus Leonard Roth | 1,500,000 | 0.3 % |
Minority shareholders | 57,024,253 | 12.3 % |
465,358,555 | 100 % |
Note 16: Share Capital and Shareholders
Shares | Share capital | |
01.01.2025 | 465,358,555 | 8,969 |
31.12.2025 | 465,358,555 | 8,969 |
01.01.2024 | 126,903,553 | 2,495 |
Capital increase privat placement 16 January 2024 | 274,957,699 | 5,268 |
Capital increase privat placement 19 June 2024 | 63,497,303 | 1,205 |
31.12.2024 | 465,358,555 | 8,969 |
At 31 December 2025 and 31 December 2024 the Company\u2019s share capital represents 465,358,555 shares at USD 0.019. The number of shareholders at 31 December 2025 was 5,498 (2024: 2,584).
The Chief Executive Officer holds 4,735,966 shares through Jarsteinen AS. The Chairman of the Board holds 356,509 shares through Fausken Invest AS. A Board member holds 305,280 shares owned directly.
Top 10 as of 31.12.2025 | Number of shares | Ownership |
Aker Capital AS | 241,060,322 | 51.8 % |
Solstad Offshore ASA | 126,908,020 | 27.3 % |
Kistefos AS | 19,611,823 | 4.2 % |
B.O. Steen Shipping AS | 6,931,486 | 1.5 % |
Jarsteinen AS | 4,735,966 | 1.0 % |
Kistefos Investment AS | 2,326,000 | 0.5 % |
DNB Bank ASA | 1,955,729 | 0.4 % |
Songa Capital AS | 1,739,780 | 0.4 % |
Nordnet Livsforsikring AS | 1,565,176 | 0.3 % |
Magnus Leonard Roth | 1,500,000 | 0.3 % |
Minority shareholders | 57,024,253 | 12.3 % |
465,358,555 | 100 % |
Note 17: Taxes
2025 | 2024 | |
Taxes payable | -271 | 17,692 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -23,864 | -54,309 |
Witholding tax and other adjustments | 546 | - |
Corrections/tax assessment previous year | - | - |
Tax on ordinary result | -23,590 | -36,616 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -23,846 | -46,990 |
Foreign | 256 | 10,374 |
Total tax | -23,590 | -36,616 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 502,459 | 576,605 |
Receivables (non-current assets) | 131,913 | -62,928 |
Receivables (current assets) | 9,206 | 2,067 |
Other current assets | - | - |
Other accruals | 730 | -3,706 |
Pension | -1,015 | -1,119 |
Other temporary differences | 20,689 | 56,386 |
Financial instruments | 297 | - |
Tax position related to sold assets | 81,399 | 212,584 |
Interest deductions carried forward | -130,018 | -82,493 |
Unrecovered loss carried forward | -1,727,397 | -1,926,248 |
Total temporary differences | -1,111,738 | -1,228,852 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 110,541 | 126,853 |
Receivables (non-current assets) | 29,021 | -13,844 |
Receivables (current assets) | 2,025 | 455 |
Other current assets | - | - |
Other accruals | 161 | -815 |
Pension | -223 | -246 |
Other temporary differences | 4,552 | 12,405 |
Financial instruments | 65 | - |
Tax position related to sold assets | 17,908 | 46,768 |
Interest deductions carried forward | -28,604 | -18,149 |
Unrecovered loss carried forward | -380,027 | -423,775 |
Deferred tax asset not recognised | 168,453 | 218,083 |
Net deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
2025 | 2024 | |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | -52,265 | -40 |
Booked to profit and loss | -23,864 | -54,309 |
Business combinations | - | 237 |
Charged to equity (change pension) | - | 1,859 |
Translation adjustment | - | -12 |
End balance deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | 24,356 | 33,194 |
Total payable tax in the balance sheet | 24,356 | 33,194 |
Analysis of effective tax rate | ||
22% of pre-tax result | 41,643 | 55,297 |
Effect of deferred tax asset not recognised | -76,572 | -94,984 |
Correction of previous years | 906 | 3,675 |
Differential in tax rates foreign entities | -588 | 8,068 |
Permanent differences | 13,979 | -12,408 |
Other | -2,957 | 3,734 |
Estimated tax | -23,590 | -36,616 |
The taxes are calculated based on the Norwegian tax rate of 22% for 2025 and 2024.
Deferred tax on deviating values in associates with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.
Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income. A total deferred tax asset of MUSD 83.4 is recognized as of 31 December 2025 related to loss carried forward, an increase on MNUSD 24.1 from 2024. Reference note 2.
In total an amount of MUSD 28.6 in non-deducted interest carried forward has not been recognized. Expiration date for MUSD 1.4 is in 2027, MUSD 0.7 in 2028, MUSD 1.9 in 2029, MUSD 5.4 in 2030, MUSD 6.4 in 2031 and MUSD 13 in 2032. The loss carry forward does not have any expiration date.
At year end the Group has included a MUSD 15.6 provision for expected corporate taxes related to operations in foreign waters, included as Taxes payable in the balance sheet. The accounts reflect the entities\u2019 best estimate for contingent liabilities at the end of the year. See note 25 for further information.
The Supplementary Tax Act, Norway\u2019s implementation of the OECD\u2019s Pillar Two model rules, came into effect on January 1, 2024. As part of The Resource Group TRG AS (\u201cthe TRG group\u201d), the ultimate parent company and reporting entity of Aker ASA, Solstad Maritime falls within the scope of the enacted legislation and has assessed its exposure to supplementary tax. Aker ASA and Solstad Maritime has evaluated its exposure to supplementary tax based on the reported figures for the companies within the Aker ASA group in connection with the preparation of the consolidated financial statements. The figures have been compiled per jurisdiction, and a calculation has been made to determine which jurisdictions may be covered by the temporary \u201cSafe Harbour\u201d rules related to country-by-country reporting in the Supplementary Tax Regulations. For jurisdictions that do not qualify for the Safe Harbour exemptions, a further assessment has been conducted to determine whether tax adjustments should be made when calculating the adjusted result to reduce supplementary tax. Based on these preliminary assessments, MUSD 0 of supplementary tax has been recognized in Solstad Maritime. The final assessments will be concluded with the reporting of supplementary tax for the TRG group in 2026 and 2027.
Note 17: Taxes
2025 | 2024 | |
Taxes payable | -271 | 17,692 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -23,864 | -54,309 |
Witholding tax and other adjustments | 546 | - |
Corrections/tax assessment previous year | - | - |
Tax on ordinary result | -23,590 | -36,616 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -23,846 | -46,990 |
Foreign | 256 | 10,374 |
Total tax | -23,590 | -36,616 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 502,459 | 576,605 |
Receivables (non-current assets) | 131,913 | -62,928 |
Receivables (current assets) | 9,206 | 2,067 |
Other current assets | - | - |
Other accruals | 730 | -3,706 |
Pension | -1,015 | -1,119 |
Other temporary differences | 20,689 | 56,386 |
Financial instruments | 297 | - |
Tax position related to sold assets | 81,399 | 212,584 |
Interest deductions carried forward | -130,018 | -82,493 |
Unrecovered loss carried forward | -1,727,397 | -1,926,248 |
Total temporary differences | -1,111,738 | -1,228,852 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 110,541 | 126,853 |
Receivables (non-current assets) | 29,021 | -13,844 |
Receivables (current assets) | 2,025 | 455 |
Other current assets | - | - |
Other accruals | 161 | -815 |
Pension | -223 | -246 |
Other temporary differences | 4,552 | 12,405 |
Financial instruments | 65 | - |
Tax position related to sold assets | 17,908 | 46,768 |
Interest deductions carried forward | -28,604 | -18,149 |
Unrecovered loss carried forward | -380,027 | -423,775 |
Deferred tax asset not recognised | 168,453 | 218,083 |
Net deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
2025 | 2024 | |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | -52,265 | -40 |
Booked to profit and loss | -23,864 | -54,309 |
Business combinations | - | 237 |
Charged to equity (change pension) | - | 1,859 |
Translation adjustment | - | -12 |
End balance deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | 24,356 | 33,194 |
Total payable tax in the balance sheet | 24,356 | 33,194 |
Analysis of effective tax rate | ||
22% of pre-tax result | 41,643 | 55,297 |
Effect of deferred tax asset not recognised | -76,572 | -94,984 |
Correction of previous years | 906 | 3,675 |
Differential in tax rates foreign entities | -588 | 8,068 |
Permanent differences | 13,979 | -12,408 |
Other | -2,957 | 3,734 |
Estimated tax | -23,590 | -36,616 |
The taxes are calculated based on the Norwegian tax rate of 22% for 2025 and 2024.
Deferred tax on deviating values in associates with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.
Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income. A total deferred tax asset of MUSD 83.4 is recognized as of 31 December 2025 related to loss carried forward, an increase on MNUSD 24.1 from 2024. Reference note 2.
In total an amount of MUSD 28.6 in non-deducted interest carried forward has not been recognized. Expiration date for MUSD 1.4 is in 2027, MUSD 0.7 in 2028, MUSD 1.9 in 2029, MUSD 5.4 in 2030, MUSD 6.4 in 2031 and MUSD 13 in 2032. The loss carry forward does not have any expiration date.
At year end the Group has included a MUSD 15.6 provision for expected corporate taxes related to operations in foreign waters, included as Taxes payable in the balance sheet. The accounts reflect the entities\u2019 best estimate for contingent liabilities at the end of the year. See note 25 for further information.
The Supplementary Tax Act, Norway\u2019s implementation of the OECD\u2019s Pillar Two model rules, came into effect on January 1, 2024. As part of The Resource Group TRG AS (\u201cthe TRG group\u201d), the ultimate parent company and reporting entity of Aker ASA, Solstad Maritime falls within the scope of the enacted legislation and has assessed its exposure to supplementary tax. Aker ASA and Solstad Maritime has evaluated its exposure to supplementary tax based on the reported figures for the companies within the Aker ASA group in connection with the preparation of the consolidated financial statements. The figures have been compiled per jurisdiction, and a calculation has been made to determine which jurisdictions may be covered by the temporary \u201cSafe Harbour\u201d rules related to country-by-country reporting in the Supplementary Tax Regulations. For jurisdictions that do not qualify for the Safe Harbour exemptions, a further assessment has been conducted to determine whether tax adjustments should be made when calculating the adjusted result to reduce supplementary tax. Based on these preliminary assessments, MUSD 0 of supplementary tax has been recognized in Solstad Maritime. The final assessments will be concluded with the reporting of supplementary tax for the TRG group in 2026 and 2027.
Note 17: Taxes
2025 | 2024 | |
Taxes payable | -271 | 17,692 |
Under/over accrual of tax payable | - | - |
Change in deferred taxes | -23,864 | -54,309 |
Witholding tax and other adjustments | 546 | - |
Corrections/tax assessment previous year | - | - |
Tax on ordinary result | -23,590 | -36,616 |
Apportionment of tax on ordinary result | ||
Norwegian tax | -23,846 | -46,990 |
Foreign | 256 | 10,374 |
Total tax | -23,590 | -36,616 |
Temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 502,459 | 576,605 |
Receivables (non-current assets) | 131,913 | -62,928 |
Receivables (current assets) | 9,206 | 2,067 |
Other current assets | - | - |
Other accruals | 730 | -3,706 |
Pension | -1,015 | -1,119 |
Other temporary differences | 20,689 | 56,386 |
Financial instruments | 297 | - |
Tax position related to sold assets | 81,399 | 212,584 |
Interest deductions carried forward | -130,018 | -82,493 |
Unrecovered loss carried forward | -1,727,397 | -1,926,248 |
Total temporary differences | -1,111,738 | -1,228,852 |
Tax effect of temporary differences: | ||
Fixed assets (vessels and other non-current assets) | 110,541 | 126,853 |
Receivables (non-current assets) | 29,021 | -13,844 |
Receivables (current assets) | 2,025 | 455 |
Other current assets | - | - |
Other accruals | 161 | -815 |
Pension | -223 | -246 |
Other temporary differences | 4,552 | 12,405 |
Financial instruments | 65 | - |
Tax position related to sold assets | 17,908 | 46,768 |
Interest deductions carried forward | -28,604 | -18,149 |
Unrecovered loss carried forward | -380,027 | -423,775 |
Deferred tax asset not recognised | 168,453 | 218,083 |
Net deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
2025 | 2024 | |
Changes in deferred tax in the balance sheet | ||
Opening balance deferred tax | -52,265 | -40 |
Booked to profit and loss | -23,864 | -54,309 |
Business combinations | - | 237 |
Charged to equity (change pension) | - | 1,859 |
Translation adjustment | - | -12 |
End balance deferred tax/ deferred tax asset (-) | -76,129 | -52,265 |
Payable tax in the balance sheet consist of | ||
Other payable corporation tax | 24,356 | 33,194 |
Total payable tax in the balance sheet | 24,356 | 33,194 |
Analysis of effective tax rate | ||
22% of pre-tax result | 41,643 | 55,297 |
Effect of deferred tax asset not recognised | -76,572 | -94,984 |
Correction of previous years | 906 | 3,675 |
Differential in tax rates foreign entities | -588 | 8,068 |
Permanent differences | 13,979 | -12,408 |
Other | -2,957 | 3,734 |
Estimated tax | -23,590 | -36,616 |
The taxes are calculated based on the Norwegian tax rate of 22% for 2025 and 2024.
Deferred tax on deviating values in associates with foreign partnerships has been included in the Group accounts. Further, deferred tax is calculated on scenarios where a future realization will lead to a tax liability.
Deferred tax assets from losses carried forward are recognized under the assumption that companies under the ordinary tax regime will have taxable income in the future. This taxable income is related to ordinary income, gain from sale of fixed assets and taxable financial income. A total deferred tax asset of MUSD 83.4 is recognized as of 31 December 2025 related to loss carried forward, an increase on MNUSD 24.1 from 2024. Reference note 2.
In total an amount of MUSD 28.6 in non-deducted interest carried forward has not been recognized. Expiration date for MUSD 1.4 is in 2027, MUSD 0.7 in 2028, MUSD 1.9 in 2029, MUSD 5.4 in 2030, MUSD 6.4 in 2031 and MUSD 13 in 2032. The loss carry forward does not have any expiration date.
At year end the Group has included a MUSD 15.6 provision for expected corporate taxes related to operations in foreign waters, included as Taxes payable in the balance sheet. The accounts reflect the entities\u2019 best estimate for contingent liabilities at the end of the year. See note 25 for further information.
The Supplementary Tax Act, Norway\u2019s implementation of the OECD\u2019s Pillar Two model rules, came into effect on January 1, 2024. As part of The Resource Group TRG AS (\u201cthe TRG group\u201d), the ultimate parent company and reporting entity of Aker ASA, Solstad Maritime falls within the scope of the enacted legislation and has assessed its exposure to supplementary tax. Aker ASA and Solstad Maritime has evaluated its exposure to supplementary tax based on the reported figures for the companies within the Aker ASA group in connection with the preparation of the consolidated financial statements. The figures have been compiled per jurisdiction, and a calculation has been made to determine which jurisdictions may be covered by the temporary \u201cSafe Harbour\u201d rules related to country-by-country reporting in the Supplementary Tax Regulations. For jurisdictions that do not qualify for the Safe Harbour exemptions, a further assessment has been conducted to determine whether tax adjustments should be made when calculating the adjusted result to reduce supplementary tax. Based on these preliminary assessments, MUSD 0 of supplementary tax has been recognized in Solstad Maritime. The final assessments will be concluded with the reporting of supplementary tax for the TRG group in 2026 and 2027.
Note 18: Pension
The Group has defined benefit pension plans for some of the administrative personnel. The pension plans are insurance based. As of 31 December 2025, the pension plans have three actives and 18 pensioners as members.
The Group has a contribution plan for the majority of the seafaring personnel in Norway and administrative staff. The Group\u2019s pension scheme meets the requirements of the Norwegian law of Occupational pension.
The following assumptions are used: | 2025 | 2024 |
Discounted interest | 3.90% | 3.90% |
Expected return | 3.90% | 3.90% |
Regulation of salaries | 4.00% | 4.00% |
Regulation of base amount | 3.75% | 3.75% |
Regulation of pension | 3.75% | 3.75% |
Changes in pension obligation: | 2025 | 2024 |
Estimated liability at beginning of the year | 5,650 | 6,205 |
Interest expense | 229 | 173 |
Annual pension earnings | 110 | 104 |
Curtailment / settlement | - | - |
Payroll tax employer contribution, assets | -48 | -52 |
Benefits paid | -319 | -285 |
Past service cost | - | - |
Actuarial (gain) / loss on the obligation | 738 | -495 |
Estimated liability at year end | 6,359 | 5,650 |
Changes in plan assets: | ||
Opening value of plan assets | 4,487 | 4,674 |
Expected return | 195 | 142 |
Curtailment / settlement | - | - |
Payroll tax of employer contribution, assets | -7 | -6 |
Contributions by employer | 341 | 368 |
Benefits paid | -319 | -241 |
Actuarial gain / (loss) | 607 | -450 |
Estimated plan assets at year end | 5,303 | 4,487 |
Net plan assets/liabilities: | 2025 | 2024 |
Pension liabilities | 6,359 | 5,650 |
Plan assets | 5,303 | 4,487 |
Net plan assets/ (liabilities) incl social security | -1,056 | -1,163 |
Social security | -142 | -138 |
Pension cost: | ||
Present value of pension obligation | 110 | 104 |
Interest expenses on obligation | 229 | 173 |
Expected return on plan assets | -195 | -142 |
Administration expense | 7 | 6 |
Recognition of past service cost | - | - |
Settlement/curtailmen of net obligation | - | - |
Pension cost | 152 | 141 |
Payment on contribution plan | 11,578 | 12,371 |
Total pension cost | 11,730 | 12,512 |
Actual return on plan assets | 801 | -308 |
Acturial gain and loss (-) | ||
Total acturial gain / loss | 131 | -45 |
Currency | -102 | 35 |
Tax effect | -29 | 10 |
Acturial gain / loss booked on Other comprehensive income | - | - |
Expected contribution by employer in 2026 is MUSD 0.4.
Pension liability for 2025 and 2024 is based on table K2013BE for Norway.
Plan assets are invested in a wide portfolio by an external insurance company. The insurance company is responsible for total administration of the pension plan.
For both years the \u201cNorwegian Covered Bonds Market\u201d-interest rate is used as basis for determination of the discounting rate.
Note 19: Bank Deposits
2025 | 2024 | |
Cash at banks and on hand | 77,811 | 177,319 |
Total cash | 77,811 | 177,319 |
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of one day to three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
The Group\u2019s tied deposits total MUSD 2.9 (MUSD 2.8) on which is employee tax withheld.
As part of the restructuring of the Group\u2019s debt effective from 16 January 2024, the total bank deposits are pledged.
Note 19: Bank Deposits
2025 | 2024 | |
Cash at banks and on hand | 77,811 | 177,319 |
Total cash | 77,811 | 177,319 |
Cash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of one day to three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.
The Group\u2019s tied deposits total MUSD 2.9 (MUSD 2.8) on which is employee tax withheld.
As part of the restructuring of the Group\u2019s debt effective from 16 January 2024, the total bank deposits are pledged.
Note 20: Other Non-current Receivables
2025 | 2024 | |
Loan to other companies | 215 | 63 |
Financial lease (Note 8) | 155,322 | 170,374 |
Other receivables | 969 | 948 |
Total other non-current receivables | 156,505 | 171,385 |
Note 22: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 70,802 | 92,046 |
Receivable from related parties | 13,173 | 18,333 |
Total accounts receivable | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Prepaid expenses | 939 | 470 |
VAT/ WHT receivable | -3,140 | -450 |
Costs to fulfil a contract | 18,381 | 5,655 |
Other current receivables | 15,233 | 26,987 |
Receivables from related parties | 8,727 | 8,890 |
Total current receivables | 40,140 | 41,552 |
Other currnet receivables are mainly refundable insurance claims, government grants and straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 20: Other Non-current Receivables
2025 | 2024 | |
Loan to other companies | 215 | 63 |
Financial lease (Note 8) | 155,322 | 170,374 |
Other receivables | 969 | 948 |
Total other non-current receivables | 156,505 | 171,385 |
Note 20: Other Non-current Receivables
2025 | 2024 | |
Loan to other companies | 215 | 63 |
Financial lease (Note 8) | 155,322 | 170,374 |
Other receivables | 969 | 948 |
Total other non-current receivables | 156,505 | 171,385 |
Note 21: Paid Out and Proposed Dividend
2025 | 2024 | 2023 | |
Approved and paid out during the year: | |||
Ordinary dividend | 107,401 | - | - |
Extraordinary dividend | - | 21,052 | - |
Proposed dividend at general meeting: | |||
Ordinary dividend* | 14,891 | - | - |
Per share (USD) | 0.032 | - | - |
* The dividend is not accrued for as of 31 December 2025.
Note 22: Accounts Receivable and Other Current Receivables
2025 | 2024 | |
Accounts receivable | 70,802 | 92,046 |
Receivable from related parties | 13,173 | 18,333 |
Total accounts receivable | 83,975 | 110,379 |
Contract assets | 20,277 | 698 |
Prepaid expenses | 939 | 470 |
VAT/ WHT receivable | -3,140 | -450 |
Costs to fulfil a contract | 18,381 | 5,655 |
Other current receivables | 15,233 | 26,987 |
Receivables from related parties | 8,727 | 8,890 |
Total current receivables | 40,140 | 41,552 |
Other currnet receivables are mainly refundable insurance claims, government grants and straight lining of lease element on charter contracts. Further reference is made to Note 5.
Note 23: Inventory
Inventories consists mainly of bunkers and lube oil on the Group\u2019s vessels. When a vessel is on contract the charterer usually purchases the stock of fuel, and sometimes also the lube, and those volumes are not included as inventory as of balance sheet day. The stock of the vessels are measured daily and the recognised value is based on the meassured stock multiplied with the purchase price, based on the latest invoice for bunkering.
2025 | 2024 | |
Bunkers | 7,421 | 6,622 |
Lube oil | 1,563 | 1,921 |
Other | 546 | 475 |
Total inventory | 9,530 | 9,018 |
Note 24: Accounts Payable and Other Current Liabilites
2025 | 2024 | |
Accounts payable 47,116 36,350 Payables to related parties 9,997 2,917 Total accounts payable 57,113 39,267 | ||
Contract liabilites | 1,362 | 2,755 |
Provisions | 25,112 | 21,859 |
Accrued salaries, related taxes and VAT payable | 18,677 | 18,251 |
Other current liabilities | 4,633 | 6,618 |
Other current liabilities related parties | 6,419 | 9,214 |
Total current liabilities | 11,052 | 15,832 |
Contract liabilites are invoiced revenues, but where the performance obligation is not fulfilled.
Other current liabilities consist mainly of incurred operational expenses and performed planned periodic maintenance not yet invoiced at year end.
Provisions relates to VAT and tax claims, and other claims assessed to be more likely than not to occur. Reference also Note 25 for further information.
* A corporate income tax claim is also provisioned for with MUSD 15.6 related to the same case, accounted for as Taxes payable in the balance sheet.
1.1.2025 | Change | Translation | 31.12.2025 | |
VAT claim Thailand* | 21,058 | - | 2,688 | 23,745 |
Tax claim Brazil | 802 | - | -10 | 791 |
Other provision | - | 575 | - | 575 |
Total provisions | 21,859 | 575 | 2,677 | 25,112 |
Note 25: Contingent Liabilities, Assets and Provisions
Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the
Companys\u2019 best estimate for contingent liabilities at the end of the year.
The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Group\u2019s best estimate for contingent liabilities at the end of the year.
The provisions at year end include a claim of MUSD 39.3 (reference Note 24) related to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department notified the Thailand Branch of Solstad Offshore Asia Pacific Pte Ltd of claims, which is fully provisioned for as of 31 December 2025. Negotiations with the revenue department is ongoing. The claim does not have recourse to other companies in the Group than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters.
On 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of Solstad Offshore ASA, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in Solstad Offshore ASA resulting from the refinancing of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The judgement is expected during first half of 2026 and may be appealed by the parties. No claim has been made against the Company or members of the Company\u2019s board and management team in their function for the Company. The lawsuit however related to the valuation of the Company\u2019s business and assets when the restructuring of the group was implemented, and the lawsuit required significant attention from persons in the Company\u2019s management team. It is not assessed as probable that the outcome of the court case will impact Solstad Maritime. Solstad Maritime is not part in the dispute.
Following the sale of the PSV fleet to Tidewater in 2023, Solstad Maritime has a significant number of Australian crew not employed on Solstad vessels. There is a potential redundency cost of MAUD 32 related to these employees. Management has made measures to secure future employment, among other by continuing current agreements and by engaging a new Crew Manager with a broader spectrum of contracts. The Group has considered the likelyhood that Solstad Maritime will be eligible for an any time soon redundency cost payout to be unlikely. The Group has concluded that no obligating event has occurred as of 31 December 2025, and no provision is recognized.
The Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total booked insurance claim recoverable as of 31 December 2025 was MUSD 7.8.
Note 25: Contingent Liabilities, Assets and Provisions
Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the
Companys\u2019 best estimate for contingent liabilities at the end of the year.
The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Group\u2019s best estimate for contingent liabilities at the end of the year.
The provisions at year end include a claim of MUSD 39.3 (reference Note 24) related to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department notified the Thailand Branch of Solstad Offshore Asia Pacific Pte Ltd of claims, which is fully provisioned for as of 31 December 2025. Negotiations with the revenue department is ongoing. The claim does not have recourse to other companies in the Group than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters.
On 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of Solstad Offshore ASA, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in Solstad Offshore ASA resulting from the refinancing of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The judgement is expected during first half of 2026 and may be appealed by the parties. No claim has been made against the Company or members of the Company\u2019s board and management team in their function for the Company. The lawsuit however related to the valuation of the Company\u2019s business and assets when the restructuring of the group was implemented, and the lawsuit required significant attention from persons in the Company\u2019s management team. It is not assessed as probable that the outcome of the court case will impact Solstad Maritime. Solstad Maritime is not part in the dispute.
Following the sale of the PSV fleet to Tidewater in 2023, Solstad Maritime has a significant number of Australian crew not employed on Solstad vessels. There is a potential redundency cost of MAUD 32 related to these employees. Management has made measures to secure future employment, among other by continuing current agreements and by engaging a new Crew Manager with a broader spectrum of contracts. The Group has considered the likelyhood that Solstad Maritime will be eligible for an any time soon redundency cost payout to be unlikely. The Group has concluded that no obligating event has occurred as of 31 December 2025, and no provision is recognized.
The Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total booked insurance claim recoverable as of 31 December 2025 was MUSD 7.8.
Note 25: Contingent Liabilities, Assets and Provisions
Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the
Companys\u2019 best estimate for contingent liabilities at the end of the year.
The Group has an international business. The taxable treatment of transactions, operations and structures in foreign countries may be challenged by local tax authorities and may result in future tax obligations. Contingent liabilities are recognized in the accounts if they are more likely than not to occur. The accounts reflect the Group\u2019s best estimate for contingent liabilities at the end of the year.
The provisions at year end include a claim of MUSD 39.3 (reference Note 24) related to claims on VAT, corporate income taxes and associated interests and penalty claims from legacy operations in Thai waters in the period between 2016 and 2020. The Thai revenue department notified the Thailand Branch of Solstad Offshore Asia Pacific Pte Ltd of claims, which is fully provisioned for as of 31 December 2025. Negotiations with the revenue department is ongoing. The claim does not have recourse to other companies in the Group than Solstad Offshore Asia Pacific Pte Ltd. The Group has currently no operations in these foreign waters.
On 16 May 2024 Kistefos AS and Kistefos Investment AS filed a lawsuit against the board members and CEO of Solstad Offshore ASA, Aker Capital AS and Pareto Securities AS, claiming damages for their alleged loss as shareholders in Solstad Offshore ASA resulting from the refinancing of the Group in January 2024. Subsequently some other shareholders joined the lawsuit toghether with Kistefos AS. The hearing before Oslo city court commenced in early October 2025 and was concluded 16 January 2026. The judgement is expected during first half of 2026 and may be appealed by the parties. No claim has been made against the Company or members of the Company\u2019s board and management team in their function for the Company. The lawsuit however related to the valuation of the Company\u2019s business and assets when the restructuring of the group was implemented, and the lawsuit required significant attention from persons in the Company\u2019s management team. It is not assessed as probable that the outcome of the court case will impact Solstad Maritime. Solstad Maritime is not part in the dispute.
Following the sale of the PSV fleet to Tidewater in 2023, Solstad Maritime has a significant number of Australian crew not employed on Solstad vessels. There is a potential redundency cost of MAUD 32 related to these employees. Management has made measures to secure future employment, among other by continuing current agreements and by engaging a new Crew Manager with a broader spectrum of contracts. The Group has considered the likelyhood that Solstad Maritime will be eligible for an any time soon redundency cost payout to be unlikely. The Group has concluded that no obligating event has occurred as of 31 December 2025, and no provision is recognized.
The Company receives compensation for costs of repairs on damages on vessels and equipment, and loss of hire-revenues for damages where the vessel is off-hire for a period of time related to the insurance case. The revenues and cost reimbursement is booked as a provision at the time the claim is sent to the insurance company, and is assessed to be virtually certain. The total booked insurance claim recoverable as of 31 December 2025 was MUSD 7.8.
Note 26: Earnings per Share
Earnings per share for 2025 are calculated by dividing the Group majority result by the average number of shares as of 31 December. There are no dilutive instruments in 2025 and 2024.
2025 | 2024 | |
Majority results from net profit for the year | 212,945 | 240,813 |
Result from net profit for the year | 212,875 | 240,487 |
Average number of shares | 465,358,555 | 423,671,774 |
Earnings per share (basic and diluted) - majority (NOK) | 0.46 | 0.57 |
Note 27: Subsequent Events
Letter Of Intent
Letter of intent signed in February 2026 with with an international subsea contractor for the CSV Normand Navigator.
Balance Sheet
Amounts in USD 1,000
2025 | 2024 | Note | |
ASSETS | |||
Financial assets | |||
Investments subsidiaries | 315,456 | 303,890 | 4 |
Non-current receivables from group entities | 181,286 | 242,217 | 7 |
Total financial assets | 496,743 | 546,108 | |
Total non-current assets | 496,743 | 546,108 | |
Current assets | |||
Other non-current receivables from group entities | 40,976 | 17,850 | 7 |
Cash | 178 | 344 | |
Total current assets | 41,154 | 18,193 | |
TOTAL ASSETS | 537,897 | 564,301 |
2025 | 2024 | Note | |
EQUITY AND LIABILITIES | |||
Equity | |||
Paid-in equity | |||
Share capital | 8,969 | 8,969 | 5 |
Share premium | 443,926 | 551,327 | 5 |
Total paid-in equity | 452,895 | 560,296 | |
Retained earnings | |||
Other equity | 51,794 | -6,013 | 5 |
Total Retained Equity | 51,794 | -6,013 | |
Total Equity | 504,689 | 554,283 | |
Liabiliteis | |||
Current liabilities | |||
Accounts payable | 4,168 | 1,226 | 7 |
Other current liabilities | 29,040 | 8,791 | 7 |
Total current liabilities | 33,207 | 10,017 | |
Total liabilities | 33,207 | 10,017 | |
TOTAL EQUITY AND LIABILITIES | 537,897 | 564,301 |