Contents
About Moreld ................................................................................3
Corporate governance report ............................................. 13
Board of directors’ report .....................................................23
Sustainability statement ...................................................... 34
Financial statements..............................................................117
Contact information ..............................................................166
2
Moreld ASA
|
Annual report 2025
|
Contents
This is Moreld
Moreld is a multi-disciplinary engineering group
providing comprehensive services across offshore
energy, marine and onshore industries.
With over 40 years of experience on the Norwegian
Continental Shelf (NCS), Moreld is a key player in
the energy service sector, supported by long-term
agreements with high-quality exploration and
production (E&P) operators. Moreld’s core services
include subsea installation, asset maintenance
and modification, as well as marine operations and
consultancy services.
The group employs over 2 700 skilled professionals
and contractors, including a large share of engineers.
With a presence in 17 countries, Moreld combines
global reach with deep industry knowledge to provide
innovative, high-value solutions to clients worldwide.
The group’s main segments (subsidiaries) are:
Ocean Installer
Moreld Apply
Global Maritime
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
3
Moreld ASA
|
Annual report 2025
|
About Moreld ASA
Key figures 2025
2025
Proforma
2024
1)
2024
Financial metrics
Revenue NOK million 9 838 9 151 7 136
2)
NOK million 2 225 2 322 1 523
2)
NOK million 1 101 1 075 703
Per cent 11.2% 11.7% 9.9%
2)
NOK million 1 075 1 002 629
Order backlog
2)
NOK million 5 929 9 941 9 941
Cash balance NOK million 1 091 1 500 1 500
Available liquidity NOK million 1 291 1 697 1 697
Net interest-bearing debt NOK million 219 146 146
Leverage ratio NOK million 0.2x 0.1x 0.1x
Operational metrics
Employees and contractors Number 2 690 2 765 2 765
Total manhours Thousand manhours 4 754 4 308 4 308
Lost time injury rate Per million hours worked 1.47 0.47 0.47
Total recordable injury rate Per million hours worked 2.1 1.41 1.41
1) Ocean Installer included from 1 January on a pro forma basis. The acquisition of Ocean Installer was
completed on 28 June, and P&L figures are included from the third quarter onwards. See note 5 for
more information.
2) Refer to Alternative Performance Measures section for definitions, explanations and reconciliations
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
4
Moreld ASA
|
Annual report 2025
|
Key gures
Key highlights 2025
Backlog
Backlog at year-end stood at
NOK 5.9 billion, dominated by
subsea installation projects
and long-term maintenance
and modification frame
agreements with North Sea
operators.
Financials
Revenue reached NOK 9.8
of 11.2 per cent excluding
special items. Making 2025 a
record year for Moreld.
Uplisting to Oslo
Stock Exchange
Moreld was uplisted to the
main market on Euronext Oslo
Stock Exchange in June 2025,
marking a significant step in
the company’s capital markets
development. The uplisting
followed the successful
refinancing completed in
130 million bond placement,
further reinforcing the group’s
financial position.
Health, Safety and
Environment
Safety is central to everything
increase in injuries and
incidents, underscoring the
importance of continuous
focus. Strengthened safety
efforts toward year-end
contributed to a clear
improvement that continues
into 2026.
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
5
Moreld ASA
|
Annual report 2025
|
Highlights
Letter from the CEO
Dear shareholders
2025 has been one of solid execution and good
progress for Moreld. With more than 3 000
shareholders now invested in our company, the
continued confidence from fellow co-owners
motivates us to keep building a stronger and more
resilient company.
A record year
High activity levels resulted in record revenues of close
momentum and delivered several key achievements.
Angola stands out as an important milestone, a tech
-
nically demanding subsea campaign executed safely,
efficiently and to a high standard. The company also
secured strategic awards tied to the Balder develop
-
ments, reinforcing longstanding partnerships with
operators on the Norwegian Continental Shelf and
strengthening our position in the growing subsea
market.
Behind every project delivered in 2025, whether off
-
shore, onshore, at sea or in the engineering office, stand
our people. Their expertise, judgement and commit
-
like to thank our employees, partners and customers for
their dedication, support and collaboration.
Staying disciplined and patient
The broader market backdrop in 2025 was influenced
by global geopolitical tensions and fluctuating com
-
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
6
Moreld ASA
|
Annual report 2025
|
Letter from the CEO
near-field developments on the Norwegian Continental
Shelf remained healthy. This environment underscores
the importance of financial discipline and patience.
We avoid overextension, we are selective in the
opportunities we pursue, and we maintain an
“Long-range planning does not deal with future deci
-
sions, but with the future of present decisions.” That
line captures our approach: making careful choices
today, so that tomorrow’s outcomes compound in the
right direction.
Throughout 2025, we reinforced the financial platform
that underpins Moreld’s long-term ambitions. Low lev
-
erage, strong liquidity and sustained cash generation,
enabled us to return a total of 225 million NOK to share
-
holders for the financial year 2025. This corresponds to
a quarterly dividend of NOK 0.42 per share. For 2026,
the board is considering increasing the quarterly divi
-
dend to NOK 0.50 per share.
Moreld enters 2026 in a solid financial position. This
resilience allows us to maintain a consistent dividend
to shareholders while retaining the flexibility required
to navigate uncertainty and capture attractive oppor
-
tunities when they arise.
Positioned for the years ahead
Looking ahead, Moreld is well positioned to capture a
significant share of the growing tie-back market on the
Norwegian Continental Shelf, which remains a central
part of operators’ development strategies. At the same
time, our expanding international subsea presence
gives us access to growth opportunities in regions
where demand for deepwater and brownfield solutions
continues to rise.
For the start of 2026 we will have a temporary dip in
activity, largely due to idle periods on our vessels and a
softer spot market. These are short-term effects and do
not reflect the underlying strength we see in our core
subsea markets. As we move through the year, activity
is expected to increase significantly as confirmed pro
-
jects enter execution and our strong tender pipeline
continues to convert. For the full-year period, Moreld
2025 was a year of important developments for Moreld.
Following the uplisting to the Oslo Børs main mar
-
ket, we welcomed many new shareholders, enabling
a broader, more balanced investor base. We are also
inspired to see so many employees among the share
-
holders in Moreld. Through financial discipline, patient
opportunity selection, investment in our people and
an unwavering commitment to reliable delivery, we
remain confident in Moreld’s ability to create long-term,
sustainable value for our customers, employees and
shareholders.
Geir Austigard
Chief executive officer
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
7
Moreld ASA
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Annual report 2025
|
Letter from the CEO
Moreld and subsidiaries
Moreld is a global engineering group providing
comprehensive services across the offshore energy
and marine industries. The group operates through
three main segments: Ocean Installer, Moreld Apply,
and Global Maritime. These segments offer a variety
of engineering services covering the full life cycle
of industrial assets, from early-phase studies to
installation, maintenance, and decommissioning.
Ocean Installer specialises in subsea construction and
inspection services, with key operations on the NCS, West
-
ern Europe, Mediterranean, and West Africa. The com-
pany plays a pivotal role in supporting operators as they
develop existing fields and tie in new resources, contribut
-
ing to the ongoing growth of the subsea sector.
Moreld Apply focuses primarily on offshore and onshore
projects, delivering services from concept develop
-
ment through to project completion. The company has
a strong presence on the Norwegian Continental Shelf
(NCS), where its largest activity lies in maintenance and
modification of existing assets, ensuring operational effi
-
ciency and safety across a variety of offshore installations.
Global Maritime provides a wide array of engineering
solutions within the marine and offshore sectors, par
-
ticularly in renewables and oil & gas. The company is par-
ticularly active in marine operations, marine warranty
services, and geosciences, offering expertise to ensure
the safe, efficient, and sustainable development of pro
-
jects across the North Sea and Mediterranean regions.
The group has over 2 700 employees and contractors
worldwide, supporting clients across major offshore
energy markets.
NOK
9.8
billion
Revenue
(FY 2025)
MORELD LEGAL STRUCTURE
NOK
1 .1
billion
Adjusted EBITDA
excluding IFRS 16
1)
(FY 2025)
~
2 000
employees
~700
external
consultans
32
offices
3%
37028
GLOBAL MARITIME
Marine, offshore and engineering
consultancy
Share of
EBITDA 2025
EBITDA2025
(NOKmillion)
Number of
employees 2025
23%
1 350255
MORELD APPLY
Maintenance & modification
Share of
EBITDA 2025
EBITDA2025
(NOKmillion)
Number of
employees 2025
74%
300835
OCEAN INSTALLER
Subsea installation
Share of
EBITDA 2025
EBITDA2025
(NOKmillion)
Number of
employees 2025
Moreld ASA
Aurora Group Ltd
Global Maritime Group AS Moreld Apply AS Ocean Installer AS Moreld Aqua AS
Moreld Group AS
100%
100%
100% 100%100%100%
1) Excluding one-off transaction costs.
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
8
Moreld ASA
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Annual report 2025
|
Business overview
Global presence – local expertise
Moreld’s primary operations are centred
around the North Sea, with our
headquarters in Forus, near Stavanger,
and key office locations in Norway
and the U.K. In addition, the group
has a strong global presence, with
offices in 17 countries. Ocean Installer,
for example, has successfully executed
subsea installation projects across
Australia, West and Central Africa, Brazil, and
the Mediterranean in recent years.
Moreld’s global marine warranty and marine
services business lines, which require a local
presence, personnel, and resources to effec
-
tively deliver projects.
-
erated from projects and contracts in Norway,
with our second-largest market being West
Africa, accounting for 17 per cent. Revenue dis
-
tribution varies year on year, depending on the
subsea installation backlog and overall project
portfolio. Moreld’s, strategic focus remains clear,
strengthening its position as a leading global
player in the energy markets.
74%
17%
6%
3%
GEOGRAPHICALSPLIT
Revenue split 2025
■ Norway
■ Africa
■
Europe excl. Norway
■ Other
MORELD HQ
Stavanger, Norway
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
9
Moreld ASA
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Annual report 2025
|
Business overview
Strategy and objectives
Moreld’s corporate strategy provides a holistic framework and direction for the development of the group.
Moreld reviews its corporate strategy annually, considering performance trends, internal challenges, and
external market factors to define key focus areas and objectives. The focus areas serve to guide the individual
strategies of each subsidiary.
VISION
We will be the preferred partner for our
customers in the transition towards a
sustainable future.
Strategic objectives:
Build revenue visibility by securing projects and
long-term contracts, expanding our market share
within subsea and maintenance and modification
(M&M), while maintaining strong HSE performance
business model, ensuring financial resilience and
flexibility
Strengthen our presence in international offshore
markets, leveraging strong oil & gas market trends
while continuing our diversification into renewables
and other industries
Enhance commercial and operational synergies
across the group, optimising resources and
delivering differentiated solutions to the market
VALUES
Moreld is guided by its core values of
customer focus, industrial excellence,
profitability, and sustainability.
Long term opportunities
While the group continues to experience high activity
in offshore oil and gas services in the near term, an
expectation that is set to persist for the foreseeable
future, our long-term growth prospects remain strong.
As government policies evolve with a growing focus on
decarbonisation, the group is well-positioned to benefit
from these changes. The group’s engineering services
are highly transferable to related industries, enabling
us to capitalise on emerging opportunities in offshore
wind, CCS, onshore industries, and aquaculture.
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
10
Moreld ASA
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Annual report 2025
|
Business overview
Executive management
The group’s executive management consist of the following five persons:
Geir Austigard
Chief executive officer
chief executive officer of Moreld since
2020. He has more than thirty years
of industry experience, of which 20
years from Øglænd, a multinational
industrial group where he held various
management positions before taking
over as CEO in 2008. Prior to Øglænd,
Mr. Austigard worked as a petroleum
engineer for Shell from 1992 to 1999.
He holds a MSc in Petroleum Engi-
neering from the University of Sta-
vanger in Norway. Mr. Austigard is a
resident and citizen of Norway.
Trond Rosnes
Chief financial officer
Trond Rosnes is chief financial officer
(CFO) of the company. He became the
CFO of Moreld group in 2023, transi-
tioning from his previous role as CFO
at Moreld Apply. Mr. Rosnes has over
20 years of combined audit/consul-
where he has held various CFO posi-
tions. Prior to joining Moreld Apply,
he served as CFO at Aarbakke. Previ-
positions within former Moreld Apply
group entities. Mr. Rosnes started his
holds a BSc in Audit & Accounting
from the University of Stavanger and
an MBA from Herriot-Watt Univer-
sity. Mr. Rosnes is a Norwegian citizen
residing in Norway.
Karsten Andre Gudmundset
CEO of Moreld Apply
-
menced his tenure as chief executive
officer of Moreld Apply in Septem-
ber 2016. Prior to assuming the role as
-
set served as a member of the group
-
years. He has a wealth of experience
from a range of management roles at
Kvaerner and Aker Kvaerner compa-
nies, both in Norway and internation-
from the Norwegian University of Sci-
ence and Technology (NTNU) and relo-
cated from Trondheim to the region
of Stavanger nearly 30 years ago to
embark on his career as an engineer
-
set is a Norwegian citizen residing in
Norway.
Kevin Murphy
CEO of Ocean Installer
Kevin Murphy is the CEO of Ocean
various positions prior to assuming
his role as chief executive officer in
2022. Mr. Murphy has almost 20 years
of experience in the industry, and prior
-
ious positions at Subsea 7 (previously
known as Acergy) from 2006 to 2011.
He holds a Master of Accounting and
a Bachelor of Commerce from Curtin
University of Technology. Mr. Murphy
des in Norway.
Jonathan William Logan
CEO of Global Maritime
Jonathan William Logan is CEO of
-
tered Engineer and member of the
Society of Offshore MWS and holds
a Masters in Naval Architecture. Mr.
since 2012. Mr. Logan has more than
20 years of experience in the maritime
and offshore industry. Prior to joining
the executive team, Mr. Logan was
-
tions in Scotland, having developed a
particular focus on projects within the
offshore wind sector during this time.
Mr. Logan was project manager for
and marine warranty scopes of work,
including the construction of the first
phase of the Kincardine floating wind-
farm, and the deployment of the STP
buoy at the Aje field, offshore Nigeria.
Mr. Logan is a citizen and resident of
the UK.
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
11
Moreld ASA
|
Annual report 2025
|
Executive management
Board of directors
The group’s board of directors consist of the following five persons:
Julian McIntyre
Chair of the board
serial entrepreneur and investor with
unique experience in starting, build-
ing, and financing businesses in the
started and invested in numerous
businesses, raised billions of dollars of
investment capital, and shared in the
value creation with experienced oper-
is recognised as a leading player in the
mid-market buy-out and leveraged
finance sector. He holds a 1st class
honours BSc in Computer Science &
Business Studies from Queen Mary
& Westfield, University of London. Mr.
in Spain.
Ole Slorer
Director
Ole Slorer is an independent investor
and advisor. He was previously a man-
Stanley. He has close to 30 years of
energy, shipping and equity research
experience. Mr. Slorer has a BSc in Naval
Architecture & Shipping from the Uni-
versity of Newcastle upon Tyne and
a MSc in shipping, trade and Finance
from City University Business School. Mr.
Slorer is a Norwegian citizen residing in
the United States.
Mark Dickinson
Director
-
to this, he held the position of chief
operating officer at specialist private
equity firm Bluewater, served on the
Partners and was a partner at FTSE 100
company 3i plc. Having more than 25
years of private equity experience, Mr.
of deals such as buyouts, growth capi-
-
carve outs, and private transactions
across Europe, the United States, Latin
America, the Middle East, and Asia. He
has also served as a director on over 20
from the University of Hull and is an
ACA. He is a citizen and resident of the
UK.
Grethe Moen
Director
executive and board professional with
over 40 years in the international energy
sector. Ms. Moen has deep expertise
in governance, strategic development,
business growth, and organisational
leadership, with expertise from both
executive and non-executive board
roles. Ms. Moen has held executive posi-
tions including CEO, senior vice presi-
dent, and vice president in major energy
companies such as Petoro, Shell, and
Statoil. She has over 20 years of leader-
ship and operational experience in the
Statoil system. Her experience spans
areas such as commercial negotiations,
digital transformation, technology qual-
ification, and sustainable development,
Norwegian citizen residing in Norway.
Sian Lloyd Reese
Director
Sian Lloyd Rees is a senior executive
and advisor with over 30 years of inter-
national experience within renewables,
-
tors. She brings deep expertise in cor-
porate governance, with substantial
involvement in risk, audit, finance, and
property committees. Ms. Rees has held
operational and leadership roles at Aker
Horizons, Aker Solutions, Oracle Corpo-
ration, Petrocosm, Halliburton Corpo-
ration and Stena Offshore. Throughout
her operational years, she has devel-
oped a proven record of delivering
growth, improving company perfor-
mance, and leading strategic transitions
in both public and private sector con-
texts. Lloyd Rees is a UK citizen residing
in the UK.
Contents
About Moreld
This is Moreld
Key figures 2025
Highlights 2025
Letter from the CEO
Busines overview
Moreld and subsidiaries
Geographical presence
Strategy and objectives
Executive management
Board of directors
Corporate governance report
Board of directors’ report
Sustainability statement
Financial statements
Contact information
12
Moreld ASA
|
Annual report 2025
|
Executive management
Corporate governance in Moreld
Moreld ASA is subject to section 2-9 of the
Norwegian Accounting Act and the Issuers Rules of
Euronext Oslo Børs, covered by the Oslo Rulebook
II chapter 4.4, requiring the company to provide
an annual statement on corporate governance
covering all chapters of the Norwegian Code of
Practice for Corporate Governance (the Code).
Moreld has fully aligned its governance with the Code.
Any deviations are explained in accordance with the
“comply or explain” principle, but Moreld’s framework
meets all NUES recommendations, supported by
strong internal controls and commitment to ethical
business. The Code is available at www.nues.no.
1. Implementation and reporting on corporate
governance
Compliance with code and regulations
Moreld was listed on Euronext Oslo Børs in June 2025,
becoming subject to Norwegian Accounting Act §2-9
and the Code. The company has integrated the Code
into its governing documents and practices, resolv
-
ing prior deviations during preparations for the listing.
By end of 2025, Moreld complied with all material code
recommendations.
Annual review and board approval
Corporate governance is reviewed annually by the
board of directors. The corporate governance report
for 2025 was adopted by the board of directors on
22 April 2026.
Deviations from the code
Moreld complies with all 15 sections of the Code.
Moreld seeks to comply with international best
practice standards when preparing governance
documents. The group sees a close correlation
between high quality governance systems and
value creation.
2. Business
Company objectives and strategy
Moreld ASA’s business is to serve as a multi-disciplinary
engineering group delivering full-scope services across
the offshore energy, marine, and industrial sectors. The
company’s Articles of Association define its purpose as
providing engineering, technology and services within
these sectors, and to own or invest in companies
engaged in related activities. Moreld’s overall objec
-
tive is sustainable value creation for its stakeholders
through profitable, growth-oriented industrial devel
-
opment over the long term. This entails leveraging the
group’s technical expertise and market positions to
deliver competitive, innovative solutions for customers,
while operating in an ethical, safe, and environmentally
responsible manner.
Strategy and risk profile
Moreld’s board and executive management have
established clear strategic goals and regularly assess
the company’s risk profile. Each year, the board reviews
Board reporting
procedures
Financial
reporting
Accounting
Financing
Capital allocation
Financial
modelling
Corporate
strategy
Business
development
support
M&A
Frameworks &
tools
Business
intelligence
Management
presentations
Support bid
processes
projects
Ad hoc support
tor relations
and reporting
Strategic
marketing &
communications
Governance Finance &
treasury
Strategy & business
development
Management
support
Communications
& ESG
MORELD CORPORATE RESPONSIBILITIES
Contents
13
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
Moreld’s strategy, objectives, and risk appetite in light
of market developments and stakeholder expectations.
The board monitors the implementation of strategy
through periodic reports and updates at board meet
-
ings, ensuring that the company’s activities align with
its stated objectives. Significant changes in strategy or
new initiatives are subject to board approval.
3. Equity and dividends
Capital structure
sound in relation to the company’s objectives, strat
-
egy, and risk profile. The board continuously evalu-
ates the company’s capital structure to ensure that
it is appropriate. Moreld completed a conversion to a
public limited company in 2025, which involved adapt
-
ing the capital and share structure to meet Oslo tock
Exchange listing requirements. The company’s share
capital consists of a single class of ordinary shares, all
carrying equal rights. At year-end 2025, Moreld’s equity
ratio and liquidity position were strong, providing a
stable financial foundation for the future. Should the
board find it necessary to adjust the capital structure
such proposals will be presented to shareholders for
approval at a general meeting, unless authorisation
has been granted in advance.
Dividend policy
Moreld’s dividend policy is designed to provide share
-
holders with a competitive and predictable return
while ensuring that the group retains sufficient capital
to support growth, strategic investments, and a sound
financial position. The board has established a policy
under which Moreld aims to pay out 40–60 per cent of
adjusted net income over time, subject to the compa
-
ny’s financial performance, investment needs, capital
Contents
14
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
adequacy, and overall market conditions. The ambition
is to deliver a stable or gradually increasing dividend
over time, rather than maximising short-term distribu
-
future financial obligations and outlook, and the board
may also consider extraordinary dividends or share
buy-backs if the company has surplus capital or spe
-
cific circumstances justify additional distributions.
Authorisations
Any board authorisations to increase share capital or
buy back shares are subject to approval by the general
meeting and are limited in time and scope.
4. Equal treatment of shareholders and
transactions with related parties
One class of shares
Moreld has a single share class, with each share grant
-
ing equal voting and dividend rights. The company’s
Articles ensure no discrimination among sharehold
-
ers or restriction of voting. The board prioritises equal
shareholder treatment and will uphold pre-emptive
rights if new shares are issued unless a justified and
shareholder-approved exception is made.
Transactions in own shares
Moreld conducts share buybacks via market transac
-
tions or methods that ensure fair treatment for all sell-
ers. The board does not grant preferential terms to any
shareholders.
Related party transactions
The board is mindful of the need to handle any trans
-
actions between the company and its related parties in
a transparent and fair manner. Related parties include
major shareholders, directors, executive personnel, or
transactions between Moreld and any related parties
-
tial related party transaction should arise, the board
will ensure that an independent valuation is obtained
and that the transaction is handled in accordance with
Section 3 of the Norwegian Public Limited Companies
Act and the Oslo Stock Exchange’s guidelines. Such
transactions would be presented to the board, and to
the general meeting if certain value thresholds are met,
line with the Code, any deviation from equal treatment
no deviations occurred.
-
sultancy agreements with each of MWB (UK) Man-
agement Ltd (wholly owned by the chair of the board,
-
company with strategic advice, including on matters
related to general corporate finance, M&A and financ
-
25 000 for such services, paid in arrears, in addition to
any remuneration received in their capacity as direc
-
-
ject to extensions by Moreld. Moreld has also the right
-
than 50 per cent of their Shares in the company.
5. Freely negotiable shares
All Moreld shares are freely negotiable. The company’s
shares are listed on Euronext Oslo Børs under the ticker
Articles of Association do not impose any form of trad
-
ing restriction or require board consent for share trans-
-
ment and cornerstone investors, agreed to customary
lock-up periods for their shares; however, these lock-up
arrangements expired during 2025 and were not con
-
ditions imposed by the company’s Articles, but rather
contractual agreements to facilitate a stable introduc
-
tion to the market. There are also lock-up mechanisms
in place for shares acquired under the Management
-
tial Public Offering. These lock-ups expire in the third
quarter of 2026 and the third quarter of 2027, and as of
cent of the outstanding shares in Moreld.
Moreld encourages an active and open market for its
shares. The company has a diverse ownership base and
welcomes all interested investors. Liquidity in the stock
improved after the uplisting, and Moreld continues
to provide the market with timely, relevant informa
-
tion to support the trading and fair pricing of its shares.
Shares acquired by employees through incentive pro
-
grams carry the same rights as other shares and are
not subject to any trading restriction beyond man
-
datory holding periods if applicable to specific share-
based incentive schemes. Overall, Moreld’s shares are
fully negotiable and there are no provisions that limit
the transferability of shares.
6. General meetings
The general meeting of shareholders is the highest
decision-making body of Moreld ASA. Through the
Contents
15
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
their rights to approve important matters and super-
vise the company’s governance.
Moreld ensures that the notice of general meeting is
sent to shareholders no later than 21 days prior to the
meeting date, which is in line with the code’s recom
-
mendation and statutory requirements. The notice
and comprehensive supporting documents are made
available on the company’s website and through stock
exchange announcements. All shareholders registered
in Moreld’s share register five business days prior to the
-
meeting only. The company encourages shareholders
-
ers cannot attend, they are able to vote in advance or
appoint a proxy. The general meeting will be chaired by
a person appointed by the shareholders present at the
annual general meeting.
-
holders have the right to propose resolutions and sug-
gest items for inclusion. Shareholders representing at
least 5 per cent of the shares can call for an extraordinary
general meeting to discuss specific matters, or they can
request items to be added to the agenda of an upcoming
meeting. Any such requests must be made in writing to
the board within the deadlines prescribed by law.
Attendance by the board and the chair of the
nomination committee
Moreld’s practice is that all directors, the CEO and CFO,
and the nomination committee chair (if not a director)
should attend the general meeting as long as this is
practically possible.
Contents
16
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
7. Nomination committee
Establishment and composition
committee. The nomination committee is composed of
three members who are elected by the general meet
-
ing. The members are independent of the company’s
executive management. The members are Neil Hartley
None of the nomination committee members are cur
-
rent Moreld executives or directors, ensuring their inde-
pendence from the company’s governing bodies in line
with the code’s recommendations. The term of office
for the committee members is two years, unless other
-
wise decided by the general meeting. Their remuner-
ation is determined by the general meeting based on
-
ing the workload and responsibility of the role.
Mandate and responsibilities
The nomination committee operates under a charter
-
bility is to identify, evaluate, and recommend candidates
for election to the board of directors and to propose
remuneration for the board and its sub-committees. The
committee’s recommendations are presented to share
-
holders and the nomination committee in the notice of
-
mittee consults with major shareholders, the board chair,
the CEO, and other relevant parties to understand the
company facilitates and informs shareholders on how
they may propose candidates for the board of directors.
Shareholders may submit proposals to the nomination
committee. The notice of the general meeting will also
describe any relevant deadlines for submitting proposals
to the nomination committee ahead of the committee’s
final recommendation.
8. Board of directors: Composition and
independence
Board composition
The board of directors of Moreld ASA is composed of
five members, all elected by the shareholders. The
directors collectively bring a broad range of expertise
in offshore energy, finance, technology, and corporate
leadership. Among the five directors are three men and
two women, which fulfills the Norwegian gender rep
-
resentation requirements for public companies and
aligns with Moreld’s commitment to diversity. The direc
-
tors come from diverse national backgrounds, and their
experiences span both domestic and international mar
-
kets. The company believes that this diversity in gender,
geography, and professional background enriches board
discussions and decision-making.
qualifications and other board positions, are provided
on page 12 of this annual report.
All five directors were elected at the annual gen
-
eral meeting in May 2025. The chair of the board
-
tors were elected for two-year terms, meaning the
current board’s term runs until the annual general
Moreld encourages its directors to hold shares in the
company.
Corporate assembly and employee representation
Moreld does not have a corporate assembly, and no
directors have been elected specifically as employee
representatives on the board.
Independence
A majority of Moreld’s directors are independent of
the company’s executive management and its signifi
-
cant business contacts. Among the five directors, three
are considered fully independent from Moreld’s larg
-
est owners and from the company’s day-to-day oper-
shareholder holding approximately 29.79 per cent of
not considered to be independent. Furthermore, the
-
inson, deliver consultancy services to the company pur-
suant to the consultancy agreements, as described in
independent of the company and its significant busi
-
ness contacts.
The board has adopted guidelines to handle potential
any interest they may have in matters to be considered
by the board, and if a conflict exists, the director will
refrain from participating in the discussion or decision.
recuse themselves due to a significant conflict of inter
-
est. As described under Section 4 (Related Party Trans-
actions) and Section 11 (Remuneration of the Board of
agreements with MWB (UK) Management Ltd (wholly
Contents
17
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
-
under which strategic advisory services are provided to
Moreld for a monthly fee in addition to ordinary board
remuneration. These arrangements have been pre
-
sented to and approved by the board, and the related
remuneration is disclosed in the annual report.
Election and term of directors
year terms. All current directors’ terms expire at the
annual general meeting in 2027, at which point they
are eligible for re-election. The nomination committee
will make recommendations for any re-election or new
candidates based on performance and the desired
competency profile. Shareholders can also nominate
alternative candidates ahead of elections.
9. The work of the board of directors
Board responsibilities and role
The board of directors bears the overall responsibility
for the management of Moreld and for supervising the
company’s business conduct. The board’s duties are
defined by Norwegian law, the company’s Articles of
for the board”). Key responsibilities include setting
the company’s strategy, ensuring appropriate organi
-
sation of the business, overseeing financial reporting
and internal controls, monitoring management’s per
-
formance, and safeguarding the interests of all share-
board of Moreld balances the goal of long-term value
creation for shareholders with the considerations of
other stakeholders such as employees, customers,
creditors, and the communities in which Moreld oper
-
ates. The board is also responsible for hiring (and if nec-
essary, dismissing) the CEO, and defining the CEO’s
scope of authority and duties.
Board instructions
board’s work and delineate the division of responsibil
-
ities between the board and the executive manage-
ment. These instructions were updated and approved
by the board in early 2025 in preparation for the uplis
-
ting, ensuring they reflected current best practices
and the NUES recommendations. The board instruc
-
tions cover topics such as the scheduling and calling of
board meetings, preparation and distribution of meet
-
ing materials, the conduct of meetings, minutes and
records, confidentiality obligations, how the board and
executive management are to handle transactions
with related parties, and procedures for handling mat
-
ters where a director or the CEO has a conflict of inter-
est (disqualification). They also outline which matters
are reserved for board decision and which can be dele
-
gated to management.
-
pendently of special interests, and that all directors
have equal responsibility for board decisions. The
if revisions are needed.
Chair of the board
The chair of the board, elected by the shareholders, has
a particular responsibility for leading the board’s work.
The chair ensures that the board functions effectively
and carry out its duties. This includes setting board
agendas (in consultation with the CEO and the other
directors), ensuring that board meetings are properly
convened, and that directors receive adequate infor
-
mation in advance. The chair also oversees the board’s
evaluation process and acts as the main point of con
-
tact between the board and the CEO outside of formal
meetings.
Annual plan and meeting frequency
The board operates on the basis of an annual work plan.
At the start of each year, the board approves a calen
-
dar of meetings and key agenda items to be addressed
throughout the year. The board has one regular board
meeting each quarter, and extra meetings are noticed as
needed. A total of 29 board meetings were held during
2025. The attendance at board meetings was 98 per cent.
Information flow and communication
financial and operational status. The CEO provides a
regular updates to the board highlighting key finan
-
cial figures, recent important events, HSE metrics, and
other significant developments. Each quarter, a quar
-
terly financial report is prepared, which is the basis for
external financial reporting. This report is reviewed by
-
sented to and approved by the board. The report is
made publicly available after board approval.
Committees of the board
To increase the efficiency of its work and allow deeper
focus on certain areas, the board of Moreld has estab
-
lished two sub-committees: (1) the audit & risk com-
mittee, and (2) the remuneration committee. These
committees are composed of directors and have char
-
ters approved by the board. They prepare issues for full
board consideration and make recommendations, but
the full board retains collective responsibility for deci
-
sions.
Contents
18
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
Audit & risk committee (ARC)
The audit & risk committee assists the board in oversee
-
ing financial reporting, sustainability reporting, inter-
these members have strong financial and accounting
expertise as well as knowledge of Moreld’s industry, ful
-
filling the requirements that at least one member is a
financial expert. The ARC met four times in 2025. The
committee’s duties include reviewing drafts of quar
-
terly and annual financial statements and the external
auditor’s report, monitoring the effectiveness of inter
-
nal control over financial reporting and overseeing the
company’s risk management systems, including non-fi
-
nancial risks. The ARC also reviews the independence
and performance of the external auditor. The ARC pro
-
vides meeting minutes or reports to the full board, high-
lighting any issues that need board action. The audit &
risk committee’s work is in line with Sections 6-12 and
6-13 of the Public Limited Companies Act.
Remuneration committee (RC)
The remuneration committee is responsible for advis
-
ing the board on executive remuneration and leader-
ship development. This committee was established
ahead of the uplisting in June 2025. The remuneration
-
mittee met one time in 2025, focusing on developing
the group’s employee share program which was estab
-
lished in the second half of 2025. Key responsibilities
of the RC include recommending the CEO’s salary and
incentive outcomes for board approval, reviewing and
suggesting the structure of compensation packages for
the executive management team, ensuring that remu
-
Contents
19
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
neration practices support the company’s strategy and
are aligned with shareholder interests, and overseeing
policies on management development and succession
planning.
Board self-evaluation
The board conducts an annual self-assessment of its
performance, working methods, and composition.
Each director provided feedback on various aspects
such as the effectiveness of meetings, the quality of
information provided by management, the board’s
understanding of the company’s strategic issues, and
the dynamics of board discussions. The results of
the evaluation are discussed in a dedicated session.
The conclusions of the board’s self-assessment are
summarised and communicated to the nomination
committee to inform the nomination committee of
considerations on board composition and any training
needs.
Conflict of interest management
The board instructions and Norwegian law provide
rules on disqualification. No director or the CEO may
participate in the discussion or decision of matters
in which they have a significant personal or financial
interest that could conflict with the interests of Moreld.
director recusal. The board places strong emphasis on
loyalty and ethics – each member signs the company’s
Code of Ethics which addresses conflict of interest situ
-
ations as well.
10. Risk management and internal control
Board’s responsibility for internal control
The board of Moreld has ultimate responsibility for
ensuring that the company has sound internal controls
and risk management systems appropriate for its busi
-
ness. The board’s objective is to manage risk in a way
that enables Moreld to achieve its strategic and opera
-
tional goals while safeguarding the interests of share-
holders, employees, and other stakeholders. The board,
aided by the audit & risk committee, continuously
monitors the effectiveness of internal controls and risk
management.
Framework and environment
Moreld’s internal controls framework follow established
models and operate through a decentralised struc
-
ture with subsidiaries and business units. Management
applies controls at all levels and assigns responsibilities
clearly. Each unit manages its own risks and internal
controls, overseen by the group’s executive team and
guided by corporate policies.
The company runs an enterprise risk management sys
-
tem to identify, assess, and address strategic, opera-
tional, financial, compliance, and external risks. Annual
and quarterly risk assessments are shared with the
Audit and risk committee and the board, who review
top risks and mitigation progress each quarter.
Ethical conduct is central to Moreld’s risk culture. The
Code of Conduct, covering legal and ethical matters
like anti-corruption and fair competition, applies to
everyone and requires regular acknowledgment and
training. New hires complete compliance onboarding,
and refresher sessions occur periodically.
Moreld supports open reporting of concerns via an
independent whistleblowing channel for confidential
and anonymous submissions.
Anti-corruption is strictly enforced: the company main
-
tains a zero-tolerance policy, provides annual training,
-
tation payments, third-party intermediaries, and proce-
dures for suspected corruption.
11. Remuneration of the board of directors
Board fees
The remuneration of Moreld’s directors is intended to
reflect their responsibilities, time commitment, and the
complexity of the company’s business, while remaining
at a reasonable and competitive level. Board fees are
proposed by the nomination committee and approved
by the shareholders at the annual general meeting
-
tion of each director is provided in note 9 in the consol-
idated financial statement.
-
mance-based rewards for their service on the board,
and the board remuneration is not linked to results. No
director has any share-based remuneration arrange
-
ments or bonus agreements with the company.
-
advice, including on matters related to general corpo
-
rate finance, M&A and financing. For these services, they
-
ing companies, in addition to any remuneration received
in their capacity as directors. The agreements have
a term of two years, subject to extensions by Moreld.
Moreld has also the right to reduce the annual remuner
-
ation to each of them to nil if either of them sells more
than 50 per cent of their shares in the company.
Contents
20
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
Additional remuneration
-
advice, including on matters related to general corpo
-
rate finance, M&A and financing. For these services, they
-
ing companies, in addition to any remuneration received
in their capacity as directors. The agreements have
a term of two years, subject to extensions by Moreld.
Moreld has also the right to reduce the annual remuner
-
ation to each of them to nil if either of them sells more
than 50 per cent of their shares in the company.
task outside the scope of typical directorial duties, this
would be subject to board approval and disclosed to
shareholders.
12. Remuneration of executive management
Guidelines for executive remuneration
The board of Moreld has established guidelines for the
remuneration of the executive management team.
These guidelines are designed to attract and retain
skilled leaders, motivate high performance, and align
management’s interests with the long-term interests
of the company and its shareholders – all while promot
-
ing moderation in total compensation and adherence
-
gian Public Limited Companies Act, a formal execu-
tive remuneration policy was prepared and presented
to the annual general meeting in 2025 for an advi
-
sory vote. This policy is also aligned with the EU Share-
law, which requires a say-on-pay for listed companies
at least every four years. Moreld’s remuneration policy
The board’s philosophy is that executive remuneration
should reward both company and individual perfor
-
mance without encouraging excessive risk-taking. The
key components of Moreld’s executive remuneration in
2025 include base salary, performance bonuses, long-
term incentives and pension and insurance arrange
-
ments. For detailed information about the various
components of the executive remuneration, please
refer to the remuneration report.
Management share ownership
While not required, Moreld’s board views positively the
ownership of shares in the company by management
as it aligns their interests with those of external share
-
member of executive management are disclosed in
the annual report. The board has instituted an insider
trading policy that restricts when executives and direc
-
tors can trade in the company’s shares, in compliance
with the Norwegian Securities Trading Act. This pol
-
icy includes defined trading windows and require-
ments for pre-clearance to prevent any inside trading
or appearance thereof.
13. Information and communications
Reporting and disclosure policy
Moreld places great importance on maintaining
open, transparent, and timely communication with
its shareholders, investors, and the financial markets.
The company’s investor relations policy, available on
www.moreld.com/investor/investor-relations-policy,
is based on the principles of equal treatment of mar
-
ket participants and the provisions of the Oslo Stock
Trading Act concerning disclosure of inside informa
-
tion. All material information is communicated to the
market through stock exchange notices on Oslo Stock
Exchange via their Newsweb-service. The aim is to
ensure that all stakeholders have equitable access to
information that could influence the valuation of the
company’s shares.
Annual report and directors’ report
Moreld’s annual report is a key channel for information.
The reports are made available in English to cater to
our diverse investor base. Moreld publishes its financial
reports on a quarterly basis. For each quarterly finan
-
cial release, Moreld’s management hold presentations
that are accessible to all interested parties via web
-
cast (with recordings available online), accompanied by
slide decks and a Q&A session.
Silent periods
Moreld undergoes defined silent periods prior to the
publication of financial results, typically starting 30
these periods, the company restricts communication
with investors and analysts to prevent any risk of une
-
qual information.
Dialogue with shareholders and analysts
The company values an active dialogue with share
-
holders, investors, and financial analysts. Management
engages in regular meetings with investors and at
industry conferences to discuss the company’s strat
-
adheres to the principle that no price-sensitive infor
-
mation is distributed selectively. The board is periodi-
cally informed about the investor and market feedback
that management receives, and significant concerns
or suggestions from shareholders are relayed to the
board for consideration.
Contents
21
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
Moreld has implemented internal rules to prevent the
misuse of inside information. The company’s internal
guidelines on information handling ensure that sensi
-
tive information is managed properly and disclosed in
line with the law. Moreld complies with the EU Market
Abuse Regulation as implemented in Norwegian law.
The company takes care to give all shareholders equal
access to information.
14. Take-overs
Moreld ASA acknowledges the principle that in the
event of a take-over bid for the company, the board
and management must act in the best interests of all
shareholders and ensure equal treatment. The compa
-
ny’s shares are freely transferable, and each share car-
ries equal rights, so a take-over of the company would
essentially involve an offer to acquire a controlling
stake or all shares on equal terms.
Board’s responsibility in a take-over situation
The board has adopted guidelines for how it will respond
in the event of a take-over bid, in line with the NUES
Management each have an independent responsibil
-
ity to ensure that shareholders are treated equally and
-
rupted. The board must provide shareholders with suffi-
cient information and adequate time to assess the offer.
Furthermore, the board should not take any actions that
could hinder or obstruct a legitimate takeover bid.
The board will evaluate the bid and make a formal
statement to shareholders with its recommendation
to either accept or reject the offer. This statement will
include the board’s reasoning and an assessment of
how the bid would affect the company’s stakehold
-
preparing its statement, the board will typically engage
an independent financial advisor to provide a fairness
opinion on the financial terms of the offer.
The board will ensure that all shareholders are given
equivalent information and opportunity to assess the
a subset of shareholders, the board will insist that the
offer be extended to all shareholders.
The company will abide by statutory requirements that
an acquirer of shares crossing the 1/3 ownership thresh
-
old must launch a mandatory offer for the remaining
shares. Moreld’s board will ensure compliance with
these rules and that shareholders are treated equally in
such an event.
15. Auditor
External auditor
general meeting in 2025. The relationship with the
auditor is governed by Norwegian law and an engage
-
ment agreement with the firm, which is approved by
the board’s audit & risk committee. The auditor’s pri
-
mary responsibility is to audit Moreld’s annual financial
statements and sustainability report, and express an
opinion on whether they are prepared in accordance
with law and accounting standards.
Auditor’s Interactions with the board
The audit & risk committee is the main liaison
between the auditor and the board, and reviews and
discusses the audit plan with the auditor and follows
up on any significant changes to the plan during the
year.. The external auditor meets with the full board
as part of the approval of the annual accounts. The
board meets the auditor at least once a year without
the presence of executive management, giving the
auditor an opportunity to candidly discuss any issues
regarding management’s cooperation and the finan
-
cial processes.
Auditor’s Independence and Remuneration
The board places great emphasis on the independ
-
-
vides a written confirmation to the board that it meets
the requirements of independence and objectivity vis-
à-vis Moreld, disclosing any other services provided to
the company and any relationships that could bear on
its independence. The board, through the audit & risk
committee, has adopted a policy regarding the use of
the auditor for non-audit services. This policy follows
the strict regulations of the Auditors Act and applicable
EU rules, which prohibit the auditor from performing
certain services for audit clients. Permissible non-au
-
dit services require pre-approval by the audit & risk
committee if they exceed specified fee thresholds. The
auditor’s remuneration for both audit and non-audit
services is disclosed in the annual report’s note to the
financial statements.
Contents
22
Moreld ASA
|
Annual report 2025
|
Corporate governance
About Moreld
Corporate governance
Report on corporate governance
Implementation and reporting on
corporate governance
Business
Equity and dividends
Equal treatment of shareholders and
transactions with related parties
General meetings
Freely negotiable shares
Nomination committee
Board of directors: Composition and
independence
The work of the board of directors
Risk management and internal control
Remuneration of the board of directors
Remuneration of executive
management
Information and communications
Take-overs
Auditor
Board of directors’ report
Financial statements
Contact information
Board of directors’ report
Delivering on the promise
Principal activities
Moreld ASA is a multi-disciplinary engineering and ser-
vices group providing comprehensive solutions across
offshore energy, marine, and onshore industries. With
over 40 years of heritage on the Norwegian Continen
-
tal Shelf (NCS), the company is a key player in the energy
service sector. Moreld’s core services include subsea con
-
struction & installation, asset maintenance and modifica-
tion of offshore and onshore facilities, as well as marine
operations and consultancy services, serving both the
oil & gas sector and an expanding array of onshore and
renewable projects. The group’s asset-light business
model relies on the expertise of its people as its most
important asset, subcontracting fabrication and related
work to qualified partners under long-term relationships.
Headquartered in Stavanger, Norway and with a pres
-
ence in 17 countries, Moreld combines global reach with
deep industry knowledge to provide innovative, high-
value solutions to clients worldwide. As of year-end 2025,
the group employs approximately 2 700 professionals,
organised into three main operating segments:
Ocean Installer - subsea marine construction and
installation
Moreld Apply - offshore and onshore maintenance &
modification services
Global Maritime - marine and offshore engineering,
marine operations, and marine warranty services
Moreld ASA is listed on the Euronext Oslo Børs under the
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
23
Moreld ASA
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Annual report 2025
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Board of directors’ report
Business review
2025 was a landmark year of growth and strategic
progress for Moreld, marking the first full year of oper
-
ations in the group’s current form after the major
acquisitions and reorganisation in 2024. Building on
this new platform, Moreld delivered robust opera
-
tional performance in 2025. Activity levels were high
throughout the year, underpinned by strong demand
half of 2025, the group saw near full utilisation of its
assets and personnel, propelled by major project
milestones reached across all segments. Notably,
subsea projects, including the flagship Johan Cast
-
berg development for Equinor in the Barents Sea. This
achievement – after seven years of work on Castberg –
highlighted Moreld’s ability to execute complex, long-
term offshore projects with precision, and reinforced
our reputation for operational excellence.
Our two key enabling offshore construction vessels,
-
mental in delivering the subsea campaigns. Through
2025, Moreld has exercised options that prolong the
charters periods for both vessels. These strategic
charters secure critical marine construction capacity
for Moreld, enabling the execution of larger and more
complex projects globally well into the coming years.
Activity remained particularly strong on the Norwe
-
gian Continental Shelf, which still accounted for the
majority of the group’s revenues as operators con
-
tinued to invest in maintenance, modifications, and
subsea tie-back projects. However, Moreld also made
group executed several major subsea installation
projects during the first half of 2025, capitalising on
our expanded global footprint to keep our vessels
and teams utilised during the winter months of the
Northern Hemisphere. The successful completion of
-
ticular highlight and strengthened our track record
in delivering complex subsea scopes in new regions.
Meanwhile, Moreld Apply – a leading provider of
maintenance and modification services in Norway –
maintained high activity on long-term framework
agreements, including a significant onshore project
-
ued to deliver specialised marine consultancy, engi-
neering, and assurance services to clients across the
offshore and maritime sectors, adding strategic diver
-
sification to the group’s overall offering.
Throughout 2025, Moreld achieved key strategic
milestones that strengthened the group’s financial
-
ior secured 5-year bond, optimising the capital struc-
ture and significantly lowering the cost of capital. This
provided a solid financial foundation for growth, and
early in 2025 the board approved a new dividend pol
-
icy targeting a payout of 40–60 per cent of adjusted
reflecting confidence in the group’s cash genera
-
tion, Moreld initiated quarterly dividend distributions
in 2025, paying dividends of NOK 0.42 in each of the
three quarters in which dividends were declared. This
corresponds to an annualised dividend rate of NOK
1.68. Through these distributions, a significant part
of the value creation has been returned to the share
-
holders throughout the year. The board will also con-
sider raising the quarterly dividend to NOK 0.50 per
share in connection with the dividend distribution
scheduled for the first quarter of 2026.
Mid-year, Moreld reached another important cor
-
porate milestone: on 20 June 2025, the company’s
main board of the Oslo Stock Exchange. The uplist
-
Moreld’s visibility and credibility in the capital markets.
Shortly thereafter, Moreld launched a share buy-back
program to facilitate an employee share ownership
plan and potential future share cancellations. By
the end of the third quarter, the group successfully
-
gram as part of an effort to align employees’ interests
with those of shareholders. These initiatives reflect
Moreld’s commitment to employee engagement and
shareholder value creation, even as the company bal
-
ances growth with capital discipline.
At the end of 2025, Moreld’s order backlog stood at
NOK 5.9 billion. Tendering activity remained high
throughout the year, and the group achieved impor
-
tant new contract awards at the end of 2025. Nota-
Energi’s Balder field development and an engineer
-
ing and installation contract for Equinor’s Mikkel field
extension. Approximately 77 per cent of the con
-
tracted order backlog is scheduled for execution in
2026, providing a solid base of activity for the coming
year and visibility on future revenues.
expected to generate substantial activity in the years
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
24
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
ahead. As the Norwegian Continental Shelf (NCS)
enters a new phase of development, characterised
by a shift from greenfield megaprojects to more cap
-
ital-efficient subsea tie-back developments, Moreld
is exceptionally well-positioned to thrive. The group’s
unique combination of brownfield modification exper
-
tise, subsea installation capabilities, and long-standing
relationships with key operators provides a competi
-
tive edge in this evolving market landscape.
Moreld Apply, with its decades-long track record
within maintenance and modifications, is a trusted
partner for offshore asset upgrades and tie-in scopes.
The company’s deep integration into the operational
fabric of the NCS enables it to respond swiftly and
efficiently to client needs. This is particularly relevant
as operators continue to prioritise incremental devel
-
opments and life extension of existing infrastructure
over newbuilds.
proven ability to deliver complex subsea projects. The
company’s recent awards, including the Balder Next
and Mikkel field developments, underscore its strate
-
gic alignment with the industry’s focus on near-field
tie-backs. With a robust tender pipeline and secured
vessel capacity through long-term charters, Ocean
subsea activity on the NCS.
Together, these capabilities position Moreld as a lead
-
ing integrated service provider for the full lifecycle
of subsea tie-back projects, from early-phase engi
-
neering and procurement to offshore installation
and brownfield integration. As the NCS has matured,
the operators focus has shifted towards developing
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
25
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
smaller satellite fields, which must be executed more
rapidly, at lower cost, and with an acceptable level of
risk.. Moreld’s operational footprint, technical exper
-
tise, and collaborative approach make it a natural
partner for fast and cost-effective developments. This,
along with a strong pipeline of tenders in progress,
gives the Board confidence that Moreld is well-placed
to continue converting opportunities into firm back
-
log to drive growth beyond the current project cycle.
Health, safety and the environment
“Safety is our license to operate.” This principle guides
every aspect of Moreld’s operations. As activity levels
increased in 2025, the company reinforced its commit
-
increase in recorded incidents, including two serious
events involving dropped or falling objects at customer
sites, both without injury to personnel. The rise in inju
-
ries consisted only of low-potential cases, but the over-
all development prompted intensified safety efforts
across the organisation. This included strengthened
management involvement, more frequent site engage
-
ments, targeted campaigns, and increased focus on
hazard identification and Stop Work Authority. As most
incidents occurred early in 2025, the impact of these
measures became visible toward year-end, and statisti
-
cal performance had improved again at the beginning
of 2026.
Safety remains a core value and a non-negotiable pri
-
ority for Moreld. Continued focus on safety leadership,
learning culture, and frontline risk controls will support
the company’s commitment to preventing incidents
and protecting employees, customers, and partners.
Environmental sustainability is another central focus
for Moreld. All group companies adhere to strict Envi
-
embodied in Moreld’s “We Behave and Comply” frame
-
a monthly and quarterly basis against defined targets.
materiality assessment to align with the EU’s Corpo
-
-
ments, engaging internal and external stakeholders,
and establishing a common sustainability reporting
on this progress by implementing new reporting rou
-
tines and governance structures in preparation for
onwards. These initiatives demonstrate our continued
commitment to transparency, environmental responsi
-
bility, and robust governance across the group.
Employees and organisation
Offshore engineering and installation is a complex,
people-driven industry, and Moreld’s success is funda
-
mentally built on the expertise, creativity, and dedica-
tion of our employees. Recognising this, we invest in
our talent as much as in our technology and assets. At
both direct employees and expert contractors – num
-
bered roughly 2 700 professionals, providing the capac-
ity and capabilities needed to serve our global client
base. We operate an equal opportunity workplace and
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
26
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
are committed to ensuring there is no discrimination
based on ethnicity, nationality, religion, gender, sex
-
ual orientation, disability, or age. This commitment is
reflected in all our practices, including recruitment,
compensation, career development, promotions, and
measures to prevent harassment and create an inclu
-
sive environment for everyone.
Diversity and anti-discrimination policies
Moreld complies with equality and anti-discrimina
-
tion legislation in all jurisdictions where we operate.
At year-end 2025, our workforce consisted of approxi
-
mately 76 percent men and 24 percent women, a dis-
tribution that remains largely unchanged from 2024.
Women hold around 26 percent of our management
positions, including top management roles, while the
Moreld ASA board has a gender balance of 40 percent.
We recognise that engineering and offshore sectors
have historically had lower female representation, and
we remain committed to building a more gender-bal
-
anced workforce. Throughout 2025, we continued our
efforts to recruit, develop, and promote women across
the organisation, with particular focus on operational
and leadership roles. Strengthening diversity and inclu
-
sion will remain a key priority in the years ahead, as we
believe this is essential to the long-term resilience and
performance of Moreld.
Work environment & employee conditions
Moreld continuously strives to provide a safe, support
-
ive, and engaging work environment. Operating in off-
shore and industrial settings means our employees can
be exposed to challenging conditions, so employee
leave rate averaged 2.8 per cent, which remains low
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
27
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
-
tal health initiatives, continuing to raise awareness
and provide support for our workforce. The company
also expanded its graduate recruitment and leader
-
ship development programs, underscoring our com-
mitment to nurture talent and promote career growth
from within. These investments in people are essential
for maintaining our competitive edge and supporting
succession planning as our business grows.
Financial performance
Moreld delivered strong financial results in 2025,
achieving substantial growth in revenue and earnings
alongside a solid balance sheet and strong cash flows.
Total revenues were NOK 9.8 billion, a record high for
the group and an increase of 7 per cent from the pro
for the full year. This growth was driven by high activ
-
ity across all business segments, particularly the suc-
cessful execution of large subsea projects and steady
demand for maintenance and modification services on
the NCS.
The strong revenue performance also translated into
-
imately NOK 1.0 billion on a proforma basis in 2024
1)
.
per cent, reflecting enhanced operational efficiency
2025 was NOK 811 million and net profit before tax
ended at NOK 377 million. The group achieved a net
profit after tax of NOK 285 million.
1) Ocean Installer included from 1 January 2024 on a proforma basis. The acquisition of Ocean Installer closed 28 June 2024.
The strong financial results and cash-generative
nature of Moreld’s asset-light model led to solid cash
flows in 2025. Net cash flow from operating activities,
16, was NOK 1.41 billion for the year. Cash flow from
investing activities was minus NOK 92 million, primar
-
ily due to investments in ongoing digitalisation initia-
tives. The group’s financing cash flow was minus NOK
1.67 billion, mainly attributable to the repayment of
old debt and issuance of the new bond in early 2025,
regular lease liability payments and dividends paid
to the shareholders. As a result of these cash move
-
ments, Moreld closed 2025 with a cash balance of
almost NOK 1.1 billion.
The group’s financial position is strong. Total assets
-
lion as of year-end. This corresponds to a leverage ratio
was approximately NOK 2.85 billion, of which lease lia
-
billion, which includes long-term vessel charters and
130 million bond issued in early 2025. The net working
capital was reduced during the year, due to large cus
-
tomer prepayments at the end of 2024.
Overall, Moreld’s financial capacity has been signifi
-
cantly enhanced during the year and positioned the
a total of NOK 224 million in dividends was declared
through three quarterly dividends of NOK 0.42 per
share. With its capital-efficient operating model and
modest net debt, the group is well equipped to fund
ongoing operations, meet its investment commit
-
ments, and continue an attractive dividend stream in
line with its policy.
Risk and risk management
Moreld operates in a dynamic industry, and effective
risk management is integral to protecting the com
-
pany’s business and shareholder value. The board and
management maintain a comprehensive understand
-
ing of the commercial and financial risks facing the
group, as these could affect our operations, reputation,
and strategic objectives. Clear delegation of authority
levels and active management oversight are in place:
the executive management team meets regularly to
review operational and financial risks, emerging oppor
-
tunities, and the overall development of the organisa-
tion within the current financial framework. The group
has robust processes to identify risks at an early stage
and to implement appropriate mitigating measures.
Moreld’s policies for financial risk management are
a fundamental part of its long-term strategy and are
consistently applied across the organisation. These pol
-
icies cover areas such as operational risk, compliance
risk, market risk, foreign exchange risk, interest rate
risk, credit risk, liquidity risk, and capital management.
Financial results and key risk indicators are reported
to the board of directors on a regular basis, ensuring
transparency and proactive governance in risk man
-
agement.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
28
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
Market risk
The group’s operational and financial performance is
influenced by conditions in the broader oil and gas
industry, particularly trends in energy demand and
commodity prices. As a large portion of Moreld’s activ
-
ities involve maintenance and modification services
for existing offshore infrastructure and subsea tie-back
projects, the company is relatively well-positioned to
withstand market volatility. With a maturing NCS, oper
-
ators are prioritising tie back of new satellite fields
to existing platforms and subsea infrastructure. This
industry trend benefits Moreld: delivering tie-back pro
-
jects requires both substantial subsea installation work
and major modifications to existing facilities, aligning
and Moreld Apply.
-
nomic factors, including shifting trade policies, infla-
tionary pressures, and the actions of oil-producing
nations, continued to introduce volatility in energy
prices during 2025. A significant or sustained decline
in oil and gas prices could reduce E&P operators’ cap
-
ital spending or delay planned projects, which in turn
would impact the demand for Moreld’s services. The
group mitigates this risk by maintaining a diversi
-
fied service offering, spanning the full project lifecy-
cle from engineering and fabrication through marine
operations, maintenance, and decommissioning, and
by focusing on cost-efficient solutions that are attrac
-
tive to clients even in a conservative price environ-
ment. Additionally, Moreld’s continued expansion into
the onshore industrial sector and renewable energy
projects provides alternative revenue streams outside
the traditional offshore oil and gas cycle, aiding in bal
-
ancing the portfolio. For example, in recent years the
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
29
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
group has successfully applied its offshore engineering
expertise to onshore process industry projects, broad
-
ening our addressable market while leveraging dec-
ades of oil and gas experience.
Contract risk
Moreld delivers large, complex projects that involve
engineering, procurement, fabrication, installation,
and construction management. Challenges in any of
these areas, such as design errors, supplier underper
-
formance, procurement delays, or installation issues,
may prevent projects from being completed in line
with contractual requirements.
Failure to meet delivery schedules or technical perfor
-
mance obligations can expose Moreld to liquidated
damages, compensation claims, and, in some cases,
-
tomers and suppliers are not fully aligned, Moreld may
face residual liabilities without back to back protection,
increasing its financial exposure.
Moreld works to mitigate these risks through project
governance, technical assurance, supplier qualifica
-
tion, and continuous risk monitoring. However, given
the scale and complexity of its project portfolio, con
-
tract execution challenges remain an inherent risk that
could materially affect financial performance and rep
-
utation.
Foreign exchange risk
Moreld is exposed to currency fluctuations, particu
-
larly between the Norwegian Krone (NOK) and the
accordance with its finance policy. Whenever feasible,
project revenues and costs are matched in the same
currency to create a natural hedge and reduce expo
-
same applied to most of the cost base. This match
-
ing of currency inflows and outflows means that
operational currency risk was limited during the year.
unhedged, which exposes the group’s net results to
a significant share of the cash flow is generated and
-
second half resulted in a significant unrealised foreign
exchange gain on the bond liability. The group will
continue to monitor currency trends and may con
-
sider financial hedging for the bond if deemed neces-
instruments were in place for this exposure.
Interest rate risk
The group’s exposure to interest rate fluctuations is
fixed interest rate of 9.875 per cent per annum. Other
interest-bearing liabilities, such as shorter-term credit
facilities or any utilised factoring arrangements, have
floating interest rates and are subject to market rate
movements. The group does not currently use finan
-
cial derivatives to hedge these floating-rate exposures,
as cash holdings and credit facilities are managed to
mitigate interest costs by placing surplus cash in inter
-
est-bearing accounts to generate interest income. The
overall interest rate risk is deemed acceptable, and the
fixed-rate bond provides stability in financing costs
going forward.
Credit risk
Moreld’s customer base consists predominantly of
large, investment-grade energy companies, especially
major oil & gas operators. Consequently, the group’s
credit risk is considered low. Moreld’s operating com
-
panies have historically experienced minimal credit
losses, as clients are generally well-established firms
with strong balance sheets and rigorous credit vet
-
ting processes. Before entering into significant new
contracts, the group conducts credit assessments of
the customer, as well as key subcontractors, and typi
-
cally negotiates commercial terms that protect against
non-payment - such as milestone invoicing and, in
these factors, and in the absence of any material credit
incidents in recent years, the group does not employ
additional financial instruments to hedge credit risk.
We continue to monitor customers’ creditworthiness
and outstanding receivables closely, especially in light
of the broader market uncertainties, and we remain
confident in the financial strength and payment per
-
formance of our key customer base.
Liquidity risk
Liquidity risk is the risk that Moreld would be unable to
meet its financial obligations as they fall due. This risk
is actively managed at group level. The management
team monitors weekly and monthly cash flow forecasts
and liquidity headroom to ensure sufficient funding for
the group held cash and cash equivalents of NOK 1.09
billion and had NOK 0.2 billion of undrawn revolving
credit facilities, giving total available liquidity of approx
-
imately NOK 1.29 billion. With net interest-bearing debt
of only NOK 219 million, Moreld’s balance sheet flexibil
-
ity is high, and the company is well-positioned to with-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
30
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
stand temporary market disruptions or working capital
swings. The board is satisfied that Moreld’s liquidity
position and financial resilience are sound. We will con
-
tinue to exercise prudent financial management to
ensure the group can meet its obligations under vari
-
ous scenarios and remain in compliance with all finan-
cial covenants. At the end of 2025, Moreld was in full
compliance with the terms of its loan and bond cove
-
nants and had significant headroom on liquidity and
leverage metrics.
Research and development
Building on a long history of engineering innovation,
Moreld remains committed to developing and deploy
-
ing technologies that enhance efficiency and create
value for our customers. The group is technology-ag
-
nostic. Our strategy is to select or develop the best
solutions for each client’s needs, whether in tradi
-
tional oil & gas or in low-carbon and renewable energy
markets. We pursue a partnership-based approach
to innovation, working closely with customers and
suppliers to solve industry challenges in ways that
improve operational performance and safety.
A key focus for Moreld’s technology efforts is leveraging
-
-
oped by Moreld Apply, which equips offshore personnel
with ruggedised tablets providing real-time access to
engineering data and digital workflows. This solution
has reduced reliance on paper, minimised errors, and
enabled more efficient and accurate execution of work
offshore – resulting in tangible improvements in pro
-
ductivity and project delivery times. The group is also
exploring the integration of advanced data analytics
-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
31
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
cation, and maintenance scheduling, reflecting our
drive to innovate in step with emerging digital trends.
has developed a unique deaeration technology for the
removal of oxygen from production processes that
has applications across multiple onshore and offshore
industries. This technology, along with other special
-
ised engineering solutions within the group, under-
scores Moreld’s commitment to providing competitive,
cutting-edge solutions that help customers achieve
more efficient and reliable operations. By continuing
to invest in research and development – often in col
-
laboration with clients and partners – Moreld ensures
it can meet evolving market needs and support the
energy industry’s transition, including growth in
areas such as offshore wind, electrification, and other
renewable and low-carbon initiatives.
Outlook
We anticipate a temporary dip in activity as the tim-
ing of project cycles creates a short-term gap and as oil
companies place greater emphasis on improving effi
-
ciency and capital discipline. These conditions are likely
-
pation of this, Moreld has proactively scheduled a ves-
sel dry-docking program for early 2026, aligning our
capacity with the expected temporary lull in offshore
projects and ensuring that our key marine assets will
be fully operational when demand rebounds.
Activity is expected to pick up steadily as 2026 pro
-
developments in the North Sea are moving toward
sanction, which should drive new work in both sub
-
-
ally, the pipeline of subsea opportunities continues to
has established a presence such as West Africa and
the Mediterranean. The combination of Moreld’s North
Sea brownfield expertise and global subsea capabilities
positions the group well for the future.
At the same time, Moreld is actively managing its
cost base and resource deployment to adapt to the
expected market conditions in 2026. As one of the two
frame agreements Moreld Apply has with Equinor was
not renewed in January 2026, this has led the company
to implement some targeted cost-efficiency measures,
including right-sizing of the cost base and continued
focus on operational improvement initiatives. Manage
-
ment is proactively reallocating resources and intensi-
fying commercial efforts to replace volumes, and the
board expects these actions, together with a diversi
-
fied customer base and strong project execution, to
support a resilient performance and position Moreld
Apply for renewed growth going forward.
cost efficiency, and strong client engagement. We are
leveraging our broad service offering – spanning from
maintenance and modifications to subsea construc
-
tion – to capture opportunities in an evolving market. The
group’s presence in the onshore industries and renew
-
able energy sector, though still a smaller portion of our
business, provides additional avenues for growth and
diversification as the global energy landscape transitions.
board expects Moreld to deliver solid results in 2026,
albeit at potentially lower levels than the record highs of
range between NOK 0.7–0.9 billion, reflecting the antic
-
ipated temporary slowdown in early 2026. Beyond 2026,
we foresee a return to higher activity levels as deferred
projects progress and new opportunities material
-
ise. With a strengthened organsation, a sound financial
foundation, and a proven ability to adapt and innovate,
Moreld is well equipped to navigate the near-term chal
-
lenges and emerge into the next phase of growth.
Directors’ and officers’ liability insurance
former, and future members of the board of directors
This insurance provides financial protection to direc
-
tors and officers against personal liability for claims
made against them in the course of performing their
duties. The policy is written on a claims-made basis
by a reputable insurance carrier with a strong credit
rating, and it includes all major subsidiaries of Moreld
ASA. The coverage and terms are reviewed periodi
-
cally to ensure they remain appropriate for the size
and risk profile of the group.
Parent company financial statements
Moreld ASA is the ultimate parent company of the
-
ily related to ownership of subsidiaries, financing, and
group-level governance. As in the prior year, the com
-
pany did not have external operating revenues, but rev-
enues mainly consisted of intra-group recharges and
financial income.
The company reported an operating loss of NOK 21.1
million in 2025, compared with an operating loss of
NOK 10.9 million in 2024, reflecting higher expenses
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
32
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Annual report 2025
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Board of directors’ report
associated with operating as a listed group parent
and expenses incurred as part of the bond refinanc
-
ing in February 2025. Net financial items were strongly
positive, driven primarily by significant net foreign
exchange gains related to intra-group balances and
the senior secured bond. As a result, profit before tax
amounted to NOK 227.8 million in 2025, compared with
a loss before tax of NOK 13.0 million in 2024. Profit for
the year after tax were NOK 187.6 million, compared
with a loss of NOK 10.1 million in the prior year.
Total equity amounted to NOK 788.3 million on 31
to NOK 2.6 billion, mainly driven by higher receivables
from group companies and changes in group financing.
at year-end, related to the senior secured bond issued
during the year.
Cash flow from operating activities was positive at NOK
214.6 million in 2025. Cash flow from financing activities
was negative at NOK 217.5 million, mainly reflecting div
-
idend payments, purchase of own shares, and changes
in intra-group financing, partly offset by proceeds from
interest-bearing borrowings and new equity received.
Cash and cash equivalents amounted to NOK 1.0 mil
-
Profit of the year and allocation of net profit
The parent company, Moreld ASA, recorded a net profit
with the company’s dividend policy and considering
the solid financial results, the board resolved a divi
-
dend of NOK 0.42 per share for the fourth quarter of
2025 which was paid in February 2026. This brings the
total dividend resolved in 2025 to NOK 1.68 per share.
Amounts in NOK thousand 2025
223 161
Allocated from equity (35 529)
Total allocated 187 631
The board confirms that the above distribution is pru-
dent and in accordance with Moreld’s dividend policy.
The board will continue to evaluate future distributions
in line with the policy of paying out 40–60 per cent of
adjusted net income over time, balancing shareholder
returns with the group’s investment needs and finan
-
cial position.
Going concern
§2-2(8) and §4-5, the board confirms that the going
concern assumption is valid, and that the 2025 financial
statements have been prepared on that basis. This con
-
clusion is founded on the group’s solid financial posi-
tion, strong backlog, and healthy liquidity situation at
year-end, as well as the outlook for 2026. There are no
known events or conditions as of the date of this report
that cast significant doubt on the company’s ability to
continue as a going concern for the foreseeable future.
Subsequent events
War in Middle East
Following the reporting date, the ongoing geopolitical
conflict in the Middle East has continued to create uncer
-
tainty in global markets, including volatility in energy
prices, supply chains and foreign exchange markets.
The group has operations and projects in several inter-
national markets, including the Middle East. The main
focus for the group has been to ensure the safety of
our people affected by the situation. As of the date of
authorisation of these financial statements, the conflict
has not had a material impact on the group’s financial
position. Management continues to monitor devel
-
opments related to the situation, including potential
indirect effects such as increased market volatility, dis
-
ruptions to logistics, changes in customer investment
decisions and impacts on commodity prices and for
-
situation, it is not currently possible to reliably quantify
any potential future financial effects.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
33
Moreld ASA
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Annual report 2025
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Board of directors’ report
Sustainability statement 2025
General disclosures
BASIS FOR PREPARATION
BP1: General basis for preparation of sustainability
statements
Moreld ASA’s sustainability statement has been prepared
in accordance with sections 1-2 and 2-3 of the Norwegian
Accounting Act, which implement the Corporate Sustain
-
-
tainability Reporting Standards (ESRS). The statement is
mandatory for the first time for the 2025 financial year
(FY25) and has been prepared on a consolidated basis,
consistent with the scope of the FY25 financial statements.
Reporting boundaries and value chain
The sustainability statement is prepared on a consoli
-
dated basis, consistent with the scope and consolida-
tion principles applied in the financial statements to
ensure consistency across Moreld’s activities and oper
-
covers the entire group, including Moreld Apply, Ocean
in the double materiality assessment. The statement
covers impacts, risks, and opportunities across Moreld’s
upstream and downstream value chain and includes the
corresponding ESRS disclosures related to value chain
matters, such as scope 3 greenhouse gas emissions and
policies related to workers in the value chain.
Omitted information
The report has not omitted information related to intel
-
lectual property, know-how, or innovation results.
BP2: Disclosures in relation to specific circumstances
Time horizons
As a general principle, the time horizons used in this
sustainability statement align with those defined by
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
34
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Annual report 2025
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Board of directors’ report
ESRS. For climate-related risks and opportunities,
however, we have tailored the horizons to reflect that
physical and transition effects manifest over multiple
decades and may become material at different points
in time. Accordingly, we have adjusted our short-,
medium-, and long-term definitions for climate risks, to
provide more decision useful information and to better
align with the timing of risk management actions, and
investment planning.
Time horizons
(ESRS)
Climate risks and
opportunties
Short 1 year To 2030
Medium 2-5 years 2031-2040
Long More than 5 years 2041-2050
Estimates and data uncertainties
The metric identified with the highest degree of estima
-
3 category 1 – Purchased goods and services, which is
Moreld’s largest emission source. Emissions in this cat
-
egory are calculated using a spend-based methodol-
ogy. The approach matches transaction records from
the group’s accounting systems with suppliers’ indus
-
try codes and geographical regions, after which cor-
responding emission factors are applied. While this
ensures comprehensive supplier coverage, the emission
factors are not supplier-specific and may not reflect the
actual emissions associated with the purchased prod
-
ucts or services.
spending is not concentrated among a few large ven
-
medium-sized suppliers, which increases methodo
-
logical complexity and limits the availability of suppli-
group has quality-checked the largest and most mate
-
rial suppliers to ensure correct industry classification
and data mapping. Nevertheless, most suppliers rely
on indirect estimates, which introduces uncertainty
into the value-chain emission calculations.
Waste-related reporting involves estimation uncertainty,
affecting both the classification of waste metrics under
ESRS E5 and the calculation of related emissions under
Scope 3 category 5 – Waste generated in operations.
Uncertainty arises where final waste treatment methods
are not explicitly documented by waste management
suppliers, and treatment outcomes are therefore deter
-
mined using standardised assumptions based on waste
type, regulatory requirements, and industry practice.
Planned actions to improve accuracy
To enhance data quality over time, Moreld intends to(i)
-
ity vendors, with particular focus on the highest-emit-
ting and largest suppliers, (ii) pilot primary-data
collection for high-impact spend categories, and (iii)
include emissions-data requirements in new supplier
agreements where relevant. These steps will progres
-
sively reduce reliance on generic emission factors and
strengthen the accuracy of value-chain emissions.
GOVERNANCE
GOV1: The role of the administrative, management
and supervisory bodies
Our commitment to sustainability is prioritised at the
have strengthened the governance of sustainability in
response to an increased awareness of how our busi
-
ness impacts people and the environment, as well as
the sustainability-related risks and opportunities we
are exposed to over the short, medium and long term.
The administrative, management and supervisory bod
-
ies in the group comprise of the board of directors, with
its audit and risks committee, and the executive man
-
agement team (EMT). The EMT consists of the group
CEO and CFO and the CEO of each subsidiary (segment).
The board and audit and risk committee’s oversight
Moreld’s board of directors is ultimately responsible for
overseeing consistency of governance and sustaina
-
bility related matters. The board reviews and monitors
business risks and opportunities as part of its broader
enterprise risk management (ERM) procedures, includ
-
ing business conduct matters.
Social, environmental and governance metrics are
reported as an integrated part of the business report
-
ing process. Key metrics are reported on a monthly,
quarterly and annual basis, ensuring continuous over
-
sight and alignment with strategic objectives.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
35
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Annual report 2025
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Board of directors’ report
Material business risks and opportunities identified by
the company, including those relating to sustainability,
are presented and discussed within the board and the
audit and risk committee. The committee plays a key
role in overseeing risks as part of the company’s inte
-
grated ERM framework.
Management performs an annual evaluation of mate
-
rial impacts, risks and opportunities that are further
reviewed by the audit & risk committee. The board
and management assess the company’s performance
on related metrics. This evaluation forms the basis for
reviewing and adjusting the group’s business strategy,
plans, and targets.
Executive management team and the ESG steering
committee’s role
the responsibility for managing our impacts, risks
and opportunities related to sustainability ultimately
resides with Moreld’s CEO, who delegates this to the
corporate function and subsidiary management. Sta
-
tus updates are provided during monthly management
The subsidiary management teams are responsible for
implementing and following up on policies, actions, pro
-
cesses, and procedures linked to sustainability matters.
are distributed across the respective group companies,
key stakeholders from each subsidiary, ensuring align
-
ment on targets and implementation across operations.
The CEO of each company in the group is responsible
for defining and implementing relevant actions to sup
-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
36
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
port the sustainability strategy and associated targets.
This responsibility also includes identifying and man
-
aging relevant climate-related risks and opportunities
within their respective companies.
Audit & risk committeeBoard of directors
ESG committee
Chief executive officer
CEO
Corporate & subsidiary
management
Expertise and skills on sustainability related matters
The board and management possess extensive indus
-
try knowledge and experience, including expertise in
sustainability-related matters. Two directors have held
senior operational roles with direct responsibility for sus
-
tainability matters in major European energy companies,
including one director serving as managing director of
experience from sustainability committees in publicly
listed companies, providing further oversight compe
-
tence related to climate, environmental performance,
and responsible business conduct.
Expertise in social and governance matters resides within
the group, built over years of operational and compli
-
ance experience. Our compliance, HSE, and procurement
teams lead policy development, training, and oversight
on anti-corruption, supply chain management, and value
chain worker rights, including responsible business con
-
duct under the Norwegian Transparency Act.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
37
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Annual report 2025
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Board of directors’ report
To complement this internal capability, the management
body engages external specialist providers for assis
-
tance and training on other sustainability matters mate-
accounting, sustainability reporting and legal matters.
The Moreld board and A&R committee have experience
in integrating sustainability into corporate governance.
carbon reduction strategies. This expertise supports
robust management of climate-related risks, regula
-
tory compliance, and alignment of Moreld’s operations
with long-term sustainability objectives. Several direc
-
tors bring experience from serving on audit and risk
committees of similar Norwegian and international
companies, reinforcing governance and risk manage
-
ment practices.
Composition and diversity of the board of directors
Key details regarding the board composition of Moreld ASA is specified below.
Disclosure Details
Number of executive and non-executive
members (board of directors)
Five members in total, all non-executive members.
Representation of employees and other
workers (board)
No worker director representation at group level, but worker director representation in
operational subsidiaries as required by Norwegian law based on employee numbers.
Relevant experience (board)
sector, private equity, with a focus on the Norwegian Continental Shelf (NCS) and the
international offshore industry.
(board)
Two female and three male board members, corresponding to a 40 / 60 per cent
gender ratio.
60 per cent of the board members (three out of five) are independent from
management and the largest shareholders.
Stakeholder engagement on governance and
sustainability
At Moreld, we actively engage with key stakeholders
to ensure that sustainability governance aligns with
external expectations and industry best practices.
This engagement helps us identify and address mate
-
rial sustainability concerns while strengthening our
governance approach.
Investors: We maintain open communication with
investors through regular investor meetings, quar
-
terly presentations, and general meetings, ensuring
transparency.
Regulators: We comply with regulatory reporting
requirements and participate in industry discussions
(e.g. Offshore Norge) to stay aligned with evolving
sustainability expectations and legal frameworks.
Customers & Suppliers: Moreld collaborates with
customers and suppliers to uphold responsible busi
-
ness practices. Our business principles for suppliers
supplier audits to monitor compliance.
Employees:
committee.
By integrating stakeholder perspectives into our gov-
ernance model, Moreld ensures that sustainability-re-
lated risks and opportunities are effectively identified,
assessed, and managed. For further information regard
-
ing our stakeholder engagement, see section SBM-2.
GOV2: Information provided on sustainability matters
addressed by the undertaking’s administrative,
management and supervisory bodies
Sustainability is an integral part of Moreld’s govern
-
ance framework, with key environmental, social, and
reviewed at various levels of leadership. The reporting of
which ensures consistency and transparency across the
group. Each entity has a dedicated function responsible
Moreld Apply – The HSEQ and communications
function manages health, safety, environment, and
quality reporting, while also ensuring clear commu
-
Ocean Installer – The global HSEQ and sustainability
function oversees health, safety, environmental, and
quality performance globally, while integrating sus
-
tainability objectives into project execution and cor-
porate governance.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
38
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Annual report 2025
|
Board of directors’ report
Global Maritime – The Safety, Sustainability, and
Compliance function is responsible for monitoring
operational safety, driving sustainability programs,
and ensuring compliance with regulatory and indus
-
try standards.
Social and safety metrics
To ensure informed decision-making, key social met
-
rics such as safety figures, sick leave, manhours, and
spill incidents are reported monthly in executive man
-
agement team (EMT) meetings. These figures are also
highlighted in board meetings, to ensure continu
-
ous oversight of workplace safety and development
are also key focus areas, with women in management
and overall workforce representation measured and
reviewed quarterly. These insights help track progress
toward a more diverse and inclusive workplace.
Environmental and governance reporting
Environmental performance, including emission and
-
cant deviations, these figures are escalated to the board
-
ernance-related indicators, such as compliance, ethical
performance, and corporate governance metrics, are
reviewed annually, providing a comprehensive assess
-
ment of regulatory adherence and corporate integrity.
Once per year, the board conducts a thorough review of
all key sustainability metrics and trends, ensuring long-
term strategic alignment and continuous improvement.
Governance and decision-making on sustainability
-
itoring sustainability performance, identifying risks
and opportunities, and driving sustainability related
improvement initiatives. Meanwhile, the executive
embedded into daily operations and business deci
-
sions. The board of directors remains actively involved
considerations into Moreld’s broader corporate strat
-
egy and risk management approach.
Through this structured governance model, Moreld
maintains transparency, accountability, and a clear
commitment to sustainability, reinforcing responsible
corporate leadership and long-term value creation.
Risk reporting
Moreld follows a structured risk reporting framework,
where risks are identified at the project and subsidiary
level and escalated through the company’s enterprise
risk management (ERM) process. Most material risks,
including potential risks linked to environmental, social,
the EMT, the audit and risk committee, and the board
of directors. Additionally, the company annually reviews
and updates its double materiality assessment, ensur
-
ing that both financial and impact materiality factors
are integrated into decision-making.
Integration of sustainability into strategy and
decision-making
The board of directors, supported by the audit & risk
committee, oversees Moreld’s sustainability strategy
-
ny’s strategy process is informed by the double mate-
impacts, risks, and opportunities are considered in key
decisions such as acquisitions, major contracts, and
capital allocation. The audit & risk committee reviews
is occasionally used in workshops and management
discussions to guide decision-making on strategic
matters.
-
sis, engaging management in identifying key risks and
to the oil and gas industry, climate related transition
risk remains a central concern. Management has been
advised to prioritise engineering opportunities and pro
-
jects in renewables and low-carbon solutions over the
on transparency has also driven improvements in car
-
bon accounting. Potential trade-offs between risks and
opportunities could include allocating project capacity
to lower-margin renewable projects instead of oil and
gas or declining transactions due to sustainability con
-
cerns. However, such trade-offs did not materialise in
2025.
Key sustainability topics addressed in 2025
Following a series of low-impact lost-time injuries
early in the year, safety became the primary sustain
-
ability topic addressed by the board in 2025. Safety
performance was a recurring agenda item in manage
-
ment and board meetings, with the board requesting
detailed updates on corrective actions. Positive devel
-
opments were observed throughout the year, and key
challenges in high-risk projects were addressed.
As part of the uplisting to Oslo Stock Exchange in June
2025, governance procedures were updated to comply
with listed company regulations, including the Norwe
-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
39
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
These updates strengthen transparency and accounta-
bility, by reducing governance-related risks such as cor-
ruption and unethical business practices.
There were no major environmental incidents requir
-
performance was monitored through established gov
-
ernance processes. The board and management also
focused on improving transparency and the quality of
sustainability reporting, particularly carbon accounting.
The key sustainability topics addressed by governing
S1 Own workforce:
– Negative impact on workforce well-being from
long working hours and poor work–life balance
– Health and safety risks across offshore and
onshore operations, including fatigue, stress, and
injury exposure
– Financial and operational risks from health and
safety incidents, particularly in offshore operations
Entity specific topic (Cybersecurity):
– Cybersecurity risks from phishing and social engi
-
neering attacks
GOV3: Integration of sustainability-related
performance in incentive schemes
Incentive scheme and sustainability integration
At Moreld, incentivising key decision-makers on sus
-
tainability matters is a key part of the management
compensation model. Sustainability performance and
targets are integral to the executive management
team’s incentive scheme and are part of the non-finan
-
cial targets that are reviewed annually.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
40
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
Sustainability-related performance metrics
Sustainability matters are explicitly factored into the
EMT bonus calculation and included in the man
-
agement remuneration policy. Bonuses may also be
revoked in the event of a serious HSE incident, envi
-
ensuring accountability. The proportion of variable
remuneration tied to performance on these met
-
is capped at a maximum of 20 per cent of the total
bonus pot. The performance metrics that have been
used in the incentive scheme for 2025 includes lost-
time incidents frequency, sick leave and turnover
percentages. As such, the performance metrics are
limited to social metrics and there are no incentive
-
sions for instance. However, this will be considered
once group-wide emission reduction targets have
been established.
Approval and oversight
The board of directors is responsible for overseeing
and approving the EMT remuneration policies and
incentive schemes, ensuring they align with the com
-
pany’s sustainability commitments. Executive man-
agement are responsible for approving remuneration
policies within the subsidiaries ensuring that they are
aligned with HSE and other strategic objectives and
reinforce a culture of accountability and sustainability
across the organisation.
GOV4: Statement on due diligence
Moreld has a structured due diligence process to
assess, prevent, mitigate, and address sustainability-re
-
lated risks and impacts across its operations and value
chain. Our approach includes supplier audits, double
materiality assessment, and ongoing monitoring of
-
ernance framework.
Due diligence process
Moreld’s due diligence involves multiple assessments
and tasks that are conducted either annually or on an
ongoing basis. The key components of this process
include:
Double materiality assessment: Conducted annu-
opportunities, ensuring that both financial and
impact materiality factors are integrated into deci
-
sion-making.
Supplier audits and business principles: Moreld has
established business principles for suppliers, which
have been implemented across all subsidiaries. Reg
-
ular supplier audits are conducted to ensure compli-
ance with these principles, covering key areas such
as labor rights, environmental performance, and eth
-
ical business conduct.
Transparency Act statement and value chain due
diligence: Each subsidiary conducts an annual due
diligence review of its value chain as part of Moreld’s
Transparency Act statement reporting. This includes
risk assessments related to human rights and work
-
ing conditions, within the supply chain.
ESG risk monitoring:
assessments into its broader enterprise risk man
-
agement (ERM) framework. Risks are reported at
the project level and escalated to management, the
audit and risk committee, and the board of directors
on a quarterly basis.
Mapping of due diligence in the sustainability statement
The table below provides an overview of where differ-
ent aspects of Moreld’s due diligence process are cov-
ered in this report:
Due diligence
component
Reference in sustainability
statement
assessment
identify and assess material impacts,
risks and opportunities
Supplier audits &
business principles
S2-4: Actions related to value chain
workers.
Transparency Act
statement & value
chain due diligence
S2-1: Policies related to value chain
workers
reporting
To ensure transparency and accountability, we will dis-
close any updates to our due diligence approach in
our annual sustainability statement, providing exter
-
nal stakeholders with insights into our ongoing efforts.
Additionally, we publish separate statements that out
-
line our human rights and responsible business conduct
due diligence.
GOV5: Risk management and internal controls over
sustainability reporting
At Moreld, we have established comprehensive risk
management and internal control processes to ensure
the accuracy, reliability, and transparency of our sustain
-
ability reporting. These processes are designed to align
with our broader corporate governance framework and
support compliance with regulatory requirements.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
41
Moreld ASA
|
Annual report 2025
|
Board of directors’ report
Scope and key features of risk management in
sustainability reporting
To maintain the integrity of our sustainability disclo
-
sures, Moreld has implemented a structured data val-
idation and oversight process across all levels of the
organisation. Key elements include:
Systematic data quality checks: We rely on our sys-
tem provider, CEMASYS, which supports data collec-
tion and automated quality checks for both social/HSE
-
Subsidiary-level validation: Each subsidiary conducts
internal checks before submitting data to the group
level, ensuring an additional layer of verification.
ESG Steering Committee oversight: Regular reviews
which assesses key sustainability indicators and
ensures adherence to internal policies and external
requirements.
Risk assessment and mitigation Approach
Moreld systematically monitors key performance indi
-
cators across social, environmental, and governance
matters. This includes:
Identification of ESG risks: Risks are assessed based
on their material impact, alignment with regulatory
requirements, and potential influence on corporate
strategy.
Regular risk monitoring: Significant deviations from
-
lated to the EMT and/or the board of directors for
review and potential corrective action.
to identify and prioritise risks. Each risk is assessed
based on its likelihood and potential impact, ensuring
-
odology is used to evaluate sustainability-related risks
across short- and long-term horizons, while the ERM
framework focuses on operational and strategic risks
within an approximately one-year timeframe. This dual
approach supports integrated risk management across
financial and non-financial dimensions.
Identified risk Mitigation strategies
HSE incident
Continue corporate safety campaign.
Management inspections and observa-
tion card campaign
on high-risk sites
Crime/cyber
crime
Continue focus on compliance with
Regular nano learning to employees to
increase knowledge and training
Cyber security maturity assessment
started
their mitigation strategies are described in detail in the
separate disclosure chapters. Two of the key risks iden
-
tified using the ERM framework are summarised in the
table below. Note additional risks reviewed through the
ERM process in 2025 were mainly related to commer
-
cial, operational and financial factors.
Integration of risk assessment findings into internal
functions
Findings from risk assessments and internal control
measures are actively integrated into corporate deci
-
sion-making and operational processes:
The executive management team (EMT) ensures
-
ness operations and strategy execution.
The board of directors maintains oversight and reg-
ular evaluation of sustainability-related impacts and
risks ensuring appropriate management in line with
Moreld’s long-term ambitions and risk profile.
broader risk management framework, support
-
ing transparency and continuous improvement in
reporting processes.
This approach ensures that sustainability reporting
remains robust, compliant, and aligned with indus
-
responsible business operations and corporate integrity.
Periodic reporting to governance bodies
Findings from risk assessments and internal controls
are reported on a quarterly basis. Key risks identified
through subsidiary risk management systems are
tagged and aggregated at the group level. Mitigating
actions are reviewed by both management and the
board, and feedback or identification of new risks can
be communicated back to subsidiary operations.
The ERM process is formally reviewed by the board on
an annual basis, and sub-processes may be adjusted
as a result of mitigating actions. This periodic report
-
ing ensures that the administrative, management, and
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
42
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supervisory bodies remain informed and engaged in
risk management, enabling timely oversight and stra
-
tegic alignment.
Strategy
SBM1: Strategy, business model and value chain
Strategy and business model
Moreld stands as a trusted offshore service provider,
renowned for its expertise in maintenance and modifi
-
cation, subsea and marine consultancy services. With
over four decades of experience on the Norwegian
Continental Shelf (NCS), we have established a robust
presence both domestically and internationally. Our pro
-
ficiency in subsea installations and long-term agree-
ments with high-quality exploration and production
operators underscore our commitment to excellence.
As a multidisciplinary engineering actor, Moreld deliv
-
ers comprehensive services across the offshore energy
and marine industries market. With operations in 17
countries, including Norway, Malaysia, U.A.E, the UK,
and the United States, we have access to major off
-
shore markets worldwide. Our team of approximately
2 000 professionals, many of whom are engineers,
drives our success.
Moreld operates through three main segments: Moreld
these segments form our comprehensive business
model and establish our role as a full-scope offshore
service provider.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
43
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Moreld Apply is a multi-discipline engineering com-
pany specialising in the maintenance and modification
of offshore assets. With 1 350 employees across loca
-
tions in Stavanger, Bergen, Hammerfest, and Krakow,
we assist E&P operators by enhancing production effi
-
ciency, implementing decarbonisation solutions, and
extending infrastructure lifespan.
Ocean Installer is a subsea installation company oper
-
-
ments. With over 300 employees, half of whom are
engineers, we are headquartered in Stavanger with
Global Maritime is a marine, offshore, and engineering
consultancy. The company’s services cover the entire
offshore project lifecycle, including engineering and
design, construction, third-party verification, marine
warranty surveying, dynamic positioning, installation,
risk management, and decommissioning. An increas
-
linked to the renewable energy market. The company
has approximately 350 employees.
Segment
Revenue
share Description
M&M – frame
agreements
65%
Long-term frame agreements
with major E&P operators.
Larger
projects
20%
Execution of brownfield projects
for major E&P operators with
balanced risk-reward profile and
shared upside potential.
Operations,
including
asset
assistance
15%
Assist with onshore or offshore
assets in late life operation
including decommissioning and
abandonment.
Segment
Revenue
share Description
subsea
32%
Fabrication of permanent
subsea equipment, coordinating
of fabrication and installing
scheduling.
22%
Transport and installation of
subsea equipment.
Mooring
36%
Anchoring of floating units. Pre-
lay of mooring system (anchors,
chain, rope, etc.), tow unit to field,
hook-up of mooring system.
Plus: Other (e.g. decomissioning) – 10 per cent.
Segment
Revenue
share Description
Marine
services
35%
Advisory services across all
aspects of offshore and marine
operations.
Marine
warranty
services
25%
exposure to claims across all
maritime industry sectors.
Marine
operations
20%
decommissioning of offshore
assets.
Plus: Engineering & software including geo – 20 per cent.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
44
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-
uted across our three segments. The cost structure
of these segments is primarily driven by personnel
expenses, including both our own employees and
hired-in engineers and offshore personnel. Additional
significant costs include leasing of vessels and office
facilities, as well as supplier costs for equipment deliv
-
important part of our overall cost base.
Amounts in NOK million Total revenue
Moreld Apply 4 616
4 413
828
Total segments 9 858
Other/group (20)
Moreld group 9 838
Our primary market is the petroleum sector, where
we support Exploration & Production (E&P) compa
-
nies through a broad range of offshore services deliv-
ered across our three business segments. While Moreld
does not generate revenue directly from the extraction
of fossil fuels, we have indirect exposure to oil and gas
production as a key service provider for both the devel
-
opment of new infrastructure and the maintenance
-
ing demand for our services in the wider energy sector,
particularly from offshore wind developers. Moreld also
continues to expand its onshore footprint, providing
maintenance, modification and construction services
to industrial facilities.
Amounts in NOK million
Revenue
2025
Revenue
2024
Area of operation
1)
Oil & gas 8 811 6 390
Renewables & green energy solutions 449 360
Onshore industry 571 272
Other 7 102
Total 9 838 7 125
1) Revenues by area of operations will be disclosed according to
ESRS sectors once they are made available.
-
tal Shelf (NCS) are Moreld’s largest market, followed by
projects in Africa, the rest of Europe, Asia, Australia, and
the US and Canada.
Employees
Moreld employs approximately 2 000 people in 17
countries, spanning regions worldwide and providing
us access to global offshore markets.
Headcount by country:
Country Employees
Norway 1 366
Poland 297
UK 208
UAE 39
Azerbaijan 13
Malaysia 16
11
USA 13
Canada 9
Spain 8
Qatar 7
China 7
Singapore 6
6
Australia 3
Egypt 3
South Korea 1
Total 2 013
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
45
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Board of directors’ report
a significant portion of our workforce located in Nor
-
way, Poland, and the UK. Our presence in other regions
is mainly attributed to smaller offices supporting
Moreld’s value chain and key inputs and outputs
Moreld operates in a dynamic business-to-business
value chain, supporting operators in the offshore and
subsea markets. Our clients include companies in oil
and gas exploration and production, offshore wind
developers, operators involved in decommissioning
and other activities that require expertise on marine
environments. We provide a comprehensive suite of
services covering key elements of a project, includ
-
ing design, engineering, project management, main-
tenance and modification services, subsea installation,
and advisory services, as demonstrated in our value
chain illustration above. Our contributions are custom
-
ised to meet the specific requirements of each project,
positioning us as a key enabler of both fossil-based and
renewable energy solutions.
UPSTREAM
All activities upstream
enabling Moreld Group’s
core activities
OWNOPERATIONS
Moreld Group’s activities
PRIMARY
SECONDARY
DOWNSTREAM
All activities related to
services for customers and
activities following
service provision
Waste
management
Recruitment and
staffing services
Exploration and
production of
oil and gas
Production of
electricity
Decommissioning
Procurement
(buildings, IT systems,
office supplies)
Purchase of service
(transport, cantina
and cleaning)
Production of offshore,
and subsea equipment
Procurement of tools
and materials
Marine and offshore
advisory services
Design, engineering and project management
Procurement and supply chain management
(supplier relationship management, sourcing equipment and services)
IT services
(providing IT infrastructure, support and services)
Human resources
(recruitment, training, pay and HSE)
Management
(finance, strategy, legal, performance monitoring, customer relationship management)
Services provided: Full-scope offshore service provider for oil & gas, and renewable operations
Decommissioning
services
Maintenance &
modification services
Subsea installation
services
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
46
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Securing key inputs
As a provider of technical services, our most crucial
asset is the recruitment of dedicated and skilled per
-
sonnel who deliver value to our clients. This encom-
passes a diverse range of expertise in both onshore
and offshore roles, including project management,
engineering, and electrical work. To manage our most
important asset, our people, we actively work to be an
attractive employer and retain all the talented individ
-
uals we have (see S1). To secure the expertise we need,
we offer graduate programs and work closely with rele
-
vant educational institutions.
systems to deliver our services, making this a key input
for our business. To ensure continuous operations and
prevent potential interruptions, downtime, or data
breaches, cybersecurity is prioritised at the highest
level, as demonstrated in our business Conduct chap
-
Lastly, we procure a diverse range of tools, materi
-
als, and equipment for specific projects, primarily on
behalf of our clients and tailored to their requirements.
While client needs and preferences often guide pro
-
curement volumes and specifications, we frequently
define technical solutions and select suppliers based
on technical and commercial evaluations.
Where we do have the opportunity to influence pro
-
curement decisions, we have procedures in place
to assess and select the most sustainable materi
-
als, equipment, or solutions. Furthermore, we strive to
apply a reuse-first philosophy, always considering the
potential to utilise materials from stock before initiat
-
ing new purchases.
The value of our output
The largest share of Moreld’s revenue comes from sub
-
sea installation, maintenance, and modification pro-
jects, which are the company’s core services. These
projects enable operators to optimise production,
enhance operational efficiency, and extend the lifespan
of offshore assets. By ensuring the safe and reliable
operation of critical infrastructure, Moreld helps cus
-
tomers maximise hydrocarbon recovery while also
reducing emissions through more efficient and sus
-
tainable solutions, such as waste heat recovery and
electrification projects.
For customers, this results in reduced downtime,
increased asset performance, and compliance with
evolving industry regulations, including environmen
-
focus on long-term value creation, driven by opera
-
tional excellence and technological innovation. Other
stakeholders, including suppliers, regulatory bodies,
and local communities, gain from Moreld’s dedication
to safety, environmental stewardship, and industry best
practices, contributing to a responsible and resilient
energy sector.
Ultimately, the end-products of the value chains we
are involved in depends on the specific project we
are engaged in. However, most of our activities sup
-
port the delivery of both fossil-based and renewable
low-carbon energy products to the market, contribut
-
ing to energy security in society.
Strategy and sustainability
Our strategy and business model face both risks and
opportunities in addressing sustainability challenges.
We maintain a significant presence in the oil and gas
sector, providing services supporting the extraction
and consumption of petroleum products, which con
-
tribute to substantial greenhouse gas emissions. Simul-
taneously, we are committed to building a leading
industrial group that supports the energy transition by
leveraging our expertise in offshore renewables and
to help clients reduce their emissions.
Frontrunner within
carbon reduction
technologies and
services
Fast-expanding player
in renewable energy
markets and green
industries
Preferred service
partner for North
Sea operators
Top tier supplier in the
subsea and marine
engineering market
STRATEGIC PILLARS
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
47
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Current position vs goals
Today, engineering services toward the oil and gas sec
-
tor represent the largest share of our revenue, creat-
ing transition risk. Renewable and low-carbon projects
are growing but represent a smaller share of revenue
to medium term, we aim to maintain our activity in oil
and gas to meet society’s energy needs, while integrat
-
ing sustainability practices and offering decarbonisa-
tion solutions to clients.
Over the long term, as global demand for petroleum
diminishes and shifts toward other industries, our goal
is to further strengthen the position of our engineering
services, particularly in renewables and onshore indus
-
try. However, we recognise that the addressable market
for renewables in our key geographies is significantly
smaller than oil and gas, which presents a challenge for
scaling. To address this, we will focus on leveraging our
engineering expertise to capture niche opportunities in
offshore wind and other growing industries, while con
-
tinuing to develop carbon reduction technologies for
oil and gas clients.
Challenges and critical projects ahead
The main challenges ahead involve balancing
resources between established oil and gas activities
and new opportunities in renewables, and managing
supply chain emissions.
Critical projects include expanding renewable engi
-
neering capabilities and improving the data quality in
our emission reporting. These initiatives are essential to
achieving our long-term sustainability goals while main
-
taining operational resilience and competitiveness.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
48
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SBM2: Interests and views of stakeholders
Engaging with stakeholders is a key component of our
value creation process. We are committed to main
-
taining an ongoing dialogue to address stakeholder
expectations and information requests. This engage
-
ment is central to our due diligence and material-
ity assessments, allowing us to identify and evaluate
both actual and potential impacts, as well as risks and
opportunities.
Moreld connects with a diverse range of stakehold
-
ers, including customers, suppliers ,value chain work-
ers, employees, owners, and partners, through various
channels such as surveys, meetings, and digital plat
-
forms. Moreld actively seeks stakeholder input to
enhance our understanding and strengthen our
organisation. Moreld’s management connects with
stakeholders through a range of informal and ad-hoc
touchpoints, including monthly business reviews, Town
Hall meetings, supplier and customer meetings, inves
-
tor meetings, as well as other ongoing direct interac-
tions as needed. Management primarily interacts with
the board through quarterly board meetings and on
an ad hoc basis. Moreld’s reporting structure and risk
-
tion provided on sustainability matters addressed by
the undertaking’s administrative, management and
supervisory bodies.
The purpose of our engagement strategy is to gather
insights from a broad range of key stakeholders, essen
-
tial for informed strategic decision-making and our
long-term commitment to commercial success. Fur
-
ther details on how we engage with stakeholders are
outlined in the table on the next page.
1
45
8
27
36
Owners and investors
Interest groups
Suppliers
Employees
Bank, capital and insurance
Customers
Silent stakeholders
Board and management
MORELD GROUP’S STAKEHOLDER GROUPS
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
49
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Board of directors’ report
Stakeholder group How engagement is organised Purpose of engagement Examples of outcomes from the engagement
Employees
Townhalls
Regular team meetings
Surveys
Performance review
Training programs
Align company goals
Support professional development.
Lower turnover
Better workplace culture
Owners and investors
Quarterly financial reports
Provide financial and operational updates
Ensure transparency
Attract further investment
Continued investor confidence
Board and management
Board meetings
Strategy meetings
Ensure strong governance
Compliance
Strategy in line with owner’s interests
Customers
Management meetings
Project meetings
Customer feedback surveys
Understand customer’s needs
Higher customer satisfaction
Repeat business and invitation for tenders
Suppliers
Supplier meetings
Contract negotiations
Supplier audits
Strengthen supply chain relationships
Ensure quality
Cost efficiencies
Timely deliveries
Ethical sourcing
Bank, capital and insurance
Financial covenants reporting
Regular meetings
Secure funding
Manage risks
Better loan terms through refinancing of debt
Risk mitigation
local communities)
Partnerships
Sustainability initiatives
Adress social and environmental concerns
Sustainable business practices
Positive public relations
Silent stakeholders
(e.g. nature)
Public opinion
Minimise environmental impact
Lower emissions
Compliance with environmental laws
Own workforce
For topic-specific SBM-2 disclosures related to how the
perspectives of our own workforce including hired con
-
tractors, inform our operations and business model,
see S1-2 on page 94.
Value chain workers
We require suppliers and subcontractors to comply
with our code of conduct, which covers health and
safety, labour rights, and ethical standards. Moreld
strives to promote responsible practices across its
value chain. As detailed in chapter S2 about the work
-
ers in our value chain, we may indirectly impact the
workers through the sourcing of materials. We pre
-
dominantly source equipment (e.g. steel-based prod-
ucts) on behalf of our clients, based on their needs
and preferences related to specific projects. Our cli
-
ents will typically carry out their own due diligence of
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
50
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Annual report 2025
|
Board of directors’ report
the suppliers in which we source from. Additionally,
we further mitigate the risk of negative value chain
impact through Moreld’s own supply chain manage
-
ment procedures. This applies to both direct suppliers
to Moreld and supplier relationships we are involved
in due to client procurement. Contractual obligations
and periodic audits help mitigate risks related to work
-
ing conditions and human rights. These measures aim
to protect workers in our value chain and support our
sustainability objectives.
SBM3: Material impacts, risks and opportunities and
their interaction with strategy and business model
As a large industrial group with global operations,
Moreld impacts people and the environment in multi
-
ple ways. We are also exposed to significant sustaina-
bility-related risks, as well as opportunities in a market
that is gradually transitioning to low-carbon solutions.
to systematically identify our impacts, risks and oppor
-
-
ance matters. Our material sustainability matters are
summarised in the table on the next page according
to ESRS topic and sub-topic. We have also provided a
impacts and risks. The table further illustrates where
our impacts, risks, and opportunities are concentrated
within the value chain, and highlights the conclusion
of our material topics from both a financial and impact
-
tainability topic is disclosed alongside the relevant topi-
cal chapters of this statement.
While we disclose our full list of material impacts,
risks and opportunities below, we have not previously
undertaken a detailed, stand-alone mapping of how
each of these individually influences our business
model and strategy. Nevertheless, the identified risks,
particularly those related to value chain transparency,
human rights and governance, clearly indicate the
need to further strengthen our focus on compliance
and due diligence. This strategic emphasis will increas
-
ingly be reflected in how we operate and develop our
business model.
No material financial impacts from the undertaking’s iden
-
tified sustainability related risks and opportunities mate-
rialised in 2025. Furthermore, based on the information
available at the reporting date, the group has not identi
-
fied any material risks or opportunities that give rise to a
significant likelihood of material adjustments to the carry
-
ing amounts of assets or liabilities within the next annual
reporting period.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
51
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Material ESRS topic Material sub-topic IRO Value chain
Impact
material
Financial
material
E1 Climate change Climate change
mitigation
Contribution to the low carbon energy
Scope 3 value chain emissions
Scope 1 direct emissions from vessel operations
High High
Climate change
adaptation
Risk of declining revenue from slow transition to sustainable energy
Reduced profit potential due to limits on exploration and drilling
Financial exposure to EU ETS carbon credit price volatility
- High
Energy Scope 1 direct emissions from vessel operations
High High
E2 Pollution Pollution of air Air pollution from vessel fuel combustion
Financial and legal risk from accidental spills during installation (pollution related risk)
High -
E5 Circular economy Waste Waste generation and disposal impacts across onshore and offshore activities
High Medium
S1 Own workforce Working conditions Negative impact on workforce well-being from long working hours and poor work–life balance
Health and safety risks across offshore and onshore operations, including fatigue, stress, and injury expo-
sure
Financial and operational risks from health and safety incidents, particularly in offshore operations
High High
Equal treatment
and opportunities
Workforce development risk due to insufficient training and skills investment
High Medium
S2 Workers in the
value chain
Working conditions Risks to value-chain workers from limited oversight of upstream labour conditions
Reputational exposure due to limited transparency over labour conditions in the value chain
High High
Other work-related
rights
Potential of child and forced labour in upstream value chains due to limited sub-supplier transparency
High -
Corruption and
bribery
Risk of contributing to unethical practices in high corruption regions
Corruption and compliance risks across multi-jurisdiction supply chains
High High
Protection of whis-
tleblowers
Risk of misconduct persistence due to inadequate whistleblower protections
High Medium
Entity specific topics Cyber security Cybersecurity risks from phishing and social engineering attacks
Medium High
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
52
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Board of directors’ report
Resilience of strategy and business model
Moreld considers its strategy and business model resil
-
ient in addressing material impacts, risks, and opportu-
nities related to sustainability. This assessment is based
-
mate risk analysis conducted in 2025, both of which
were presented to key stakeholders, including man
-
agement and the board.
The analysis applied short-, medium-, and long-term
time horizons as defined in ESRS 1, evaluating transi
-
tion risks from oil and gas exposure, opportunities in
renewables, and carbon reduction technologies. Our
strategy incorporates diversification into low-carbon
and renewable engineering services, while maintaining
core services towards the oil and gas industry in the
near term. The resilience analysis is described in further
detail in the E1 chapter.
The qualitative assessments have been carried out
through a structured process involving workshops with
internal expert groups, interviews with key stakehold
-
ers, and scenario-based discussions to test the robust-
ness of our strategic direction. We have also considered
relate to potential incidents, breaches, and isolated
-
ventive actions, and continuous monitoring of these
This supports the overall conclusion that Moreld’s strat
-
egy and business model remain resilient across envi-
ronmental, social, and governance aspects.
IMPACT, RISK AND OPPORTUNITY MANAGEMENT
IRO1: Description of the process to identify and
assess material impacts, risks and opportunities
Over the past few years, sustainability has become an
integral part of our due diligence and risk management
processes. Sustainability-related risks are assessed
using risk matrices similar to those employed for other
-
hood and financial impact, regardless of risk type.
Our commitment to sustainability, and how we both
impact and are impacted by sustainability matters, is
reflected in our experience with voluntary reporting
-
-
to further strengthen our sustainability efforts by con
-
ducting a double materiality assessment in prepa-
ration for future mandatory sustainability reporting
according to the Corporate Sustainability Report
-
improved in 2025, and its conclusions form the basis
for our sustainability reporting and strategic priorities
as detailed below.
Double materiality assessment
Moreld conducted a double materiality assessment as
specified in the ESRS, with further clarifications from
over the short, medium, and long term, positively
or negatively impacts people, society, and the envi
-
ronment (impact materiality), and how sustainabil-
ity matters trigger or may trigger financial effects for
Moreld (financial materiality). Topics and sub-topics are
defined as material if they are material from either an
impact or financial perspective.
The double materiality assessment is conducted at a
group level and reflects the activities of all our market
segments and entities, as well as our upstream and
in double materiality assessment and involves stake
-
holder engagement. The process followed a four-step
methodology. Throughout the process, multiple work
-
shops involving key personnel and management from
Moreld and subsidiaries were held. We also engaged
external experts to assist us during the double materi
-
ality project.
Step 1: Understanding our business and sustainability
context
-
ity context based on our operations, activities, and
value chain. This involved understanding our organi
-
sational structure and the context in which we oper-
ate, including our clients, markets, operations, key
inputs, stakeholders, geography and regulatory land
-
scape. We achieved this through document analysis
and internal discussions within our company and the
project group responsible for conducting the materi
-
ality assessment.
Based on this exercise, we outlined a value chain for
the entire group, covering the market segments and
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
53
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Board of directors’ report
activities we are involved in. Additionally, we con-
ducted a mapping of relevant stakeholders and per-
across environmental, social, and governance matters.
This involved analysing information from previous
annual reports and sustainability reports, interviews
with stakeholders and experts on various sustainabil
-
ity topics, workshops, and industry documents such
key subsidiaries. Assumptions were limited and pri
-
marily related to market outlook and regulatory devel-
opments, supported by recognised industry sources.
Step 2: Identification of impacts, risks and opportunities
Building on insights from the previous step, we sys-
Moreld’s entire value chain. The process considered
Moreld’s impacts through our own operations and to
a certain extent also those resulting from our busi
-
ness relationships. This involved analysing internal and
external documents and engaging in dialogue with
stakeholders and experts on various sustainability top
-
ics. Examples of data sources and input parameters in
the process also included previous annual reports and
sustainability reports and industry documents such as
group operations and key subsidiaries. Assumptions
were limited and primarily related to market outlook
and regulatory developments, supported by recog
-
nised industry sources.
relevant to our business model and value chain. Each
primarily those outlined in ESRS, as well as entity-spe
-
linked to the appropriate activity within our value chain
to better understand where in our own operations,
-
tified, comprising 60 impacts and 45 financial risks and
opportunities.
Step 3: Assessing the consequence and likelihood of
impacts, risks and opportunities
using a scoring scale from 1 to 5, based on factors
defined by ESRS 1 and the underlying frameworks,
-
tional Enterprises.
A comprehensive scoring guide was developed to
ensure appropriate qualitative and quantitative thresh
-
olds tailored to Moreld specific context and financial
position. Stakeholder expectations were also consid
-
ered in the scoring process.
Step 4: Conclude on material topics
-
on a combination of the severity and likelihood for
impacts, and the combination of financial effect and
likelihood for risks and opportunities. To facilitate this,
we developed matrices for both impact and financial
based on the scoring conducted in the previous step.
-
ics, that exceeded the threshold values, were consid-
ered material for Moreld.
Thresholds for determining material sustainability
matters
We applied a matrix where materiality is defined based
on the combination of consequence and likelihood,
meaning that extraordinary severity (5) could result
assessed to be very low (1). Separate matrices were
used for impacts and for risks and opportunities.
Threshold Description
High
Material
topic
The topic has been assessed as
material for the company’s further
work with sustainability reporting.
Medium
Not
material
The topic has been assessed as not
material for the company’s further
work with sustainability reporting.
Low
Not
material
Impact assessment
The impact assessment evaluates how Moreld affects
people and the environment, both directly and indi
-
rectly. The framework scores impact based on sever-
ity, divided into scale, scope, and irremediability, and
assessed as "high" in the matrix were deemed material.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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High – material for reporting
The topic is both strategically
important and material for
reporting
Medium – not material for reporting
The topic may be material for future
reporting and should be monitored
Low – not material for reporting
The topic is considered non-
material for Moreld’s sustainability
reporting
FINANCIAL MATERIALITY
Likelihood
Potential financial effect
IMPACT MATERIALITY
Likelihood
Severity
Financial materiality assessment
The risks and opportunities matrix were used to assess
how Moreld’s financial position could be affected,
directly or indirectly. The framework scores financial
magnitude based on financial effect and the probabil
-
ity of occurrence. The probability is consistent with that
used in the impact materiality assessment. Risks and
opportunities assessed as "high" in the matrix were
deemed material.
Our financial materiality assessment further consid
-
ers how our impacts and dependencies could give
rise to sustainability-related risks and opportunities.
We assessed the potential financial effects of relevant
negative impacts. Potential impacts that could trig
-
ger financial risks have been identified in relation to
corruption and bribery, poor working conditions in the
value chain, and health and safety in our own work
-
force (see SBM-3 for further details). We have also iden-
tified a key dependency on oil and gas clients; under a
1.5°C transition scenario, reduced client activity could
create material financial risks for Moreld as outlined
in our climate risk assessment (see E1-SBM-3 and
Key considerations and assumptions in our double
materiality assessment
initially covered a variety of aspects that could lead to
sustainability-related impacts or create financial risks
and opportunities for Moreld. Particular attention was
given to our offshore operations, which, due to the
nature of the activities, are associated with heightened
sustainability risks. This includes both actual and poten
-
tial impacts related to environmental issues such as
climate and pollution as well as increased health and
safety risks.
Additionally, we engaged with affected stakeholders,
including our employees abroad to uncover poten
-
tial issues related to social or governance matters that
might be considered immaterial by our workforce in
-
resentatives outside Norway was therefore carried out.
Our double materiality process is dynamic and
will undergo adjustments as data and knowledge
improves, as part of our annual review.
Prioritising and monitoring our impacts, risks and
opportunities
At Moreld, we have established several governance
mechanisms to prioritise and monitor material impacts,
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
55
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safety culture across the organisation by focusing on
-
risks and opportunities related to climate. We closely
reporting of key metrics and reviews of relevant pol
-
icies and actions. The process to identify and assess
the double materiality assessment, while the man
-
-
all governance and sustainability processes, in which
committee, and board of directors are actively involved.
Risks are regularly prioritised and managed using the
group’s risk assessment matrix, which evaluates likeli
-
hood and financial impact. Sustainability-related risks
are integrated into this process and assessed on the
same basis. Further information on how we prioritise
-
tions.
Description of the processes to identify and
assess material climate-related impacts, risks and
opportunities
Climate-related impacts were identified through two
climate impacts associated with our business model
-
ter includes our role in enabling fossil-fuel activities,
-
tion in renewable projects (e.g., offshore wind, hydro-
gen), which enable emissions reductions in the energy
inventory.
Climate-related risks and opportunities were identi
-
fied through a scenario-based assessment of physi-
cal hazards and transition drivers, using two different
climate scenarios; a high-emission scenario for phys
-
ical risks and a low-emission scenario for transition
risks. For physical risk, we screened locations, activi
-
ties and assets where Moreld could be exposed to cli-
mate hazards using the classification in Appendix A to
assessment of physical risks used a high emissions
scenario (approximately 4°C of warming by 2100, e.g.,
SSP5 8.5). For each location we assessed which hazards
that were relevant (in terms of potential financial effect
on operations and assets) and their potential sever
-
ity based on the magnitude and duration of the haz-
ard, combined with its likelihood. Likelihood was based
on projections in the climate data we used and was
assessed based on the likelihood of a hazard material
-
ising in a certain location over the short, medium and
long term (for example the intensity and frequency of
storms at key offshore locations in which we operate).
For certain locations where climate data was not avail
-
able, we used nearby locations as proxy). The scope of
our physical climate risk assessment covers all mate
-
rial locations in Moreld’s own operations and selected
material locations in the upstream and downstream
value chain. At the reporting date, no material physical
risks were identified; however, the group is materially
exposed to several transition drivers.
Climate-related transition risks and opportunities
were identified qualitatively based on Moreld’s busi
-
ness model and potential transition drivers, including
regulatory changes, technology developments, mar
-
ket demand shifts and reputation. Transition risks and
opportunities were assessed under a low emission
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
56
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(1.5°C) scenario. The transition events identified involve
a shift from fossil-based energy to low-carbon sources
and represents inevitable changes in the energy sys
-
tem in a low-emission scenario. The magnitude and
duration of the transition events identified is consid
-
ered to be significant and permanent in a 1.5°C trajec-
tory. The climate transition assessment has identified
activities and assets that are incompatible with a cli
-
mate neutral economy. This includes our activities
related to fossil-based industries, including the services
have not identified any material transition risks since
Moreld relies on leasing high-value assets rather than
owning. Our asset risk and risk of locked-in emissions is
therefore limited as we will be able to adjust our lease
arrangements to accommodate marked demand in a
low emission scenario, including low fuel alternatives
and vessels specialised in low-carbon markets such as
offshore wind and CCS.
All climate-related risks and opportunities were
assessed across the short-, medium-, and long-term,
as defined under time horizons on page 34 (see BP
-
ties, the definition of short-term covers the next five
years (2025-2030) which partly aligns with our strate
-
gic planning horizon and investment decision. Risks
and opportunities that are expected to materialise in
the medium and long term aligns with our strategic
planning.
For financial materiality, the thresholds applied to cli
-
mate-related risks and opportunities are set higher
than those used for other ESRS topics, as shown on
page 55. The deviation from our default financial
materiality thresholds reflects a higher uncertainty
inherent in estimating financial effects and likelihood
over extended time horizons. By adopting stricter
materiality thresholds for climate-related risks and
opportunities, we prioritise management attention
and disclosures on the risks and opportunities most
likely to become material over the short-, medium-,
and long-term under the relevant climate scenarios.
Risks and opportunities below the materiality thresh
-
old will remain on a watchlist and be reassessed
annually as the regulatory and technological land
-
scape evolves.
Climate-related assumptions in financial statements
No climate-related assumptions were used in pre
-
paring Moreld’s financial statements. This reflects
the company’s asset light business model and lim
-
ited exposure to long-lived or carbon-sensitive assets,
meaning that climate-related factors did not materially
affect valuations, useful lives, provisions or impairment
assessments during the reporting period.
OPPORTUNITIES
Likelihood
RISKS
Financial effect
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
57
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The climate scenario applied is therefore not in conflict
with the assumptions used in the financial statements.
-
lated impacts on the balance sheet, the scenario analy-
sis and financial statement judgements are considered
aligned and consistent for this reporting cycle.
Description of the processes to identify and assess
material pollution-related impacts, risks and
opportunities
opportunities, we screened Moreld’s own sites and
business activities that can generate pollution. The
assessment indicates that our primary pollution source
is air emissions from vessel operations (e.g., NOx) dur
-
ing offshore work. These emissions are localised at off-
shore worksites; based on available information and
the distance from populated areas, we did not iden
-
tify material impacts on nearby communities. As no
affected communities were identified for this topic, we
did not conduct community consultation.
For value-chain pollution, we performed an activity-
based assessment (upstream and downstream) but did
not carry out site-level screening of value-chain loca
-
tions.
Description of the processes to identify and assess
material water and marine resources-related impacts,
risks and opportunities
Under our double materiality assessment for ESRS E3
(Water and marine resources), we evaluated impacts,
risks, opportunities and dependencies in Moreld’s
own operations. We did not conduct site by site
screening of all assets because water use in our oper
-
ations is limited to office activities (drinking and sani-
less than 5 per cent of our employees are located in
offices in areas of high water stress. Together with
low absolute withdrawals, we concluded that water
related impacts and risks are immaterial at the report
-
ing date.
Marine resources are not a material input to Moreld’s
business model. Our offshore activities – including ves
-
sel operations and subsea construction – can generate
localised pressures (e.g., underwater noise, temporary
seabed disturbance) that could affect marine ecosys
-
of these activities, we assessed the related impacts
further details).
We did not identify affected communities in relation to
water and marine resources; therefore, no community
consultations were conducted for this topic.
For the value chain, we performed an activity based
assessment of potential water and marine impacts
upstream and downstream, but did not conduct site
level screening of value chain locations.
Description of processes to identify and assess
material biodiversity and ecosystem-related impacts,
risks and opportunities
assessed for our offshore activities, including ves
-
sel operations and subsea construction. We typically
none of the relevant sites are located in or near biologi
-
cally sensitive or protected areas. Based on our assess-
ment, the potential scope and scale of these impacts
using an activitybased approach rather than sitespe
-
cific assessments.
Based on Moreld’s business model and current activ
-
ities, we have not identified any dependencies on
ecosystem services, nor any material nature related
transition, physical, or systemic risks.
Description of processes to identify and assess
material resource use and circular economy-related
impacts, risks and opportunities
As part of our double materiality assessment, we
screened activities and assets across our own opera
-
tions and value chain for resource inflows and outflows
and waste. The screening was based on a mapping of
value chain activities and analysis of waste data from
both offshore and onshore operations. We are work
-
ing to improve the coverage and quality of resource
the nature of the impacts identified in the screening,
consultations with affected stakeholders were not con
-
ducted.
Description of the processes to identify and assess
material impacts, risks and opportunities related to
business conduct matters
Our assessment of impacts, risks, and opportunities
related to business conduct across the value chain is
based on commonly recognised risk drivers. We pri
-
marily evaluated country context and business activity/
sector to gauge the likelihood and severity of adverse
impacts and related financial risks.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
58
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Connections between impacts, dependencies, risks,
and opportunities
Moreld has considered how its material impacts and
dependencies relate to risks and opportunities through
assessment. Our operations depend on skilled engi
-
neering resources, reliable suppliers, and stable energy
markets. These dependencies create both risks, such
as transition risk from reduced oil and gas demand,
and opportunities, including growth in renewables and
carbon reduction technologies.
For example, our impact on greenhouse gas emis
-
sions is linked to transition risk if regulatory pressure
increases, but also to opportunities to deliver decar
-
bonisation solutions for clients. Similarly, dependency
on specialised suppliers introduces supply chain risk,
while enabling collaboration on innovative low-carbon
technologies.
IRO2: Disclosure requirements in ESRS covered by
the undertaking’s sustainability statement
Our sustainability statement incorporates the disclo
-
The inclusion of material information is based on the
results of our materiality assessment. For metrics, we
assess their relevance to our stakeholders and the met
-
rics ability to convey information about our impacts,
Disclosure Requirements in ESRS covered by our sustainability statement
Disclosure Requirements Page number
34
34-35
35-38
38-40
40-41
41
41-43
SBM-1: Strategy, business model and value chain 43-49
49-51
SBM-3: Material impacts, risks and opportunities and their interaction with strategy and business model 51
53-59
59-61
E1-1: Transition plan for climate change mitigation 67
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
59
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Disclosure Requirements Page number
E1-2: Policies related to climate change mitigation and adaption 67-68
E1-3: Actions and resources in relation to climate change policies 68-70
E1-4: Targets related to climate change mitigation and adaptation 70
E1-5: Energy consumption and mix 71
73
E2-1: Policies related to pollution 78-79
E2-2: Actions and resources related to pollution 79
E2-3: Targets related to pollution 79
E2-4: Pollution of air 80
E5-1: Policies related to resource use and circular economy 81-82
E5-2: Actions and resources related to resource use and circular economy 82-84
E5-3: Targets related to resource use and circular economy 83-84
E5-5: Resource outflows 84
EU taxonomy disclosures 85-87
S1-1: Policies related to own workforce 90-94
S1-2: Processes for engaging with own workforce and workers representatives about impacts 94-95
S1-3: Processes for remediate negative impacts and channels for own workforce to raise concerns 95
S1-4: Taking action on material impacts on own workforce, and approaches to managing material risks and pursuing material opportunities related to own workforce, and
effectiveness of those actions
95-97
S1-5: Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunities 97-98
S1-6: Characteristics of the undertaking’s employees 98
S1-7: Characteristics of the undertaking’s non-employees 98
99
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
60
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Disclosure Requirements Page number
S1-13: Training and skills development metrics 99-100
S1-14: Health and safety metrics 98-99
S1-15: Work-life balance metrics 99
99
S2-1 Policies related to value chain workers 103-104
S2-2: Processes for engaging with value chain workers 104-105
S2-3: Processes to remediate negative impacts and channels for value chain workers to raise concerns 105
S2-4: Taking actions on material impacts on value chain workers, and approaches to managing material risks and pursuing material opportunities related to value chain workers,
and effectiveness of those actions
106-107
S2-5 Targets related to managing material negative impacts, advancing positive impacts, and managing material risks and opportunity 107
109-111
111
112-113
115
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
61
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Sustainability statement 2025
Environmental disclosures
Moreld and group entities strive to operate in an environmentally responsible manner, guided by our relevant
policies and management systems. Our material impacts, risks, and opportunities are related to climate
change, pollution and ecosystems and resource use and circular economy. Our approach to addressing these
environmental issues is outlined in the following chapters.
SBM3: Material impacts, risks and opportunities and
their interaction with strategy and business model
Our climate impacts
through our downstream value chain, primarily due
to our role as a service provider and project execution
partner in the oil and gas sector. This involvement con
-
tributes to the extraction and use of fossil fuels, a major
source of global greenhouse gas emissions. Our own
operations also represent a substantial source of direct
that run on fossil fuels. Additionally, we have several
value chain (scope 3), caused by activities such as
sourcing materials like steel-based equipment, trans
-
portation and logistics services, and business travel.
Material impacts
Material impacts on climate change Sub-topic IRO Value chain Time horizon
Moreld contributes to greenhouse gas emissions through its role as a supplier to the oil and gas sector. By providing services that
facilitate the extraction and use of fossil fuels, the company indirectly supports activities that represent significant sources of
Climate change
mitigation
Actual negative
impact
Short term
Moreld’s services support the transition to a low-carbon energy system by enabling offshore wind development and
infrastructure, improving operational carbon performance by reducing emissions per barrel produced, and advancing hydrogen
production as well as carbon capture and storage (CCS) solutions. Together, these efforts help expand renewable capacity,
accelerate low-carbon hydrogen deployment, reduce emissions, and promote more sustainable energy solutions.
Climate change
mitigation
Actual negative
impact
Short term
our footprint, including purchased goods and services, transportation and distribution, employee commuting, and business
travel. A key driver is the embodied emissions in purchased goods and services – particularly steel, a major input to our projects.
Climate change
mitigation
Actual negative
impact
Short term
operations.
Climate change
mitigation
Actual negative
impact
Short term
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Conversely, parts of our services portfolio positively
impact climate change mitigation. This is linked to our
role as an enabler of the green energy transition, sup
-
porting the development and infrastructure of offshore
wind projects. More broadly, this also includes our
involvement in carbon capture and storage (CCS) and
other decarbonisation solutions, such as the electrifica
-
tion of fossil-powered systems.
Our climate-related impacts are directly linked to our
business model, the services we provide, and the mar
-
kets in which we operate, though they originate from
various sources. While many of these impacts stem
-
ments, the most significant climate impact arises from
our business relationships and our presence in the oil
statements.
The climate-related risks and opportunities we face
emissions present financial risks for Moreld as a com
-
pany. Most of our material climate transition risks stem
from our dependency on the oil and gas market and
the services we provide. This includes several intercon
-
nected long-term risks related to transitioning away
from fossil fuels, including oil and gas. Our material
risks in this regard includes declining demand, regula
-
tory changes and higher carbon pricing.
The energy transition also offers significant opportu
-
nities. This includes increased demand for decarbon-
isation projects within traditional oil and gas, as well
as growing demand in emerging low-carbon offshore
markets, such as offshore wind and segments of the
carbon capture and storage (CCS) value chain.
The physical climate risks we face are generally limited,
and our climate risk assessment has concluded that
none of the identified physical risks could cause mate
-
rial financial effects on Moreld.
Material risk and opportunities
Material risk and opportunity related to climate change Sub-topic Risk/opportunity Value chain Time horizon
Stricter carbon regulation and pricing represent a significant transition risk for Moreld. Rising EU ETS and national carbon
costs may reduce demand in the oil and gas segment.
Climate change
adaptation
Risk
Long
Non-credible transtition planning (clear decarbonisation roadmaps with targets, governance, data and reporting) can lead to
bid exclusions, lower tender scores and lost tenders as clients increasingly screen and score suppliers on these criteria.
Climate change
adaptation
Risk
Medium
A credible transition plan—with clear targets, actions, and resource allocation—can strengthen our competitive position and
increase win rates as clients increasingly evaluate climate responsibility in tenders.
Climate change
adaptation
Opportunity
Long
(NCS) and in other regions where Moreld operates.
Climate change
adaptation
Opportunity
Long
The accelerating shift to renewables and demand for low-carbon solutions create significant opportunities for Moreld. We can
scale established positions in offshore wind, CCS, hydrogen and decarbonisation services, while leveraging our engineering
capabilities to enter adjacent markets such as nuclear. Our depth across subsea construction, maintenance and modification,
and engineering enables integrated offerings and partnerships with niche suppliers—supporting strategic alliances and
differentiation in the green energy market
Climate change
adaptation
Opportunity
Long
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
63
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Moreld has addressed climate-related risks for several
years, making significant efforts to expand our portfolio
in support of the broader energy transition. Although
oil and gas remain our primary market, we have started
diversifying by investing in capabilities and technolo
-
gies positioned to play a key role in the energy transi-
tion.
Climate change resilience assessment
Moreld carried out a qualitative climate resilience
assessment in the first quarter of 2026. The assess
-
ment evaluates how Moreld’s business model and stra-
tegic direction may be affected under a 1.5°C transition
pathway and whether the company remains resilient as
global climate policy ambition strengthens. The anal
-
ysis builds on Moreld’s climate risk assessment con-
ducted in 2025 and incorporates updated strategic
insights from executive management.
Consistent with the climate risk assessment, only cli
-
mate related transition risks were identified as mate-
rial for Moreld. Physical climate risks were evaluated
but determined not to have material potential financial
effects on the group due to the nature of Moreld’s asset
light operating model and the limited physical expo
-
sure of its service portfolio. For this reason, the resilience
analysis focuses exclusively on transition related devel
-
opments in line with the ESRS materiality threshold.
The 1.5°C scenario used represents an extreme transition
pathway with rapid policy tightening and accelerated
phase out of fossil fuel demand. Moreld considers this
sufficient to cover its plausible transition related risks
and uncertainties, as any scenario with higher oil and
gas activity would present lower transition risk exposure
and therefore greater resilience for the company.
Key constraints in the analysis relate to uncertainties in
policy timing, technology adoption rates and market
demand shifts, which are the primary drivers of transi
-
tion risk exposure for Moreld.
Scope of the analysis
The climate-resilience assessment covered the tran
-
sition risks and opportunities identified as material
to Moreld’s business model. The analysis included all
operating segments and focused on the markets in
which Moreld delivered engineering, subsea, offshore
and project-delivery services.
Physical climate risks had been reviewed as part of the
2025 climate-risk assessment and were determined
not to be material. Accordingly, the resilience analysis
concentrated on transition-related factors, which rep
-
resented Moreld’s primary climate-related exposure.
0
20
40
60
80
100
120
140
160
210020802060204020202000
No climate policies
(4.1 – 4.8°C)
Current policies
(3.1 – 3.7°C)
Pledges
(2.6 – 3.2°C)
2.0°C pathways
Historic
1.5°C pathways
EMISSION SCENARIO
2
e
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
64
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The assessment evaluated how transition drivers could
affect Moreld’s strategic positioning, market expo
-
sure, service portfolio and operational flexibility across
short-, medium- and long-term horizons, using the
same scenario and timeframes applied in the cli
-
mate-risk assessment.
Methodology and scenario applied
The resilience analysis was performed by the corpo
-
2026 and built upon the climate risk assessment and
management workshop completed in the fall of 2025.
The climate risk assessment provided the foundational
identification of transition risks, while the 2025 work
-
shop with the Executive Management Team estab-
lished the underlying assumptions, scenario selection
and strategic considerations that informed the 2026
resilience evaluation.
To ensure consistency, the resilience analysis applied
the same 1.5°C low emission transition scenario
used in the climate risk assessment. This scenario
reflected rapid global policy tightening, rising carbon
prices and structural shifts in energy demand, along
-
side accelerated deployment of offshore wind, CCS
strengthened regulatory and stakeholder expecta
-
tions for climate aligned performance. The analy-
sis adopted the time horizons from our climate risk
assessment (BP2), as short and medium term risks
are considered limited and therefore less relevant to
maintain comparability across assessments and focus
on the longer term structural impacts that are most
material for Moreld.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
65
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The evaluation combined insights from the 2025 risk
assessment project with the 2026 qualitative review
of Moreld’s business model, enabling a continuity of
assumptions and a consistent analytical basis across
both exercises.
The resilience analysis considered Moreld’s ongoing
climate-related actions, with particular emphasis on
diversification into the onshore industry, which repre
-
sents a key adaptation action for Moreld.
Key transition dynamics assessed
The assessment considered a range of transition risk
drivers, including regulatory tightening, market shifts,
technological developments and stakeholder expecta
-
tions for climate alignment. Based on the climate risk
assessment and strategic discussions, the most rele
-
vant factors were:
Regulatory and policy developments: Strengthen-
ing climate policies and rising carbon prices posed
risks to traditional oil and gas–related services while
expanding future markets for CCS, renewables and
low carbon infrastructure.
Market and demand shifts: Under a 1.5°C pathway,
demand for fossil fuel related services was expected
to decline over time, while adjacent low carbon mar
-
kets were anticipated to scale at varying speeds.
Technology evolution: Rapid development of CCS,
offshore wind and subsea technologies could
require targeted investment and competence
upgrades.
Reputational and financial expectations: Clients,
lenders and investors are increasingly requiring
credible transition alignment and climate related
documentation in tender processes.
-
ity is concentrated on the Norwegian Continental Shelf,
where low carbon offshore markets (e.g. offshore wind)
have developed more slowly compared to other Euro
-
pean markets, the most material exposure related to the
timing of market shifts rather than long term viability.
Results of the analysis
The resilience analysis concluded that Moreld’s strat
-
egy and business model are resilient under a 1.5°C tran-
sition scenario.
This conclusion was supported by several factors:
Asset light operating model that limits stranded
asset exposure and allows vessel capacity to be
adapted as markets evolve. The two long term char
-
tered vessels can be redeployed into offshore wind,
CCS projects and marine infrastructure activities,
which reduces exposure to transition risks. With
vessels on 5 year charters, Moreld retains flexibility
to adjust its fleet in line with changing market con
-
ditions.
Highly transferable engineering, subsea and off-
shore competencies, which enable rapid rede-
ployment into offshore wind, CCS, electrification,
industrial decarbonisation and decommissioning.
Reskilling and workforce development: While core
competencies are highly transferable, the analysis
identified a need for ongoing investment in reskill
-
ing, training and development to ensure employ-
ees can meet evolving technical requirements in
low carbon markets. This includes upskilling in off
-
shore wind project execution, CCS operations, dig-
italisation, environmental impact assessment and
emerging regulatory frameworks. The availability
of training pathways and internal mobility supports
organisational resilience.
Long term market opportunities, particularly within
decommissioning and CCS, which are expected to
expand under a 1.5°C pathway regardless of short
term variations in the energy transition.
Geographic diversification potential, especially
towards larger offshore wind markets such as the
Norwegian market development.
Financial flexibility and access to capital: Moreld’s
asset light structure limits capital expenditure needs
and reduces exposure to high cost financing require
-
ments. This improves resilience under a 1.5°C sce-
nario, where capital may increasingly flow toward
low carbon activities. Although access to capital
remains an important requirement, the compa
-
ny’s limited need for balance sheet intensive invest-
ments, combined with a diversified service based
revenue model, supports the ability to secure fund
-
ing for capability development, reskilling initiatives
and strategic repositioning.
As no material physical climate risks were identified,
the key uncertainties instead relate to the pace and
sequencing of the transition, including which alterna
-
tive technologies will mature and at what scale. Under
these conditions, Moreld is assessed to be well posi
-
tioned to manage transition risks and to capture the
opportunities emerging from the shift to a low carbon
economy, particularly over the long term.
Uncertainties of the resilience analysis
The key uncertainties in the resilience assessment
relate to the assumptions of the 1.5°C transition sce
-
nario applied. The timing and sequencing of the transi-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
66
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|
Board of directors’ report
tion remain uncertain, particularly how quickly policies,
markets and demand will shift. There is also significant
uncertainty around which low-carbon technology path
-
ways will dominate, such as the relative development
of offshore wind, CCS, hydrogen, nuclear or distributed
solar. These variations could lead to market outcomes
that differ from those reflected in the selected scenario.
The analysis could be strengthened by assessing multi
-
ple technology pathways within a low-carbon scenario
and evaluating how their differing trajectories might
impact Moreld’s business. This was not included in the
current assessment and represents an important limi
-
tation.
E1-1: Transition plan for climate change mitigation
-
mate Change Transition Plan. This process involved
addressing our climate-related challenges and align
-
ing them with our organisational structure and existing
climate-related objectives. Achieving this alignment
requires thorough stakeholder engagement and inter
-
nal coordination. While progress was made through-
out 2025, we acknowledge that the process is not yet
complete. Consequently, we have decided to postpone
the finalisation of the plan until the amended European
Sustainability Reporting Standards (ESRS) are adopted.
This approach will ensure that our transition plan is
aligned with the latest regulatory requirements.
Impact, risk and opportunity management
E1-2: Policies related to climate change mitigation
and adaptation
Our group-wide policies addressing climate change
covering operating in an environmentally responsible
manner in our Code of Conduct. These policies apply
across all geographical locations where we operate
and encompass all employees, including temporary
staff. The policies are an integrated part of our man
-
agement systems and available to our employees. The
executive management team (EMT) holds the high
-
est level of accountability for implementing these pol-
icies. They are responsible for overseeing execution
objectives. These policies support our commitment to
meet stakeholder expectations to mitigate our environ
-
mental footprint related to climate change. Our group
policies do not explicitly address energy efficiency or
renewable energy deployment.
the group has adopted environmental policies tai
-
lored to their specific market segment. All our mate-
rial climate-related impacts, risks and opportunities are
addressed by our policies, either at group level or sub
-
sidiary level. The process for monitoring our climate-re-
lated policies include assigning clear responsibility
for implementing the policy, identifying and conduct
actions to support the policy objectives and annual
reviews of each policy to ensure their relevance and
-
sions and revenue by sector to monitor the effective-
ness of our mitigation and adaptation policies.
General ESG policy
-
tal principles across environmental, social, and gov-
ernance matters, including climate change. The policy
outlines our commitment to adhering to industry best
practices in environmental management and operat
-
ing responsibly to reduce the carbon footprint of both
-
sizes our dedication to helping clients achieve their
environmental objectives through our products and
services. This is supported by projects which include
climate change mitigation efforts (e.g. decarbonisation
solutions) or projects related to deployment of renew
-
able energy. The CEO is ultimately responsible for the
not explicitly address renewable energy deployment,
but address climate change mitigation, adaptation and
energy efficiency.
Key elements of subsidiary policies
Each of Moreld’s subsidiaries maintains its own envi
-
ronmental management policy tailored to its opera-
tional activities. These entity level policies are more
detailed because most of the Moreld’s environmen
-
tal impact, including vessel operations, site work and
engineering activities, occurs at subsidiary level. The
-
icy implementation, ensures regulatory compliance
and reports environmental performance into the group
governance structure.
Moreld Apply – environmental policy
-
ronmental management approach built around the
“People First” HSE principle, committing to sustain
-
able development, reduction of climate impact and
continuous improvement of its environmental man
-
agement system. The policy includes requirements
regarding compliance with regulatory and client
requirements, use of environmental assessments with
a lifecycle perspective, encouragement of low carbon
and energy efficient solutions, and application of cir
-
cular economy principles such as waste minimisation.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
67
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The policy addresses climate change mitigation and
energy efficiency, and supports adaptation through
address renewable energy deployment.
Ocean Installer – environmental management system
-
mental management system integrated into its global
HSE management system. The subsidiary identifies
and manages environmental aspects across all onshore
and offshore operations through project specific reg
-
isters, and applies extensive measures to reduce
Operations,” reduced transit speed, dynamic position
-
ing efficiency, hull cleaning and optimisation of vessel
schedules. The policy also governs MARPOL compli
-
ant waste management, structured chemical handling,
biodiversity and water protection measures.
The policy addresses climate change mitigation and
energy efficiency through vessel-optimisation prac
-
tices, and supports adaptation through project-specific
-
able energy deployment.
Global Maritime – sustainability policy
into its Sustainability Policy, committing to environ
-
mental protection, pollution prevention, and align-
the company’s limited scope 1 and scope 2 emissions,
its primary focus is on reducing scope 3 emissions and
integrating environmental considerations into engi
-
neering, marine assurance, and consultancy services
that support clients in their energy transition. Oper
-
ational controls include a structured travel-reduction
policy, as well as broader measures related to mitiga
-
tion, energy efficiency, and climate adaptation.
The policy addresses climate change mitigation, adap
-
tation, and energy efficiency through sustainabil-
ity-aligned engineering practices and established
operational controls. However, it does not include
measures related to renewable energy deployment.
E1-3: Actions and resources in relation to climate
change
To support our climate change policies and goals,
Moreld has taken several steps to mitigate and adapt
to climate-related impacts. Over the past year, we have
implemented a range of initiatives both within the
individual entities and at the group level. Our mitiga
-
tion efforts are designed to reduce our operational and
value-chain emissions, while our adaptation-related
actions – particularly those aimed at diversifying into
more climate-resilient market segments – strengthen
our long-term business resilience.
As the majority of Moreld’s direct emissions (scope
1 and 2) stem from construction vessel operations,
our recent actions have primarily focused on reduc
-
ing fuel consumption and improving operational effi-
ciency in our offshore fleet. With the adoption of a new
emissions reporting system and more comprehensive
scope 3 data available from 2026, we will increasingly
prioritise emission-reduction measures in our supply
chain and procurement activities going forward.
underlying data or robust estimates are available.
Expected future reductions are currently provided
as high-level estimates per decarbonisation lever,
baseline. At this stage, detailed forward-looking calcu
-
lation methods and modelling approaches have not yet
been established.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
68
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Actions
Entity Key action Category Expected outcome Scope Time horizon Contribution to policy/target
Decarbonisation lever: GHG management - Expected GHG emission reduction: 0 tonnes CO
2
e compared to 2025
emissions reporting system
enabling full scope 3 mapping
Mitigation
(Enabling)
transparency, ability to identify
material emission sources and
prioritise future actions.
Entire group, all subsidiaries,
upstream & downstream
categories
2026, continuous
improvement
Enables alignment with
ESRS E1 requirements
and supports long-term
reduction strategy
Decarbonisation lever: Vessel operations (scope 1/ scope 3.3).
Expected GHG emission reduction: 1 512 tonnes CO
2
e compared to 2025, representing the aggregated expected reduction from the actions described below, once fully implemented.
Ocean
Fuel-efficiency dry-dock
hull cleaning, anti-fouling re-coat,
propeller polishing
Mitigation 3–6% fuel reduction for the vessel
depending on pre-clean condition;
lower operational emissions
(construction support
vessel)
Conducted Q1
2026
Contributes to reduction of
scope 1 emissions from vessel
operations
Ocean
Efficiency Management
Mitigation
~3% CO
2
reduction vs baseline
through active power management
All long-term chartered
vessels
Ongoing Supports fleet-level
operational emission
reductions
Ocean
Offering biofuel as an alternative
to customers in project planning
Mitigation Enables lower-carbon fuel use
depending on customer selection
Project execution with
customer collaboration
Ongoing Supports transition to
alternative fuels
Decarbonisation lever: Procurement (scope 3).
Expected GHG emission reduction: 3 514 tonnes CO
2
e compared to 2025, representing the aggregated expected reduction from the actions described below, once fully implemented.
Moreld
Apply
Sustainable procurement
principles & strategic supplier
engagement
Mitigation.
lever: Procurement
Reduced supply-chain emissions
and improved supplier
sustainability
Upstream value chain 2025–2026 Supports scope 3 category 1
reductions
Moreld
Apply
Transport emission-reduction
measures (shipment
consolidation, local storage,
modal shift)
Mitigation Lower emissions from inbound
logistics
Upstream logistics 2026 rollout Supports reductions
in upstream transport
emissions
Moreld
Apply
Sustainability screening in design
phase using CO
2
calculator
Mitigation Lower-emission material and
concept selection
Engineering/design projects 2025 onward Supports emission
reductions for customers
Climate change adaptation: Transition action
Moreld
Apply
Execution of Boliden Zinc
industrial project
Adaptation Strengthened resilience
and diversification toward
climate-resilient sectors
positions Moreld Apply to
bid for other other project
Completed 2025
+ ongoing
Supports long-term strategic
adaptation
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
69
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|
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vary year-to-year depending on project mix and exe
-
cution characteristics, including vessel utilisation, sail-
ing distances, operating profiles and project locations.
Emission reduction estimates are therefore based on
2025 activity levels as a reference baseline and should
be regarded as high-level and indicative.
The estimated reductions reflect the expected impact
of planned actions under current and conservative
assumptions. Certain measures, including increased
biofuel use, depend on external factors such as cus
-
tomer demand, fuel availability and market conditions,
and actual emission reductions may therefore differ.
-
oritise identifying additional long term mitigation and
adaptation actions that align with our overall decar
-
bonisation pathway and strengthen our preparedness
for climate related risks.
The planned actions are integrated into ordinary oper-
ations and are not expected to require extraordinary
resource allocation. Moreld’s asset light business model
and limited capital needs mean that implementation can
largely be supported within existing operational and finan
-
cial frameworks, although continued access to finance at
a reasonable cost remains important for general business
resilience and future strategic development.
Metrics and targets
E1-4: Targets related to climate change mitigation
and adaptation
Moreld has not yet established climate-related targets
at group level or at subsidiarity-level. Some subsidiar
-
ies have set internal climate ambitions, including annual
reduction goals and long-term aspirations. These sub
-
sidiary ambitions do not meet the ESRS requirements
for baseline definition, scope coverage and quantifia
-
ble measurement. Moreld plan to set group-level cli-
mate targets and develop a climate transition plan when
revised ESRS is adopted.
We have not established any time-bound measurable
group targets for climate change in 2026. We expect
that with the finalisation of a transition plan, we will be
better suited to set these targets. However, we have
an ambition to reduce our scope 1 and scope 2 emis
-
sions. Because our policies are directly connected to
our operational activities, this approach enabled us to
monitor the effectiveness of our climate related meas
-
ures by tracking year on year emissions progression.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
70
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E1-5: Energy consumption and mix
Unit 2025
Total energy consumption related to own operations MWh 163 885
Fuel consumption from renewable sources MWh 0
Consumption of purchased or acquired electricity, heat, steam, and cooling from renewable sources (market-based) MWh 1 144
Consumption of self-generated non-fuel renewable energy MWh 0
Total energy consumption from renewable sources MWh 1 144
Percentage of renewable sources in total energy consumption % 0.7
Fuel consumption from coal and coal production MWh 0
Fuel consumption from crude oil and petroleum products MWh 158 784
Fuel consumption from natural gas MWh 0
Fuel consumption from other fossil fuels MWh 0
Consumption of purchased or acquired electricity, heat, steam, or cooling from fossil sources (market-based) MWh 3 957
Total energy consumption from fossil sources MWh 162 741
Percentage of fossil sources in total energy consumption % 99.3
Total energy consumption from nuclear sources MWh Not available
Percentage of nuclear sources in total energy consumption % Not available
Energy intensity from high impact industries
High climate impact sectors are those listed in NACE
Sections A to H and Section L (as defined in Commis
-
Moreld’s revenues are classified as deriving from a high
climate impact sector. While Moreld Apply and Ocean
M (Proffesional, scientific and technical activities) and
therefore excluded from the scalculation of energy con
-
sumption per net revenue from high impact sectors.
MWh
1)
/NOK million revenue
2)
2025
Energy consumption per net revenue from high impact sector 18.2
1) 163 576 MWh, which is sum of reported energy consumption excluding Global Maritime (309 MWh).
2) NOK 9 029 million which is sum of reported segment revenue for Ocean Installer and Moreld Apply further described in note 5 Operating segments in the financial accounts.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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E1-6: Gross scopes 1, 2, 3 and total GHG emissions
For 2025, Moreld reported total greenhouse gas emis
-
our own operations and value chain. The largest emis
-
-
ing for 135 000 tonnes. This is followed by scope 1
emissions, primarily fuel use in vessels, amounting to
47 000 tonnes, and Fuel- and Energy-Related Activities
(FERA), which capture the upstream emissions asso
-
ciated with the extraction and transportation of pur-
chased fuels, contributing 10 000 tonnes. Together,
these three categories represent nearly 97 per cent of
Moreld’s total reported emissions
Assessment of relevant scope 3 categories
ESRS E1 requires entities to report scope 1, scope 2, and
all significant scope 3 categories. Under the standard,
significant categories are defined as those that consti
-
tute a priority for the undertaking, based on materiality
and contribution to the entity’s overall emissions profile.
Certain scope 3 categories are not relevant for Moreld.
another category, and in others, Moreld does not con
-
duct activities that give rise to emissions within that
category. These categories have therefore not been
assessed further:
Category 8 – Upstream leased assets
Category 10 – Processing of sold products
Category 14 – Franchises
Assessment of significant scope 3 categories
The remaining scope 3 categories were assessed
based on their expected contribution to total scope
3 emissions, Moreld’s ability to influence the underly
-
ing drivers of emissions, and stakeholder expectations.
Following this assessment, the categories that met
the threshold for significance have been included in
Moreld’s scope 3 reporting.
The table below covers Moreld’s emission reporting.
None of Moreld’s scope 1 emissions are regulated under
emissions trading schemes. Calculation method and
methodology is only provided for emission factors that
are reported on.
Category Contribution to scope 3 emissions Influence over emissions Stakeholder expectations Significant?
1: Purchased goods and services High Medium High Yes
2: Capital goods Limited High Low No
3: Fuel- and energy related activities Medium Medium Low Yes
4: Upstream transportation and distribution Low Medium Low Yes
5: Waste generated in operations Low High Medium Yes
6: Business travel Low High Medium Yes
7: Employee commuting Low Low Low No
9: Downstream transportation and distribution Low Low Low No
11: Use of sold products Low Low Low No
12: End-of-life treatment of sold products Low Low Low No
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
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Gross scopes 1, 2, 3 and total GHG emissions
Retrospective Milestones and target years
Base year Comparative (2024) 2025 % 2025/2024 2025 2030 2050 Annual % target/ base year
Scope 1 GHG emissions
2
e)
43 620 43 620
emission trading scheme (%)
0% 0%
Scope 2 GHG emissions
2
e)
304 304
2
e)
1 147 1 147
emissions (%)
0% 0%
Significant scope 3 GHG emissions
2
e)
150 427 150 427
C1: Purchased goods and services 135 032 135 032
C3: Fuel and energy related activities 9 874 9 874
C4: Upstream transportation and distribution 3 061 3 061
C5: Waste generation in operations 81 81
C6: Business travel 2 379 2 379
Total GHG emissions
194 351 194 351
195 194 195 194
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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GHG emission intensity
tCO
2
e / NOK million revenue
1)
2025
20.0
19.9
1) Total revenue and other operating income as presented in
note 5 operating segments in Moreld’s financial statements for
2025 (NOK 9 838 million).
Calculation method
The calculation methodology applied to these metrics
is outlined below. None of the metrics have been val
-
idated by an external body other than the assurance
provider. The currency that is used in all intensity meas
-
ures is revenue in Norwegian kroner which is the pres-
entation currency in Moreld’s financial statements.
The reporting boundary for the carbon accounts fol
-
lows the operational boundaries applied in the financial
accounts and includes all entities where the group has
operational control.
Within the carbon accounts, 99.9 per cent of Moreld’s
scope 1 and 2 data is derived from activity-based infor
-
mation, which reduces the level of uncertainty. For
scope 3 emissions, 9.9 per cent of the data is activity
based, while the remaining 90.1 per cent is estimated
using spend based calculations.
Calculation method, estimates and sources of uncertainty
Reported Metrics Accounting policies, methodologies, and assumptions
E1-5 Energy consumption
The emission calculations predominantly rely on industry/product average emission factors, which introduces a degree of uncertainty.
Energy consumption metrics presented under E1-5 are calculated from market-based energy data.
E1-6 Carbon accounts
overall assumption
underlying data per category.
Activity-based methodologies are applied where direct consumption or quantity data exist (e.g., fuel volumes, electricity use, travel distance). These provide the highest
level of accuracy.
Spend-based methodologies are applied for scope 3 categories where quantity data are unavailable or impractical to collect (e.g., broad purchased services). These sup-
port high-level estimates but introduce higher uncertainty and less visibility into specific drivers of emissions.
99.9 per cent of our scope 1 and scope 2 emissions are calculated using activity-based methodology, and 9.9 per cent of our scope 3 emissions are based on activity data.
emission factors is limited and restricted to reputable databases integrated into the company’s emission reporting system.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Reported Metrics Accounting policies, methodologies, and assumptions
Scope 1 GHG emissions Methodology:
(petrol and diesel) is included based on quantities drawn from internal reporting.
Emission factors:
Key assumptions:
Reported fuel volumes accurately reflect operational use.
Limitations & Uncertainty:
Low uncertainty. Activity data are directly measured, with uncertainty primarily linked to emission factor precision.
Scope 2 GHG emissions Methodology:
Activity-based using reported electricity consumption. For smaller offices where exact readings are unavailable, estimates are based on building size and comparable
locations.
Emission factors:
Electricity:
Key assumptions:
Nordic electricity mix is applied for Norwegian operations as it dominates total electricity consumption.
Estimated values for minor locations represent actual usage reliably.
Limitations & Uncertainty:
Low uncertainty, driven mainly by emission factor selection for electricity mixes.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Reported Metrics Accounting policies, methodologies, and assumptions
Scope 3 - C1:
Purchased goods and
services
Methodology:
Spend-based. Supplier spend is extracted from accounting systems and matched to industry-specific emission factors based on supplier industry codes and geography.
A tiered hybrid life-cycle inventory tool from Morescope was used to calculate spend-based emissions.
Emission factors:
Additional validation performed for large suppliers; exclusions applied to avoid double counting (e.g., fuel already reported in scope 1/3C3).
Key assumptions:
Spend is a reasonable proxy for embedded emissions.
Supplier industry codes accurately represent operational activities.
Limitations & Uncertainty:
High uncertainty due to limitations inherent in spend-based methodologies (e.g., supplier margin vs. material intensity, misclassification risk). Risk of poor link between
industry code (NACE) and actual emissions from the specific product/service purchased (e.g. purchase of low-carbon steel is not reflected in generic NACE-code factors).
Scope 3 – C3:
Fuel and energy-related
emissions
Methodology:
Activity-based using reported fuel and electricity consumption. Upstream emissions (Well-to-Tank, WTT) are calculated using relevant upstream factors.
Emission factors:
Key assumptions:
Limitations & Uncertainty:
Low uncertainty, mainly driven by upstream emission factor variability.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Reported Metrics Accounting policies, methodologies, and assumptions
Scope 3 – C4:
Upstream transport and
distribution
Methodology:
Activity and spend-based. From certain providers data on number of km of transport has been collected. For providers where this is missing Transportation and logistics
spend has been reclassified from category 1 to category 4 to isolate relevant emissions. A tiered hybrid life-cycle inventory tool from Morescope was used to calculate
spend-based emissions.
Emission factors:
Key assumptions:
Supplier industry sector correctly reflects transport mode and intensity.
Limitations & Uncertainty:
High uncertainty due to spend-based modelling and limited transparency into actual transport distances and modes. See more details under scope 3 category 1.
Scope 3 – C5:
Waste generated in
operations
Methodology:
Mixed activity- and spend-based, depending on data availability:
Flights: Activity-based using flight distance from travel agency records (km per route/class). Flights represent the largest share of the reported emissions in the cate-
gory.
Hotels, taxis and other modes: Spend-based when activity data (nights, km) are unavailable. A tiered hybrid life-cycle inventory tool from Morescope was used to calcu-
late spend-based emissions.
Emission factors:
Key assumptions:
Class of travel is correctly registered, as it significantly influences emissions.
Spend-based hotel and taxi emissions approximate actual usage when quantity data is unavailable. See more details under scope 3 category 1.
Limitations & Uncertainty:
Activity-based flight data has lower uncertainty but may vary due to flight routing or calculation based on great-circle distance.
Moderate to high uncertainty for spend-based elements.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Strategy
SBM3: Material impacts, risks and opportunities and
their interaction with strategy and business model
Impact on air pollution
Marine operations are an integral part of our business
activities, involving the operation of vessels to deliver a
wide range of services to clients in the offshore energy
and marine markets. A material environmental impact
of vessel operations include air pollution, resulting from
the combustion of fossil fuel. This releases pollutants
such as nitrogen oxides (NOx/NO2), carbon monox
-
-
ticulate matter (PM) into the atmosphere, affecting air
quality and potentially contributing to acid rain. This
impact is inherent to our business model and occurs
regularly as a direct consequence of the services we
provide to our clients.
E2 - Pollution Sub-topic IRO Value chain Time horizon
Moreld contributes to air pollution through the operation of construction support vessels. Combustion of fuel in these vessels
matter (PM).
Pollution
to air
Actual negative
impact
Short term
Pollution-related risk
Our offshore operations are also associated with risk
of water pollution which could have a financial impact
on Moreld. By providing engineering solutions, designs
and installation services to offshore clients, we are
exposed to financial risk if any spill is attributed to our
work. Potential impacts include cleanup and remedia
-
tion costs, regulatory penalties, third party claims, and
and there was no associated financial effect on Moreld.
E2 - Pollution Sub-topic IRO Value chain Time horizon
Moreld could face financial costs if engineering design flaws or incidents in the installation phase lead to accidental spills,
resulting in substantial cleanup and remediation costs, compensation/restitution, fines and penalties, and legal liabilities. Such
incidents can also damage the company’s reputation and trigger stricter regulatory scrutiny.
Pollution
to water
Risk
Short term
Moreld addresses these risks and impacts by adher-
ing to strict quality and operational routines and imple-
menting measures to reduce emissions from our
marine operations. Through these policies and actions,
we aim to minimise our environmental footprint, mit
-
igate financial risks associated with pollution and
strengthen the resilience of our strategy and business
model.
Impact, risk and opportunity management
E2-1: Policies related to pollution
The executive management team (EMT) holds the high-
est level of accountability for implementing all policies,
including the policies that address our pollution-related
day responsibility for overseeing execution is delegated to
the relevant management positions within each entity.
Across our group, we have several policies providing
guidelines to address risks and impacts related to pollu
-
tion. We are committed to identifying, controlling, and
monitoring environmental aspects and impacts asso
-
ciated with our business to minimise our environmen-
tal footprint, including air pollution and potential spills.
Pollution-related risks and impacts are addressed in
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
78
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and impacts management procedures. The policies are
not pollutant-specific; they address our environmen
-
tal impacts more broadly. Accordingly, they cover each
pollutant we have assessed as material, consistent with
and reported under E2-4.
General ESG policy
policy is provided in the policy section of the E1 chap
-
ter. Our material air pollution impacts arise from the
combustion of fossil fuels, which is also our largest
direct source of greenhouse gas emissions. Accord
-
ingly, our air pollution mitigation policies and actions
align with our commitment to reduce greenhouse gas
emissions.
Environmental aspects and impacts management
procedures
Each of the subsidiaries have environmental pol
-
icies that encompass all facets of our operations.
These policies mandates a risk evaluation to identify
environmental hazards and assess associated risks,
including pollution and spills. The process involves
identifying existing control measures, assessing the
potential severity of environmental aspects, deter
-
mining the likelihood of occurrence, and evaluating
-
sary, a job-specific environmental management plan
is developed to address these aspects and impacts.
Any environmental incidents or near misses, such as
spills, are reported in accordance with our company’s
reporting procedures. By implementing these poli
-
cies, we aim to effectively manage pollution and spills,
ensuring our operations mitigate negative environ
-
mental impacts.
E2-2: Actions and resources related to pollution
Our actions to address air pollution align with our
scope 1 climate change mitigation actions to reduce
reduce scope 1 emissions from our vessels will directly
-
lutants such as NOx and particular matters (PM). These
actions include regular hull-cleaning, reducing transit
speeds, and implementing green operations aboard
all our construction vessels. Further details of our key
addition to the actions outlined in E1, we monitor and
-
mance.
Metrics and targets
E2-3: Targets related to pollution
We have not established any time-bound and out
-
come-oriented targets on air pollution, as these targets
are expected to be set following the adoption of a cli
-
mate transition plan. However, our ambition is to con-
tinuously reduce our environmental impact in this area.
We assess the effectiveness of our policies and actions
by tracking our annual emission of material air pollut
-
drafting our transition plan, we will also consider estab
-
both absolute and intensity values.
Pollution to water has been identified as a finan
-
cial risk for Moreld to monitor and manage spills,
Moreld applies an entity specific metric that tracks
any reported unplanned spills to water. The company’s
ambition is to maintain zero incidents, and there were
no reported spills in 2025.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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E2-4: Pollution of air
and PM, based on the volume of fossil fuel consumed
in 2025. Petrol and diesel consumption for land-based
purposes is considered immaterial and is not included
in the table below. Emissions from the pollutants in the
table below originate from our construction vessels.
Atmospheric pollutants Unit 2025
m
3
16 291.8
Particulate matter (PM), in air kg/year 21 016
kg/year 33 626
Carbon monoxide (CO), in air kg/year 40 632
Nitrogen Oxide (NOx/NO
2
), in air kg/year 335 561
Entity-Specific KPI: Unplanned spills to water
-
dents involving unplanned releases or discharges to
water. All incidents are documented through Moreld’s
monthly, while any major spills are reported immedi
-
ately in accordance with established escalation proce-
dures and regulatory requirements.
-
tial financial risks associated with unplanned spills
to water, such as operational interruptions, clean-up
costs, regulatory enforcement actions, or finan
-
cial liabilities. As the risk is financial rather than
to the information necessary to understand, monitor,
and manage this risk.
KPI Unit 2025
Unplanned spills to water Number of incidents 0
Calculation method, estimates and sources of
uncertainty
a quarterly basis in cubic metres (m
3
). Moreld had two
construction vessels on long term charter for the full
year 2025, consumption of fuel from other vessels that
are chartered for specific projects is also included in
number of reported incidents. The reported metrics are
not validated by an external body other than the assur
-
ance provider.
Reported metric Accounting policies, methodologies and assumptions
Atmospheric pollutants
m
3
the relevant pollutants.
diesel under the general emission factors for navigation. The values used correspond to the statistical year 2024.
NOx
kg/tonne
CO
kg/tonne
kg/tonne
PM
kg/tonne
23.95 2.9 2.4 1.5
Unplanned spills
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Strategy
SBM3: Material impacts, risks and opportunities and
their interaction with strategy and business model
-
ronmental impacts due to waste generation. A sig-
nificant portion of our workforce is based onshore,
working from office locations. Onshore activities pro
-
-
ment, food waste, contributing to environmental
impacts. Offshore operations further exacerbate this
impact by generating both hazardous and non-hazard
-
ous waste, including organic waste, equipment, and
support structures like offshore grillage. Additionally,
waste from paper, packaging materials, and non-recy
-
clable items such as damaged components and pro-
tective coverings further contribute to environmental
degradation.
Material impacts
E5 – Circular economy Sub-topic IRO Value chain Time horizon
Moreld negatively impacts the environment through waste generation across both onshore and offshore operations. Onshore
activities predominantly produce general waste—including office supplies, electronics and peripherals, packaging, and food
waste. Offshore projects additionally generate substantial project-specific waste, including materials and components, temporary
support structures (e.g., offshore grillage), protective coverings, and damaged parts. A portion of this waste is directed to disposal
(e.g., incineration), which exacerbates environmental impacts.
Waste
Actual negative
impact
Short term
Our response to these impacts includes waste man-
agement practices in both onshore and offshore set-
tings. We have integrated circular economy principles
into our strategy, focusing on reducing, reusing, and
recycling materials to minimise our environmental foot
-
the group generated almost 312 tonnes of waste, note
that this can vary significantly from year to year based
on project activity and characteristics.
Impact, risk and opportunity management
E5-1: Policies related to resource use and circular
economy
At Moreld we are committed to managing our neg-
ative impacts related to resource use and the circu-
lar economy. Our commitment is emphasised in our
health, safety, and environment policies on and proce
-
dures on environmental aspects and impacts manage-
ment procedures. The policies applies to all onshore
and offshore activities conducted by or on behalf of
our subsidiaries, covering environmental manage
-
ment. The policies extends to our value chain partners,
such as supplier and subcontractor compliance with
HSE standards, and addresses waste management,
emissions, and resource use.
The policies address the impact related to waste gen-
erated from onshore and offshore activities and oper-
ations. For offshore operations, the HSE policies
complies with relevant regulations, requiring waste
segregation, recycling, and proper disposal to shore-
based facilities, as well as monitoring waste manage
-
ment practices through vessel owners. The policies
addresses transitioning away from virgin resources by
promoting the reuse of equipment and materials and
optimising material management processes to reduce
waste and leftover materials. Our policies emphasise
local purchasing and encourages use of materials with
high recycled content and remanufactured or refur
-
bished products to minimise environmental impact.
The policies references several third-party standards
45001 (Occupational Health and Safety), and MARPOL
-
tion at Sea).
The executive management team (EMT) is responsible
for implementing these policies, delegating authority to
relevant management positions within each entity. The
policies encompass our waste management practices
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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across both onshore locations and offshore operations
and are communicated regularly to relevant stakehold
-
ers.
Our waste management practices are based on the
waste hierarchy, guided by the following principles of
waste management:
Prevent
Reduce
Reuse
Recycle
These principles ensure that waste generated at our
operational sites, such as office buildings and vessels, is
managed in compliance with applicable local, national,
and international legal requirements. Waste is segre
-
gated according to local guidelines, based on common
recycling categories such as general waste, glass, plas
-
tic, cartons, paper, cardboard, and hazardous waste
like batteries and chemicals. Approved waste contrac
-
tors handle collection and final disposal, and waste
receipts are provided by the landlord or waste manage
-
ment company where feasible. Monitoring is achieved
through regular assessments, waste segregation and
reporting, energy usage tracking, and incident report
-
ing processes.
Our worksites are required to regularly monitor and
report on waste generated, recycled, and discharged,
as well as paper consumption. We promote appropriate
measures to ensure that hazardous substances are not
mixed with non-hazardous waste, and that hazardous
waste is not disposed of in drains or sinks.
All employees who may come into contact with spills
receive training on spill kit contents, available materi
-
als, proper waste disposal, and communication proce-
dures.
E5-2: Actions and resources related to resource use
and circular economy
resource efficiency and promote circular economy
practices. The key ongoing actions undertaken in 2025
are described below. The key focus is promoting waste
sorting, encouraging staff to segregate waste to sup
-
port our recycling and composting efforts, reinforcing
our policy commitment to effective waste manage
-
ment. The actions are executed by Moreld’s subsidiar-
ies and target efficient waste management in both our
onshore and offshore operations.
Furthermore, we have ongoing actions to enhance
waste management and circular economy practices
at our main office in Stavanger, which accommodates
approximately 50 per cent of our workforce. A key focus
is promoting waste sorting, encouraging staff to seg
-
regate waste to support our recycling and composting
efforts, reinforcing our policy commitment to effective
waste management.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Entity Key action Expected outcome Scope Time horizon Contribution to policy
Moreld
Apply
Actions to enhance waste management and circular economy
practices at our main office in Stavanger, which accommodates
segregation, recycling and composting efforts.
Reduced disposal of waste. Moreld main
office in
Stavanger.
Ongoing
Aligning with HSE and
environmental policies
Maritime
across all leased offices to minimise environmental footprint.
Reduced environmental impact
from office operations contributing
to improved environmental
conditions in our locations.
All leased
office
locations
globally.
Ongoing
Aligning with our HSE manual and
policy on environmental ascpect
and impacts management
Maritime
official supplier supporting its mission to rid the world’s oceans
of plastic. The Ocean Cleanup is an international, mission-driven
nonprofit that develops and scales technologies to rid the world’s
oceans of plastic, driving systemic change, and creating a lasting
positive impact for people, wildlife, and the planet.
Contribution to improvement in
Marine environments.
corporate
supplier
partnership.
Ongoing
Aligning with our HSE manual and
policy on environmental aspects
and impacts management
Aligning with our HSE manual and
policy on environmental ascpect
and impacts management
Ocean
its operations in partnership with Westcon, where all rigging is
sent back to their facilitate for inspection and storage.
Allowing for equipment to be
re-used and maintained.
Projects
executed with
Westcon.
Ongoing
Aligning with our environmental
policies on waste management
practices.
Ocean
shipbrokers, where waste streams are monitored and directed to
approved recycling or disposal facilities.
This ensures compliance with
maritime regulations and reduces
environmental impact.
All vessels
operated by
Ongoing
Aligning with our HSE manual and
policy on environmental aspects
and impacts management
Ocean
onshore operations, where all generated waste is recorded,
categorised, and reported regularly to ensure transparency.
Allowing for reduction in waste and
more waste directed from disposal
to recycling.
All operated
vessels and
office locations.
Ongoing
Aligning with our HSE manual and
policy on environmental aspects
and impacts management
We remain committed to exploring further opportuni-
ties to enhance our sustainability initiatives and miti-
gate our negative impacts on the environment across
all aspects of our operations.
Metrics and targets
E5-3: Targets related to resource use and circular
economy
We have not established time-bound, outcome-ori
-
ented targets for waste reduction. The company has
performance over multiple periods before defining a
formal time bound reduction target.
However, we have implemented processes to guide
continuous improvement in our waste management
efforts. These processes include regular monitoring
and reporting of waste generation and management
metrics as outlined in E5-5, which allow us to evalu
-
ate our current performance and identify areas for
improvement.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Our defined level of ambition is to reduce overall waste
generation and enhance recycling practices at all office
locations. Specifically, we aim to eliminate the pur
-
chase of single-use plastics and increase waste diver-
sion through recycling initiatives. Progress is currently
evaluated against ongoing internal assessments rather
than a formal base year, but we intend to establish a
defined baseline period to enable more structured
measurement in the coming years. We track the effec
-
tiveness of our policies and actions through the mon-
itoring of our waste management, including waste
generation, recycling rates, and how we comply with
regulatory requirements.
E5-5: Resource outflows: waste
The table discloses Moreld’s total waste in tonnes,
based on activity data reported by each of our enti
-
non-hazardous waste, further categorised into waste
diverted from disposal and waste directed to disposal.
The waste reported in the table covers Moreld’s waste
generation both onshore and offshore from our vessels.
The key materials present in our waste streams include
metals. Moreld’s significant waste mainly arises from
offshore operations and includes metal off-cuts and
project-related leftovers, residual waste from vessels,
and substantial volumes of bilge water discharged.No
radioactive waste was generated in 2025.
Unit 2025
Hazardous waste Tonnes 29.7
Tonnes 2.4
Preparation for reuse Tonnes
Recycling Tonnes 2.4
Other recovery operations Tonnes
Tonnes 27.3
Tonnes 27.2
Landfill Tonnes
Other disposal operations Tonnes 0.2
Non- hazardous waste Tonnes 395.1
Tonnes 158
Preparation for reuse Tonnes
Recycling Tonnes 152
Other recovery operations Tonnes 6.5
Tonnes 237
Tonnes 41
Landfill Tonnes 4.1
Other disposal operations Tonnes 191
Total waste Tonnes 424.8
Tonnes 160.7
% 38%
Tonnes 264.0
% 62%
Non- recycled waste
Tonnes 270.6
% 64%
1) "Other disposal operations” largely comprise bilge water from
vessel operations. The bilge water is treated on board prior to
discharge and released to the sea in compliance with relevant
environmental and maritime regulations.
Calculation method, estimates and sources of
uncertainty
Waste data is reported from waste management sup
-
pliers that either provide service to our office and ware-
house locations or handle waste from the vessels that
we use to execute projects. Reported data is primar
-
ily in kilograms, but in some cases in cubic meters. The
reported metrics are not validated by an external body
other than the assurance provider.
Where waste management suppliers do not pro
-
vide explicit documentation on final treatment meth-
ods, waste treatment categories are determined using
assumptions based on waste type, regulatory require
-
ments, and industry-standard practices. For ves-
sels, waste handling is performed in accordance with
MARPOL and applicable in-country regulations, and
reported treatment reflects the anticipated final treat
-
ment outcome at licensed shore-based facilities.
As a result, there may be uncertainties related to
the precise downstream treatment of certain waste
streams, particularly where sorting is performed by
third-party facilities or where data is reported in aggre
-
gated form. These uncertainties are addressed through
the application of conservative assumptions, internal
plausibility checks, and dialogue with waste manage
-
ment providers.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Repored metrics Accounting policies, methodologies and assumptions
Waste Our waste management supplier provide waste data in both kilograms and cubic meters. For data
reported in cubic meters, we used a volume-to-weight conversion factor to convert m³ to kg.
Streams dataset.
Plastic waste was converted using a density factor of 100 kg/m³, based on WRAP’s ‘Material Bulk
Mineral oil sent for incineration is originally reported in liters and has been converted to kilograms using
a density factor of 0.9 kg/l, based on standard reference densities for mineral oil (approximately 0.85 g/ml
at 20 °C), as reported by ChemicalBook.
EU TAXONOMY
-
omy Regulation, a framework for classifying environ-
mentally sustainable economic activities. Moreld has
adopted the EU Taxonomy reporting requirements
in line with Regulation (EU) 2020/852 and the associ
-
discloses the proportion of its group revenue, capital
expenditures (CapEx), and operational expenditures
(OpEx) that are linked to Taxonomy-eligible and Taxon
-
omy-aligned activities.
Reporting principles
The financial data used in this reporting is based on the
consolidated financial statements, which are prepared
otherwise stated, amounts are presented in NOK thou
-
sand and reconcile to the relevant line items in the con-
solidated financial statements.
For the 2025 reporting, Moreld applies the materiality
simplifications introduced by the European Commis
-
performed. Only activities that account for more than
10 per cent are subject to an eligibility assessment.
Revenues, CapEx and OpEx have been allocated to
economic activities in a mutually exclusive manner. No
double counting has occurred across activity catego
-
Key performance indicators under the EU
Taxonomy
Sales revenue
Total turnover is consistent with the amount reported
as revenue from contracts with customers in note 4 in
the consolidated financial statement.
Capital expenditure
For the purposes of the EU Taxonomy, total capital
expenditure consists of additions to intangible assets
(excluding goodwill), property, plant and equipment
and lease assets. These are reported in the notes to the
financial statements in note 13note
14 Property, plant and equipment and note 15 Leasing.
Additions to intangibles or property, plant and equip
-
ment from business combinations are also included as
capital expenditure in the Taxonomy.
Operating expenditure
Operating expenditures reported under the EU Tax
-
onomy include direct, non-capitalised costs that
are essential for maintaining the ongoing and effi
-
cient operation of assets. The definition is limited to
research and development, building renovation meas
-
ures, short-term lease, maintenance and repair, and any
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
85
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other direct expenditures relating to service of prop-
erty, plant and equipment. This definition deviates from
the definition used in financial reporting.
Economic activities of the Moreld Group
Sales revenue
For 2025, Moreld’s revenue was NOK 9.8 billion. 89.1 per
cent of this revenue is derived from engineering and
maintenance services provided to the offshore oil and
certain activities related to installation, maintenance,
repair, and services, none of the specific services pro
-
taxonomy eligibility. Consequently, Moreld has no tax
-
onomy-eligible revenue related to services delivered
to the oil and gas industry. Moreld continues to moni
-
tor updates to the EU Taxonomy to identify any future
changes that may impact the eligibility of its activities.
For 2025 no revenue linked to end customers in the oil
and gas industry are included.
An additional 5.8 per cent of the group’s revenue
derives from services provided to onshore industry,
mainly being the Boliden Project in Moreld Apply in
2025. The activities carried out by Moreld Apply at the
Boliden Zinc production facility do not fall within any of
the activities defined under the EU Taxonomy Regula
-
tion and are therefore considered to be non-eligible.
The remaining 5.1 per cent of Moreld’s revenue is pri
-
marily derived from services within renewables. These
activities are considered non-material (<10 per cent)
and are not assessed for eligibility nor alignment.
FY 2025
Amounts in NOK thousand
Moreld
Apply
Ocean
Maritime Moreld Total
Oil & gas 3 996 654 4 247 171 519 266 - 8 763 091 89.1%
Onshore industry 563 858 - 7 007 - 570 865 5.8%
Material activities 4 560 512 4 247 171 526 273 - 9 333 956 94.9%
Renewables 17 418 163 421 271 815 - 452 653 4.6%
Other 38 420 2 743 30 102 (19 545) 51 720 0.5%
Non-material activities 55 838 166 163 301 917 (19 545) 504 373 5.1%
Total revenue 4 616 349 4 413 335 828 190 (19 545) 9 838 329 100.0%
Capital expenditure
For 2025, Moreld’s capital expenditure was NOK 666
account for 82.4 per cent of the capital expenditure in
2025. The services enabled by these vessels are not cov
-
ered by any taxonomy-eligible activities and are there-
fore assessed as non-eligible. An additional 8.3 per cent
of capital expenditure relates to investments in patents
and licenses, mostly being investments in a new ERP
system in Moreld Apply which is also assessed as non-el
-
igible. The remaining 9.8 per cent of Moreld’s capital
expenditure is considered non-material (<10 per cent)
and is not assessed for eligibility nor alignment.
FY 2025
Amounts in NOK thousand Total
Right-of-use assets, vessels 548 964 82.0%
Patents and licences 55 010 8.2%
Material activities 603 974 90.2%
Right-of-use assets, buildings and plants 37 184 5.6%
Equipment 18 005 2.7%
Research and development 5 788 0.9%
Machinery 4 775 0.7%
Non-material activities 65 751 9.8%
Total CapEx 669 725 100.0%
Operating expenditure
Moreld operates under an asset-light business model,
characterised by limited ownership of physical assets
across the group. The group’s largest operational assets
responsibility for repair and maintenance rests with
the shipowners. Consequently, operating expenditure
as defined under the EU Taxonomy is of limited rele
-
2021/2178, the group has therefore not performed an
assessment of taxonomy eligibility or alignment for
OpEx. Nevertheless, OpEx has been estimated as the
sum of “Repair and maintenance costs” and “Rental
and leasing costs” as disclosed in note 11 in the con
-
solidated financial statements. For 2025, OpEx is esti-
mated at NOK 5.7 million.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
86
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Minimum social safeguards
As Moreld has not identified any Taxonomy-aligned
activities for the reporting period, an assessment of
compliance with the Minimum Social Safeguards (Arti
-
cle 18 of the EU Taxonomy Regulation) has not been
performed for alignment purposes. Moreld remains
committed to conducting its operations in accordance
with applicable laws and internationally recognised
standards for responsible business conduct.
Summary
-
ings.
KPI
Total (NOK
thousand)
Proportion
of
Taxonomy
eligible
activities
Taxonomy
aligned
activities
(NOK
thousand)
Proportion
of
taxonomy
aligned-
activities
Breakdown by environmental objectives of Taxonomy-aligned activities
Proportion
of enabling
activities
Proportion
of
transitional
activities
Not
assessed
activities
considered
non-
material
Taxonomy
aligned
activities
in previous
financial
year (2024)
Proportion
of
taxonomy-
aligned
activities
in previous
financial
year (2024)
Climate
change
mitigation
Climate
change
adaptation Water
Circular
economy Pollution Biodiversity
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
Text Currency % Currency % % % % % % % % % % Currency %
Turnover 9 838 329 0 % 0 0 % 0 % 0 % 5.1% NA NA
CapEx 669 725 0 % 0 0 % 0 % 0 % 9.8% NA NA
OpEx 5 677 0 % 0 0 % 0 % 0 % 100.0% NA NA
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
87
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Sustainability in Moreld:
Social disclosures
Strategy
SBM-3: Material impacts, risks and opportunities and
their interaction with strategy and business model
As a major offshore service provider with approximately
2 000 employees worldwide, Moreld acknowledges its
responsibility and the impact we have on our workforce.
between 500 and 1 000 individual contractors through
-
out the year. Contractors are hired-in personnel engaged
through consultancy agreements or staffing agencies
and constitute an essential part of our workforce, par
-
ticularly during periods of high activity. Our activities and
operations are linked to various impacts and risks con
-
cerning our employees, as detailed below.
assessments directly informs the group’s business
model and strategic direction, e.g. by strengthening our
focus on safety and operational discipline. This focus is
reflected not only in targeted actions, but also in how we
manage day-to-day operations, prioritise resources and
plan future activities.
Impact, risk and opportunities related to working
conditions
The demanding nature of our services can lead to
excessive working hours, resulting in health issues,
stress, and a higher risk of accidents. These chal
-
lenges are exacerbated by our project-based nature,
which may affect work-life balance and employee
well-being. Our material health and safety impacts
are closely linked to our strategy and business model,
requiring on-site work in offshore environments
associated with higher safety risks, including the
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
88
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operation of vessels and heavy equipment. These
impacts are largely systemic to the industry we are
part of and affect both employees and non-employ
-
ees working offshore on platforms and vessels. Office
staff may also experience health-related impacts, but
the severity and likelihood for incidents are generally
considered lower.
Financial risks may arise from working condition
impacts such as work-related accidents, leading to
compensation claims, legal challenges, reputational
damage and termination of contracts. Recognising
these risks and impacts, we have prioritised health and
safety as a cornerstone of our strategic approach. We
have implemented rigorous safety standards and con
-
duct thorough background checks on business part-
ners to ensure compliance with our Code of Conduct.
Moreld has not identified any operations at signifi
-
cant risk of incidents of forced labour or child labour.
When conducting the materiality assessment, we
identified our offshore personnel to be at greater risk
of harm of severe health and safety incidents.
Impact, risk and opportunities related to equal
treatment and opportunity
Operating within a male-dominated industry, Moreld
recognises the potential negative impacts on gen
-
der balance and inclusion. The nature of our indus-
try is inherently linked to risks related to diversity and
equality. Moreld also recognises the potential negative
impact it can have on its workforce if we fail to provide
sufficient training and skills development, and how it
may affect the company’s overall productivity, and lead
to increased turnover.
Material impacts
S1- Own workforce Sub-topic Sub-sub-topic IRO Value chain Time horizon
Moreld may negatively affect its workforce through excessive working hours and poor work-
life balance. The project-based nature of its operations can require prolonged, high-pressure
work periods and overtime, which can undermine employee well-being and reduce family
engagement and leisure time.
Working
conditions
Work-life balance,
working time
Potential negative
impact
Short term
Moreld can negatively impact its workforce’s health and safety across offshore and onshore
operations. Long shifts and irregular hours can contribute to fatigue and stress, compromising
mental health and increasing sick leave rates. Offshore activities carry low probability, high
consequence risks that can result in severe health outcomes, as well as ongoing risks of lower
severity physical injuries. Onshore sites face routine hazards, including slips, trips, falls, and
other work related injuries associated with office based work.
Working
conditions
Health and safety
Potential negative
impact
Short term
Moreld may negatively impact its workforce by insufficiently addressing the risks associated
equity can enable discrimination and unequal access to opportunities (hiring, development,
promotion) and equal pay, fostering an environment where employees feel excluded or
undervalued.
Equal treatment and
opportunities for all
equality
Potential negative
impact
Short term
Moreld may negatively affect its workforce if it underinvests in training and skills development.
Limited access to learning opportunities can constrain career growth and internal mobility,
reduce job satisfaction and engagement, and leave employees feeling undervalued and
unprepared for evolving roles and technologies. Over time, these gaps may contribute to lower
productivity and quality and higher turnover.
Equal treatment and
opportunities for all
Training and skills
development
Potential negative
impact
Short term
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
89
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Material risk and opportunities
S1- Own workforce Sub-topic Sub-sub-topic IRO Value chain Time horizon
Moreld faces inherent risks from health and safety incidents, including work-related accidents
and injuries—particularly at offshore sites and operations, where risk is elevated. Such
incidents can trigger direct costs (compensation for injured workers, medical and legal
expenses, regulatory penalties) and indirect costs such as productivity losses from lost-time
injuries, reduced workforce availability, project delays, lost contracts and reputational damage.
Working
conditions
Health and safety Risk
Short term
Impacts, risks and opportunities management
S1-1: Policies related to own workforce
People are the most important asset for Moreld. We are
devoted to providing equal opportunities for all employ
-
ees, respecting fundamental human rights, labor rights,
and union engagement, while ensuring a healthy and
safe working environment. All three subsidiaries have
their own business management systems where policies
are published, updated and monitored. Moreld’s Code
all members of Moreld’s workforce, including employees
and non-employees such as hired-in personnel, consult
-
ants, and contractors engaged in our operations.
Our Code of Conduct has established comprehensive
group policies that focus on:
Respecting our colleagues: Ensuring a workplace
where all employees are treated with courtesy and
respect.
Diversity and inclusion: Embracing diverse perspec-
tives to enhance creativity and problem-solving, con-
tributing to a dynamic and innovative culture.
Ensuring healthy and safe working conditions: Pri-
oritising safety to reduce work-related accidents and
injuries, adhering to high safety standards, especially
in offshore operations.
Respecting fundamental human rights: Upholding
human rights in all aspects of our operations, main
-
taining compliance with international labor stand-
ards.
Whistleblower channels and protection: Providing
secure channels for reporting concerns, ensuring
protection against retaliation.
Our group CEO is ultimately responsible for imple-
menting policies and workforce engagement. Subsidi-
ary CEOs, which are part of the executive management
team (EMT), report directly to the group CEO, ensuring
comprehensive oversight. The management teams of
the subsidiaries, including the head of business units,
assume the next level of responsibility following the
CEO.
Human rights
Moreld is committed to respecting human rights in
-
guidelines. We actively work to integrate human rights
into our practices and business activities. This involves
adhering to international conventions and declara
-
tions on human rights. The processes and mechanisms
used to monitor compliance with international princi
-
ples and guidelines for responsible business conduct
are embedded in our management system and due
diligence process. This includes assigning responsibil
-
ity into policies, identify and assess actual and poten-
tial adverse impacts, address impacts if necessary and
track progress and performance related to the impact
to assess the effectiveness of any actions aimed at pre
-
venting or mitigating the impact.
Our policies outline human rights in relation to work
-
ing conditions, equal treatment and opportunities for
all, and other human rights subjects. Our ‘Human rights
principles’ outlined in Moreld’s Code of Conduct prohib
-
its human rights violations, including, but not limited to
human trafficking, forced labour and child labour, ensur
-
ing full compliance with international labour stand-
ards and ethical practices. We are committed to never
using child labour or forced labour in our operations
and require our contractors and suppliers to uphold the
same standards. Our policies ensure fair contracts, safe
working conditions, fair compensation, and freedom of
association. Engagement with employees is encouraged
through open dialogue and accessible grievance mech
-
anisms, supporting collective bargaining without retal-
iation. Moreld provides effective remedy measures via
formal grievance and whistleblower processes, ensuring
fair complaint management, corrective actions, and pre
-
vention of future violations.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
90
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We recognise the rights to collective bargaining and
freedom of association. All employees are provided
with adequate wages and regulated working hours.
Policies related to working conditions
Health and safety
Our commitment to high safety standards is unwaver-
ing, and we maintain a zero-incident vision in our daily
operations. We strive to create a healthy workforce and
a safe working environment, safeguarding the health
and well-being of all our employees.
Our Code of Conduct is dedicated to ensuring a safe
and healthy work environment, with a focus on pre
-
venting accidents and occupational illnesses. We
operate in strict compliance with international health,
safety, and environment (HSE) standards and local
legal requirements. Each company within our organ
-
isation is accountable for adhering to this policy and
systematically working to enhance HSE performance.
Our HSE manuals describes our HSE Management Sys
-
tem with risk assessments, controls, incident reporting
and investigation, emergency preparedness and con
-
tinuous monitoring.
-
low management guidelines, instructions, and spe-
cific policies and procedures relevant to their roles.
All health and safety issues, work-related injuries, or
illnesses must be reported immediately. Employees
should also report any potentially dangerous situations
or near accidents without delay.
other companies, such as customers or operating com
-
panies, may be required. Adherence to these instruc-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
91
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|
Board of directors’ report
tions is crucial, as non-compliance can lead to personal
injury or material damage.
The influence of alcohol, drugs, or the misuse of med
-
ications is strictly prohibited in the workplace, as it
compromises safety and performance. Employees are
expected to accept only work they are qualified for and
are in adequate condition to perform. Proper planning
and execution of work is essential, ensuring that all
involved understand the activities and any concurrent
operations that may impact safety.
Our entities are responsible for ensuring:
Compliance with all laws and regulations related to
employee safety.
Working conditions that meet or exceed interna-
-
tional Labor Organisation.
A workplace, machinery, equipment, and procedures
Employees must always use personal protective
equipment provided by the company to prevent
accidents or adverse health effects.
Work-life balance
We are committed to ensure fair working conditions
that support a good work-life balance. This is empha
-
sized in subsidiary policies on HR and family leave.
These policies are governed by the regulations in our
countries of operation. Most of our workforce is covered
by the Norwegian Working Environment Act, which
grants both parents the right to take their respective
facilitate parental leave for all employees who choose
to take it, while ensuring that this does not limit their
career development within Moreld. Our company pol
-
icy, as outlined in our Code of Conduct, ensures that
all employees, regardless of gender or job role, have
access to parental leave in line with local legislation
and their employment terms. Each parent may also be
entitled to additional paid or unpaid leave according
to local legislation or based on specific terms in their
employment contracts. Additionally, we provide neces
-
sary accommodation for tasks, equipment, and work-
place settings for pregnant employees.
We have established a flexible working hours arrange
-
ment, allowing employees to adjust their work sched-
ules within defined parameters. While employees are
expected to be present for a full workday, they can uti
-
lise flexibility within the designated time frame. This
arrangement applies to all employees unless spe
-
cific agreements are in place for certain work loca-
hours may face restrictions in using flexible time. Fur
-
thermore, employees have the option to work from
about employee rights and policies is available in the
employee handbook.
Working time
For employees based in Norway we are committed
to ensure that working hours and rest periods for all
employees are compliant with the Norwegian Working
Environment Act (AML). This includes legally mandated
breaks, rest periods on a daily and weekly basis, the
provision of paid leave, sick leave and emergency leave.
For employees based outside of Norway, we ensure
compliance with all applicable local, overtime labor
laws and regulations.
Policies related to equal treatment and opportunities
Diversity
-
mitment to diversity, equality, and inclusion. This ensures
we act respectfully towards our colleagues, investors,
business partners, shareholders, and communities.
We believe that diversity initiatives are central in cre-
ating a supportive and collaborative workplace. By
embracing diverse perspectives, we aim to enhance
creativity and problem-solving, contributing to an
attractive working environment for our employees. We
are committed to investing in training and skills devel
-
opment to support career growth and job satisfaction,
ensuring our workforce is equipped to meet evolving
industry demands.
Moreld is dedicated to fostering equal opportunities
and treatment for all employees. Our commitment to
enhancing diversity and inclusion is integral to creat
-
ing a workplace that attracts talented employees. Our
employees shall receive equal pay for work of equal
value.
Moreld's value statement
We will treat everyone with courtesy and respect,
regardless of ethnicity, gender, national or social ori
-
gin, disability, sexual orientation, religious belief or
political opinions, or other status.
Our goal is to recruit, develop and retain the best
people based on merit and we want a creative,
diverse, and inclusive working environment.
We want our employees to perform to their full
potential and to be recognised and rewarded fairly
for their performance.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
92
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We want to ensure that the workplace is safe and
free from harassment, discrimination, and bullying.
We will never tolerate any form of abuse or harass
-
ment of our colleagues or business partners.
-
the group management and board of directors. Our
policy includes clear commitments to improving gen
-
der diversity. Previously, we worked toward a target
of achieving at least 35 per cent women in the work
-
force and 50 per cent women in leadership positions
by 2030. This target was set in 2021, when Moreld had
a different organisational structure and consisted of a
different set of companies. Following several transac
-
tions in 2023 and 2024, we plan to revisit and update
the target in 2026 to reflect the current organisational
footprint.
We implement the policy through specific proce
-
dures including merit-based recruitment, promotion
based on performance and potential, and retention
strategies focusing on job satisfaction and career
development. Regular monitoring and reporting on
diversity and inclusion status to management and the
board further support implementation and action on
detected issues.
Discrimination and harassment
We have zero tolerance for discrimination, and will
always recruit, promote, train, and reward our employ
-
Policy, and our Code of Conduct outlines our com
-
mitment to build a diverse, and inclusive working
environment, and highlights our zero tolerance for har
-
assment, discrimination and bullying. We expect all
employees to treat their colleagues with courtesy and
respect, and we prioritise qualifications, demonstrated
skills and achievements in processes of promotion and
reward.
Our Code of Conduct states that a Moreld employee
should never:
Behave in a way that could reasonably be consid-
ered offensive, intimidating, discriminatory or insult-
ing. This includes avoiding abusive language or
inappropriate jokes, such as jokes of a racial or sex
-
ual nature, in the workplace.
Engage in any form of harassment. Harassment
does not have to take place at work or involve a col
-
league to violate our Code of Conduct.
Humiliate, ridicule, or injure another person.
Turn a blind eye to harassment or discrimination in
-
dents to management will never result in retaliation.
-
ing discrimination and harassment, promoting equal
opportunities, and advancing diversity and inclu
-
sion. The policy specifically covers discrimination on
the grounds of ethnicity, colour, gender, gender iden
-
tity, sexual orientation, disability, age, religion, politi-
cal opinions, national or social origin, pregnancy, and
other statuses. Our whistleblowing channel is availa
-
ble to all employees and provides the opportunity to
report concerns anonymously and without retaliation,
-
mation). All new employees are provided with an intro-
duction to the Code of Conduct and other governing
documents.
Training and skill development
Recognising employees as the cornerstone of our suc-
cess, Moreld focuses on providing training and com-
petency development. Career development is vital
for retaining resources, and we facilitate pathways for
experienced workers to advance to roles such as fore
-
man, field engineer, installation manager, or commis-
sioning and method engineer, with specially tailored
training. Employees are encouraged to suggest appro
-
priate training themes or courses which can help them
improve existing skills or acquire new ones.
Our subsidiaries have procedures designed to ensure
that all employees, both onshore and offshore, receive
mandatory and relevant familiarisation and training
to perform their roles safely and competently. Train
-
ing covers general induction, job-specific skills, health,
safety, environment (HSE), emergency prepared
-
ness, leadership, and equipment operation. We mon-
itor training completion through training portals with
evidence including certificates. Regular performance
reviews support identifying further development
needs. Effective training mitigates risks from oper
-
ational errors and safety incidents while promoting
continuous skills development and compliance with
industry standards. Training programs comply with
relevant industry and regulatory standards, includ
-
ing those from Offshore Norge, Element NL (Holland),
addresses obligations under the Norwegian Working
Environment Act, ensuring legal compliance.
-
tion in Moreld is based on a broad set of competencies.
This includes personal capabilities such as planning
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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and organisation, problem solving abilities, commu-
technical capabilities such as industry knowledge, the
quality of work delivered and the level of understand
-
-
ees are equally treated and that decisions regarding
promotions are based on demonstrated skills and
achievements. Moreld will promote based on the com
-
pany’s needs and the employee’s performance, work-
place conduct and potential.
S1-2: Processes for engaging with own workforce and
workers representatives about impacts
At Moreld, we engage with our workforce and their
elected representatives to address both actual and
potential impacts on our employees. Regular commu
-
nication channels, such as surveys and feedback ses-
sions, are established to gather employee insights.
These tools help us assess key areas such as work envi
-
ronment, job satisfaction, and development oppor-
tunities. The feedback collected is used to address
concerns and enhance employee engagement. For
instance, surveys are conducted to evaluate employee
enthusiasm, belonging, clarity, efficiency, and work-life
balance. These surveys provide valuable data to help us
improve.
Health and safety is prioritised through regular meet
-
ings and safety committees. These forums allow
employees and management to discuss safety prac
-
tices, review and learn from incidents, and implement
improvements. By fostering open dialogue, we ensure
that safety standards are upheld and continuously
improved. Safety delegates and committees play a key
role in monitoring workplace conditions and address
-
ing any issues that arise. Regular safety training and
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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awareness campaigns are conducted to reinforce our
commitment to a safe working environment.
We maintain active collaboration with union represent
-
atives and employee committees, including the work-
ing environment committee (AMU). Regular meetings
are held to discuss safety delegates topics such as work
schedules, resource management, and employment
conditions. This collaboration ensures that employee
voices are heard and considered in our operational
decisions. The AMU plays a pivotal role in addressing
workplace issues, reviewing health and safety inci
-
dents, and proposing improvements. The most sen-
ior role responsible for ensuring engagement with
across our group we employ approximately 20 peo
-
ple in HR roles, which is the primary function allocated
to support management and employees in manag
-
ing workforce-related issues, including engagement as
outlined above. For issues related to health and safety,
our HSEQ departments are responsible for managing
issues. Additionally, tools such as career planning and
counselling are used to set goals, assess performance,
and identify development opportunities. These initia
-
tives foster trust and communication between employ-
ees and supervisors, ensuring that career aspirations
are aligned with organisational objectives.
S1-3: Processes for remediate negative impacts and
channels for own workforce to raise concerns
Moreld is dedicated to addressing negative work
-
force impacts through structured processes, centered
around the "We Behave and Comply - Whistleblow
-
to all employees and ensures effective issue identifica
-
tion, reporting, and resolution. Employees can report
concerns internally to managers or relevant person
-
nel, and externally via a confidential hotline managed
by Schjødt AS. All reports are logged, investigated, and
responded to in writing, with preventive measures
implemented as needed based on the specific incident.
The policy ensures no retaliation for good faith report
-
ing, promoting a safe reporting environment. Contin-
uous improvements are made to enhance awareness,
accessibility, and feedback mechanisms.
S1-4: Taking actions on material impacts on own
workforce, and approaches to managing material
risks and pursuing material opportunities related to
own workforce, and effectiveness of those actions
Across our organisation, we carry out a wide range of
-
nected to our own workforce. These actions pre-
dominantly take place on entity-level based on
circumstances in the respective subsidiaries. The
management of each subsidiary is responsible for
implementing these actions.
A list of key actions in 2025 is summarised below. The
list is non exhaustive, but represents 2-3 key actions
Entity Key action Expected outcome Scope Time horizon Contribution to policy/target
Rolled out Human and Organisational
Performance (HOP) principles through
leadership sessions, frontline engagement
and improved learning processes focused on
system factors and work-as-done.
Stronger operational learning, improved
identification of weak signals and reduced
repeat events; supports a more open reporting
culture.
Offshore and onshore
teams
Short Health and safety
Moreld Apply Company-wide Life-Saving Rules and
A-standard / Time Out For Safety (TOFS)
campaigns, including practical one-pagers
and standardised meeting agendas.
Prevent serious incidents, improve risk
awareness and strengthen consistency in
operational safety practices.
Moreld Apply workforce
and hired-in personnel
across all operating
locations
2025–2026 Health and safety
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Entity Key action Expected outcome Scope Time horizon Contribution to policy/target
Updated HSEQ e-learning modules in
Knowhow, mandatory for all personnel,
strengthening hazard and risk management
competence.
risk management processes and site HSE
procedures, including Life-Saving Rules.
subsidiaries
Mandatory
completion by
end of 2025
Health and safety
Moreld Apply Proactive capacity planning, structured
overtime monitoring, and approvals for
working-time arrangements, including
psychosocial risk assessments.
Mitigates excessive working hours, reduces
fatigue risk, improves delivery stability and
lowers sickness absence.
Moreld Apply
operations: own
workforce and hired-in
personnel across all
locations
2025–2026 Working time and work-life
balance
Moreld Apply Quarterly pulse working-environment
surveys to monitor engagement, stress and
turnover risk, with follow-up actions in each
team.
Early identification of working environment risks
and more targeted measures; supports lower
turnover and reduced sickness absence.
Own workforce across
all departments and
projects
Ongoing, four
times per year
Working time and work-life
balance
Bi-weekly reports on overtime use issued to
managers and HR to ensure compliance with
labour regulations and internal policies.
Enhanced visibility for leaders to balance
workloads and prevent fatigue.
operations
Short/medium
Working time and work-life
balance
Require diverse candidate shortlists for senior
and management roles and implement
unconscious bias training for hiring and
promotion panels.
promoted; reduction in perceived or actual
discrimination.
Short/medium
Moreld Apply
shortlists for all tariff recruitments with
ongoing quarterly monitoring.
improved gender representation in technical/
offshore roles.
All new tariff
recruitments across the
organisation
Ongoing
Moreld Apply Leadership development program with
tailored pathways for senior leaders,
supervisors, installation leads and project
Leads.
Stronger leadership capability, more consistent
management practices, improved retention and
engagement.
Own workforce: leaders
and managers across
all operating locations
2025–2026 Training and skills
development
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Entity Key action Expected outcome Scope Time horizon Contribution to policy/target
Moreld Apply
mandatory and role-specific training,
onboarding, certification tracking and
continuous learning content.
faster onboarding, and better compliance with
mandatory competence requirements.
Apply workforce and
hired-in personnel
across all locations
2025, ongoing
improvements
Training and skills
development
Rolled-out Subject Matter Experts (SME). SME
has significant opportunity to influence the
business and organisation, working across
the technical and commercial areas.
SMEs contribute to documenting lessons
learned and creating structured resources.
This ensures critical knowledge is retained and
accessible, even as roles change or employees’
transition, safeguarding organisational capability
over time.
2025 Training and skills
development
We track and assess the effectiveness of our actions
through several key performance indicators. Employee
rates (both short-term and long-term), and turnover
percentages are monitored closely. Moreld addresses
material impacts through various forums such as AMU
meetings, annual surveys, monitoring and whistleblow
-
ing channels. The HR and HSEQ departments in each
subsidiary, together with safety delegates and union
representatives have an important role in identify
-
ing actions to address material impacts on own work-
force. Management and the HR/HSEQ functions work
with these matters as part of its day to day responsibil
-
ities, supporting the implementation and follow up of
actions related to workforce impacts.
Actions are continually evaluated in relation to mate
-
rial impacts and risks. Moreld’s three subsidiaries have
annual surveys to track the welfare and well-being of
our own workforce. Statistics on work-related injuries,
working hours and training and skills development are
closely monitored and evaluated by the HSEQ depart
-
ments. The process of identifying actions goes through
the ERM process (described in ESRS 2). Moreld seeks
to ensure that its practices, including data use, do not
cause or contribute to any negative impacts on its own
workforce through these processes.
Metrics and targets
S1-5: Targets related to managing material negative
impacts, advancing positive impacts and managing
material risks and opportunities
We have not established time-bound group targets
evaluate if targets can be determine based on relevant
and gender balance will align with our group HSE and
The HR and HSEQ departments actively engage with
employees and their representatives (including labor
unions) in the process of setting relevant targets, such
as those related to sick leave. The process begins with a
review of statistics and historical data to identify areas
with potential for improvement. Targets are estab
-
lished through dialogue with representatives of the
workforce to ensure that they are realistic and well-
grounded. Progress towards the targets is monitored
through regular reports and meetings, where both
management and employees can provide feedback.
Results are regularly evaluated, and lessons learned are
used to adjust the process and enhance the measures
implemented.
Working conditions and health and safety
For working conditions targets are revised from year-
to-year by our subsidiaries. On a group level, Moreld
remain committed to the continuous ambition of
achieving zero incidents concerning health and safety,
discrimination, and other potential impacts on our
workforce. Additionally, we aim at reaching below 3
per cent total sick leave, that is restated every year.
Our commitment to our overall ambition is monitored
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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policies and actions outlined in this chapter.
Equal treatment and opportunities
diverse workforce. There is a particular emphasis on
increasing the representation of women in both the
workforce and management, addressing a common
industry challenge. The group is committed to estab
-
lishing targets that align with the ambitions of each
subsidiary.
-
ing approximately 75 percent of the group’s workforce,
established a target to achieve 25 per cent female rep
-
resentation in the workforce and 35 percent in leader-
reported a 23 percent female workforce and 41 per
cent female representation in leadership roles. These
targets are set as ongoing objectives without a fixed
deadline.
S1-6: Characteristics of the undertaking’s employees
The total number of employees is the headcount of
individuals with an employment contract with Moreld,
who are on the payroll at year-end, regardless of con
-
tract type. Contracted personnel and summer interns
are not included in the contract type overview.
Cost information related to employees is disclosed in
the financial statements under note 9, Employee ben
-
efit expense.
Employees head count by country and gender
(not including part-time employees)
Country Female Male Total
Norway 337 1032 1 369
Poland 59 238 297
UK 55 151 206
Other 12 129 141
Total 463 1 550 2 013
Employees by contract type and gender
Contract type (head count) Female Male Total
Number of permanent employees 460 1523 1983
Number of temporary employees 3 27 30
Number of employees 463 1550 2 013
Contract type (head count) Female Male Total
Number of full-time employees 447 1 521 1 968
Number of part-time employees 16 29 45
Number of employees 463 1550 2 013
Contract type (head count) Female Male Total
Number of non-guaranteed hour
employees 1 11 12
Turnover ratio
2025
Employees leaving the company 115
Employee turnover ratio 5.7%
S1-7: Characteristics of non-employees
Total number of non-employees, based on headcount
Non-employees are defined as contractors either con
-
tracted through individual consultancy agreements or
staffing agencies.
Contractors is a collective term covering the following
main categories:
Hired craftsmen and technical personnel engaged
for project work or offshore rotational work, typically
contracted through specialised staffing agencies.
Hired specialists and engineers with specific exper-
tise, or personnel engaged to perform defined ser-
vices (e.g. inspections, rig moves, etc.), primarily
Hired operational or administrative personnel, typi-
cally consultants engaged to cover temporary needs,
for example within finance or other support func
-
tions.
2025
Male 645
Female 32
Total 677
S1-14: Health and safety metrics
Moreld discloses a comprehensive set of health and
safety indicators in accordance with recognised indus
-
try standards. Absolute figures are based on the num-
ber of reported incidents and events, while rates and
percentages are calculated using subsidiary-level data
weighted by the size of the workforce.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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-
ous injuries, and overall safety performance returned to
none of which resulted in lost time.
2025
Workforce covered by health and safety
management system (at year end) 100%
Sick leave, short term (1-16 days) 1.3%
Sick leave, long term (> 16 days) 1.6%
Total sick leave 2.9%
Work-related fatalities, including non-employees
outside own workforce working on company sites 0
Number of cases of recordable work-related ill health 13
Number of days lost from work-related accidents
and - ill health 675.5
Number of total recordable work-related accidents
(lost time incidents and medical treatment cases) 10
Rate of total recordable work-related accidents
(per million manhours) 4.63
S1-15: Work-life balance metrics
All group employees are entitled to family-related leave,
either through national legislation or through company
policies and employment contracts. Family-related
leave primarily includes parental, but may also cover
other relevant forms of leave such as adoption, caregiv
-
ing responsibilities and other recognised family obliga-
tions.
2025
Employees entitled to family-related leave 100%
Male employees taking family-related leave 5.0%
Female employees taking family-related leave 8.5%
Total employees taking family-related leave 5.8%
S1-16: Remuneration
Remuneration metrics are calculated at group level by
consolidating data from the three subsidiaries. Each
subsidiary’s results are weighted according to its share
of the total workforce to ensure a representative group-
wide figure. The gender pay gap shows the difference
between average gross hourly paid for women com
-
pared to men. or Moreld Apply, full salary data has
only fixed salary is included due to limitations in data
availability.
2025
12.1%
S1-17: Incidents, complaints and severe human rights
metrics
All metrics are based on number of reported incidents
or monetary sum of fines reported through the group’s
internal reporting channels.
-
cerning allegations of unconstructive and discouraging
leadership behaviour involving an employee in one of
the subsidiaries. The matter has since been addressed
and resolved. The complaint was not linked to any
human rights issues.
Total number/amount 2025
Total number of incidents of discrimination 0
Number of complaints filed 1
Total amount fines, penalties and compensation 0
Number of severe human rights incidents 0
Total amount of fines and compensation of severe incidents
0
S1-9: Diversity metrics
Gender distribution at top management:
At Moreld, top management is defined as the executive
management teams of the three subsidiaries, together
with the group CEO and CFO.
Number Percentage
Male at top management level 13 74%
Female at top management level 5 26%
Age distribution among employees:
Number of employees
Under 30 years 242
30-50 years 1 193
Over 50 years 578
S1-13: Training and skills development metrics
our HR and training systems. On average, employees
received approximately 35 hours of training in 2025.
Training hours include mandatory HSE programmes,
formal courses linked to relevant engineering or tech
-
nical disciplines and documented skills-development
activities relevant to employees’ roles (e.g. leadership
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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training). The figures cover all permanent employees
and exclude hired-in workers unless they participate in
the same structured training programmes.
Percentage of
employees in
performance
and career
development
reviews
Average number
of training hours
per employee
Male employees 100% 35.5
Female employees 100% 33.2
Total employees 100% 35.0
The applied practice within the group is one annual
performance and career development review per
received at least one review during the reporting
period. Additional reviews may occur in exceptional
cases and are not systematically tracked.
For metrics that involve calculations and are not based
on number of reported incidents/events the method is
described below.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Reported metrics Accounting policies, methodologies, and assumptions
S1-6 Characteristics of employees metrics Turnover: Calculated as number of employees leaving the company in 2026 divided by the average number of employees in the year
(based on monthly reported figures).
All other metrics: Based on reported headcount by category
S1-7 Characteristics of non-employees metrics All metrics: Based on reported headcount by category
All metrics: Based on reported headcount and share of headcount
S1-13 Training and skills development metrics All metrics: Based on reported headcount and training hours
S1-14 Health and safety metrics Sick leave: Calculated as number of sick days as a percentage of total available working days.
All other metrics: Based on reported incidents
S1-15 Work-life balance metrics Employees entitled to family-related leave: Calculated as number of employees entitled to family related leave divided by number of employees.
Employee related leave : Based on the number of employees who took leave during the year. Calculated as the percentage of male, female and all
employees taking leave, measured against the number of permanent employees in each respective category.
S1-16 Remuneration metrics Gender pay gap: Calculated as the difference between the average annual total remuneration of male and female employees, expressed as a percent-
age of average male remuneration.
The ratio is based on data extracted from HR and payroll systems.
rights impacts metrics
Total amount fines, penalties and compensation: Calculated as sum of fines, penalties and compensation in NOK.
All other metrics: Calculated as number of reported incidents
At Moreld, we assume responsibility for the employ-
ees of our business partners, customers, suppliers, and
service providers. Our approach involves engaging
with value chain partners to ensure compliance with
national laws and adherence to international labor and
human rights standards. We aim to reduce negative
impacts on value chain workers by implementing pol
-
icies that guide our actions and set expectations for
operators within our value chain.
Strategy
SBM-3: Material impacts, risks and opportunities and
their interaction with strategy and business model
At Moreld, we collaborate with almost 3 000 direct sup
-
pliers, who in turn depend on an extensive network
of sub-suppliers. The majority of these supplier rela
-
tionships primarily concern procurement activities
conducted on behalf of our clients as part of project
execution. Consequently, our projects engage a diverse
workforce across the entire value chain, encompassing
refining, manufacturing, logistics, transportation, and
mineral and metal extraction.
Certain upstream activities inherently carry heightened
risks of human rights violations and substandard work
-
ing conditions. Although we have not identified any
specific human rights infringements, we assess the like
-
lihood of such incidents to be elevated beyond first-tier
suppliers, considering the commodities we source and
the countries of origin where these commodities typ
-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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ically are sourced from. This includes, for example, the
sourcing of significant amounts of steel-based products
and components, which rely on materials such as coking
coal and iron. These supply chains are associated with
elevated human rights risks, based on several reports
and sources, including the “Responsible Sourcing Tool.”.
Moreld has not undertaken a detailed mapping of the
specific geographies linked to these risks, but based on
sector-level risk classifications we recognise that regions
involved in mining, metallurgy, and bulk-commodity
extraction carry higher inherent risk.
The elevated risks associated with specific geographies
and commodities, including risks of child labor and
forced labor, are exacerbated by limited visibility and
transparency into suppliers beyond the first tier. These
risks are largely systemic to the environments in which
we and our suppliers source materials, necessitating
stringent oversight and robust ethical sourcing prac
-
-
ment of several supply-chain management system
providers, with the aim of implementing a solution that
will strengthen our ability to identify issues and inci
-
dents involving our supply chain partners (see S2-4 for
further information).
The potential negative impacts arising in our value
chain may also trigger risks of reputational damage
due to inadequate oversight of working conditions
in the value chain. These challenges underscore the
necessity for improved oversight and management
practices to ensure compliance with labor standards
and protect worker welfare. Our material impacts and
risks related to workers in the value chain are detailed
in the tables below.
Material impacts
S2- Workers in the value chain Sub-topic Sub-sub-topic IRO Value chain Time horizon
Moreld could indirectly have a negative impact on valuechain workers due to
insufficient oversight of complex supply chains. This is particularly relevant further
upstream (e.g., in raw material extraction), where poor conditions and insecure
employment are inherent risks and can lead to violations of decent work standards.
Working
conditions
Health and safety
Potential negative
impact
Short term
insight and transparency into suppliers’ and subsuppliers’ efforts to prevent child
and steel with higher risk upstream value chains) and the locations of suppliers,
some of which present elevated risks of child and forced labour during extraction,
production, and refining.
Other work-related
rights
Child labour, forced labour
Potential negative
impact
Short term
Material risk and opportunities
S2- Workers in the value chain Sub-topic Sub-sub-topic IRO Value chain Time horizon
conditions in its value chain, given the complexity and limited transparency of
sub suppliers, it could harm the company’s reputation and necessitate changes to
suppliers and logistical flows.
Working conditions Health and safety Risk
Short term
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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Impact, risk and opportunity management
S2-1 Policies related to value chain workers
Moreld has established policies relevant to the man
-
agement of material impacts and risks related to work-
ers in the value chain. Our Code of Conduct commits
us to uphold human rights and ensure decent working
conditions for all employees, suppliers, and subcontrac
-
tors (see S1 chapter). We communicate our policy com-
mitments to our suppliers and partners, setting clear
expectations.
Moreld has has two overarching group policies that
extends to our supply chain and are relevant for the
workers in supply chain topic:
Code of conduct:
Code of conduct. Suppliers are required to ensure a
safe working environment and ensure compliance
with human rights standards.
Integrity Due Diligence (IDD) policy: The policy
seeks to prevent human rights breaches through
assessing risk through due diligence on all business
partners involving transaction above a certain size.
requirements established towards suppliers through
their policies and procurement processes.
The subsidiaries qualify suppliers and use supplier
declaration forms, reinforcing Moreld’s commitment
to human rights and decent work conditions. The
supplier declaration addresses risks of workplace
injuries, unlawful child labor practices, forced labor
and human trafficking.
Our subsidiaries HSE policies mandate that partners
maintain safe, healthy environments and respect
labor rights, in compliance with the Transparency Act.
Moreld Apply, which has the most significant pro-
curement activities in the group, has also estab-
lished a dedicated Human Rights Policy to
safeguard rights across operations, supply chains
and communities.”
Results from supplier HSE audits, inspections, and
walkabouts are integrated into our standard proce
-
dures and addressed directly with the relevant sup-
plier or subcontractor when relevant.
employees, contractors, suppliers and stakeholders
involved with Moreld’s operations and partnerships glob
-
ally. The group CEO is ultimately responsible for imple-
menting our policies. Subsidiary CEOs, which are part of
the executive management team (EMT), report directly
to the group CEO, ensuring comprehensive oversight.
Monitoring of policies and procedures is done through
internal and third-party audits, risk assessments, anon
-
ymous reporting channels and compliance tracking.
Human rights in our value chain
-
-
mitted to safeguarding the fundamental human rights
of all individuals affected by our activities, including
our value chain workers. We acknowledge that respect
for human rights, including labour rights, is a univer
-
sal standard, and our obligation to uphold these rights
extends to all our operations worldwide.
Our policies are aligned with human rights principles
and occupational safety standard. Moreld’s Code of
Conduct prohibits all forms of modern slavery, forced
labor, child labor, discrimination and human trafficking.
Suppliers must ensure operations are free from forced
labor, modern slavery, and human trafficking. Person
-
nel must be able to leave employment with reasonable
notice. Employing children under 15, or the legal min
-
imum age, is prohibited, and young workers under 18
must avoid hazardous work. Our subsidiaries have inte
-
grated the Code of Conduct in their supply chain man-
agement process to ensure compliance with human
rights principles.
Suppliers must ensure safety practices and estab
-
lish reporting mechanisms. Suppliers must imple-
ment action plans to address risks and incidents and
are responsible for ensuring compliance with human
rights commitments throughout their supply chains,
including sub-contractors. We provide accessible
grievance mechanisms and a whistleblower process to
address human rights issues.
Suppliers or partners found in violation of our poli
-
cies are required to take corrective actions under our
supervision. Non-compliance may result in termina
-
tion of contracts or partnerships. Root cause analyses
are conducted to prevent recurrence, with procedures
reviewed and updated accordingly.
Health and safety in our value chain
Moreld is committed to ensuring a healthy and safe
working environment across its entire value chain. Our
Code of Conduct (specified in S1), HSE policies, and sup
-
plier declaration outlines our expectations on health and
safety for workers in the value chain. All entities within
the value chain must secure a healthy and safe working
environment for their personnel. This includes follow
-
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
103
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ing prevailing regulatory standards and industry norms
to minimise health and safety risks. Compliance with
applicable laws, regulations, and international standards,
and Safety, is essential. Companies must ensure that
their personnel understand the hazards and safe prac
-
tices associated with their work and have the authority
to refuse or stop unsafe work. Personnel must be pro
-
vided with, and instructed to use, appropriate personal
protective equipment whenever necessary.
Adequate and regular training must be provided to
ensure personnel are well-informed about health and
safety risks and procedures. Where accommodation is
provided for personnel or sub-suppliers’ personnel, it
must be clean, safe, and meet the basic needs of the
personnel and, where applicable, their families. Compa
-
nies within the value chain must have systems in place
for workers to report health and safety incidents and
near-misses, as well as systems to investigate, track, and
manage such reports.
S2-2: Processes for engaging with value chain
workers
Engaging with value chain workers is crucial for effec-
tively managing our impact and minimising risks. Poten-
tial negative impacts and risks related to value chain
workers typically arise beyond our direct supplier rela
-
tionships (beyond tier one). Consequently, our direct
engagement with value chain workers most likely to be
affected is limited. Nonetheless, we engage with value
chain workers indirectly using our suppliers as proxies at
various stages of the procurement and due diligence pro
-
cess. This may also include supplier meetings, visits, and
audits, which are integral to our operations and compli
-
ance with The Transparency Act.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
104
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Due diligence and supplier background check
Moreld subsidiaries employ an annual supply chain due
diligence process as the primary method for address
-
ing negative impacts. The due diligence process is
complemented by our Code of Conduct and the inte
-
gration of human rights and decent working condi-
tions into our commercial contracts. The assessment
-
lines. This includes a materiality analysis based on sup-
plier significance and a risk analysis using international
risk indices. High-risk elements are subject to special
scrutiny, which may include audits, enhanced ques
-
tionnaires, and documentation. Unsatisfactory results
are reviewed, with potential actions taken, including
improvement plans, suspension, or termination. We
collaborate closely with key suppliers to identify and
mitigate potential sustainability impacts and risks.
We conduct risk-based background checks on poten
-
tial business partners, including suppliers, to ensure
adherence to ethical business conduct. This process
involves evaluating their reputation, capability, and
compliance with human rights and labor standards.
human rights abuse by assessing risks through back
-
ground checks and due diligence.
Function with responsibility
Those responsible for supply chain management in
each subsidiary are tasked with engaging value chain
operations. This includes selecting and conducting
HSE&Q follow-ups with subcontractors and suppli
-
ers, as well as annually reviewing framework contracts.
Additionally, the procurement responsible in projects
with the project manager/client to oversee re-evalua
-
tions, verifications, supervisions/inspections, and status
meetings related to project deliveries.
S2-3: Processes to remediate negative impacts and
channels for value chain workers to raise concerns
Moreld adopts a risk-based approach to identify
and mitigate adverse impacts on value chain work
-
ers. Where we have caused or contributed to material
negative impacts, our process for providing remedy
includes structured incident reporting, thorough inves
-
tigation, and implementation of corrective actions
depending on the specific case. We assess the effec
-
tiveness of these remedies by monitoring resolution
outcomes and feedback from affected workers and
stakeholders to ensure that the measures taken suffi
-
ciently address the issues. Compliance and progress
are overseen through supplier assessments, audits,
and reporting mechanisms embedded within our gov
-
ernance framework.
concerns. They can directly access our whistleblow
-
ing channel or communicate with a Moreld employee,
who will ensure the issue is forwarded appropriately
typically managed by our group companies, with con
-
tact information available on their websites. Addition-
ally, individuals can anonymously reach out through
our contact form or whistleblowing hotline through
our legal representative, through the dedicated chan
-
nels: moreldwhistleblowing@schjodt.com. Through
our policies communicated to suppliers, we require
them to establish effective reporting mechanisms.
Any reports will trigger an inquiry to determine the
root cause, followed by implementation of corrective
actions, including potential contract termination, and/
or training to reduce the likelihood of recurrence.
We also expect our employees to report any censur
-
able conditions affecting workers in the value chain.
These conditions include violations of legal regula
-
tions, our Code of Conduct, or widely accepted ethical
norms. Our employees have a duty to notify us if they
suspect any criminal activities or practices that may
expressed in our Code of Conduct, and any issues that
could significantly harm our reputation. This includes
non-compliance with company values, unsafe con
-
ditions, employment law violations, and breaches of
safety standards, as well as harassment, discrimination,
and unfair practices.
We are committed to maintaining transparency and
fostering trust among value chain workers, ensuring
they are aware of and confident in these processes. We
do not assess whether value chain workers are aware
of and trust our procedures for reporting concerns, but
our commitment regarding anonymity and retaliation
is outlined in our Whistleblower Policy which is publicly
-
ther details).
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
105
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S2-4: Taking actions on material impacts on value
chain workers, and approaches to managing material
risks and pursuing material opportunities related
to value chain workers, and effectiveness of those
actions
Moreld is committed to ensuring transparency in our
practices and implementing effective systems and
controls to prevent and address material negative
impacts on value chain workers. We expect our sup
-
ply chain and business partners to uphold the same
standard. To effectively manage social impacts, we
allocate dedicated financial, human, and technological
resources, including specialised sustainability teams
responsible for ongoing monitoring and oversight. Nec
-
essary actions are identified through collaborative part-
nerships, expecting business partners to engage in risk
assessments, inspections, monitoring, and reporting.
We focus on suppliers located in areas of risk and per
-
form regular audits of suppliers in these regions. These
actions also mitigate the risk of reputational damage
related to poor working conditions in our value chain.
The due diligence process has not uncovered any spe
-
cific cases of breach or significant impacts requir-
ing immediate remediation. Nonetheless, Moreld
remains committed to its ongoing responsibility to
monitor, evaluate, and improve its practices to ensure
respect for human rights and decent working condi
-
tions across all business relationships. We actively take
steps to avoid causing or contributing to material neg
-
ative impacts through our own practices. When ten-
sions arise between preventing or mitigating negative
impacts and other business pressures, we evaluate to
uphold responsible practices. When actual impacts
occur, accessible grievance mechanisms allow workers
to raise concerns, and we engage affected parties for
effective remediation, monitoring actions to address
root causes and prevent recurrence. We track the
effectiveness of our actions through performance indi
-
cators, yearly audits, and stakeholder feedback.
The process of identifying what action is needed and
appropriate in response to an actual or potential neg
-
ative impact on value chain workers is managed by
the HSE responsible in the company. Project-related
issues follow the standard project incident process,
while concerns raised through the whistleblowing
channel follow the whistleblowing procedure. All cases
include fact-finding, immediate corrective actions, and
updates to relevant policies and procedures following
the event.
Our approach to managing material negative impacts
includes strong internal practices and supplier engage
-
ment. Staff complete ethics and anti-corruption train-
ing, while suppliers must adhere to our Human Rights
principles and contract terms. We perform regular sup
-
plier audits, follow up on findings, and conduct sal-
ary checks. Through these measures and ongoing
capacity building, we aim to prevent risks and ensure
compliance across the value chain. We also pursue
continuous due diligence improvements and collab
-
oration with industry peers. We ensure the process
to provide remedy is effective in implementation and
outcome by conducting fact-finding, implementing
appropriate corrective measures without delay, and
evaluating whether procedures need updates to pre
-
vent recurrence.
Entity Key action Expected outcome Scope Time horizon Contribution to policy/target
All Moreld conducts annual human-rights due diligence in line with
the Norwegian Transparency Act (Åpenhetsloven) to identify,
prevent and mitigate risks of adverse impacts in our operations
and supply chain. The process includes risk-based screening of
suppliers and business partners, clear contractual requirements
suppliers), enhanced checks for high-risk countries/categories,
and documented follow-up actions on identified findings.
Stronger oversight and mitigation
of human-rights and decent-
work risks in our supply chain,
supporting compliance with the
Transparency Act and reducing
reputational risk.
Own operations and
key upstream suppliers
(and, where relevant,
sub-suppliers), with
enhanced focus on
higher-risk categories and
geographies; excludes
downstream value chain
Annual
reporting
cycle
Stronger oversight and
mitigation of human-
rights and decent-work
risks in our supply chain,
supporting compliance with
the Transparency Act and
reducing reputational risk.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
106
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Entity Key action Expected outcome Scope Time horizon Contribution to policy/target
All Conduct due diligence on relevant suppliers and supplier audits,
including assessments of human rights and corruption risks
across the supply chain.
mitigation of value-chain risks,
strengthened supplier accounta-
bility, and enhanced compliance
with regulatory expectations
All suppliers Short Supporting our code of
conduct and HSE/human
rights policies
All Assess and implement new supplier management system to
monitor incidents in the supply chain
Lower supply chain and reputa-
tional risk
All suppliers Short Supporting our code of
conduct and HSE/human
rights policies
Maritime
Maintain and apply a Supplier Management Procedure that sets
requirements for selecting, monitoring, and managing suppliers.
More consistent oversight of
supplier performance, reduced
risk exposure, and improved
alignment with responsible
procurement practices.
All procurement activities
involving subcontractors
and suppliers.
Short Supporting our code of
conduct and HSE/human
rights policies
Maritime
annual progress on implementation of its principles.
Strengthened governance,
transparency, and alignment
with international standards
on human rights, labour,
environment, and anti-corruption
– supporting responsible value
chain practices.
Entire organisation and all
subsidiaries.
Annual
reporting
cycle
Supporting our code of
conduct and HSE/human
rights policies
Ocean
We utilised our scheduled audits of key suppliers to also observe
physical working conditions and HSE compliance on-site.
Provided direct verification that
supplier employees are working
in safe environments, reducing
the risk of unchecked poor labor
conditions.
Applied to critical
upstream suppliers
(fabrication/
manufacturing)
audited by the Quality
Short Supporting our code of
conduct and HSE/human
rights policies
S2-5 Targets related to managing material negative
impacts, advancing positive impacts, and managing
material risks and opportunity
While we do focus on improving our efforts related
to workers in the value chain, Moreld hat not set any
time bound outcome-oriented targets as we have
not at this point identified any targets that will signifi
-
cantly improve the situation for our value chain work-
ers We track the effectiveness of our actions related to
value chain workers as described in S2-4. We measure
the effectiveness of our policies through yearly assess
-
ments, and revise them whenever incidents, findings
or other indications of negative impacts arise.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
107
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Sustainability in Moreld
Governance disclosures
Moreld strives to professionalise the governance models of our industrial group, and aims to follow Invest
Europe’s Corporate Governance Guidelines. Moreld complies with applicable laws, rules, and regulations in the
markets in which we operate, including anti-corruption and anti-bribery laws. We contribute to high ethical
standards being maintained by all our employees and operating entities.
The importance of business conduct, ethics and cor-
porate responsibility is fundamental within our group,
and the business principles will govern the framework
for actions, development and cooperation with all busi
-
ness partners.
Strategy
SBM-3: Material impacts, risks and opportunities and
their interaction with strategy and business model
Moreld operates in over 17 countries and recognises
exposure to corruption and bribery risks within certain
organisational functions and across our value chain.
Engaging with suppliers and partners in jurisdictions
-
transactions, and ensuring compliance with anti cor
-
ruption laws are ongoing challenges we address with
diligence and integrity. Corruption and bribery are
identified as an ongoing short-term risk with potential
impacts that could harm society and result in finan
-
cial or reputational damage to Moreld. Our exposure
to these risks is elevated by our business model, which
entails an extensive geographic footprint and complex
value chains involving a vast number of suppliers.
Cybersecurity remains a key risk. Phishing is a primary
threat with potential for data breaches, financial fraud,
and unauthorised access to critical systems, compro
-
mising the confidentiality, integrity, and availability of
information. Such incidents could harm our financial
FY25, Moreld recorded no successful cyberattacks and
incurred no financial losses related to cyber incidents.
Protecting whistleblowers is a critical priority for
Moreld and foundational to our culture of integrity. We
recognise that inadequate or inconsistently applied
protections can deter employees and third parties from
reporting concerns, allowing misconduct to persist
and eroding trust, morale, and stakeholder confidence.
Accordingly, we are committed to robust, consistently
enforced safeguards – clear and accessible reporting
channels, confidentiality, and zero tolerance for retali
-
ation – to ensure issues are raised early and addressed
promptly.
Material impacts
G1 – Business Conduct Sub-topic IRO Value chain Time horizon
Operating in regions where corruption and bribery are more common, Moreld could negatively
impact society by inadvertently contributing to unethical practices if these issues are not
effectively identified and addressed.
Corruption and bribery Potential negative impact
Short term
Moreld may have negative impacts if whistleblower protections are inadequate or applied
inconsistently. This could deter employees and third parties from reporting concerns, allowing
misconduct to persist and undermining trust, harming morale, and reducing stakeholder
confidence.
Protection of whistleblowers Potential negative impact
Short term
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
108
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Material risk and opportunities
G1 – Business Conduct Sub-topic Sub-sub-topic IRO Value chain Time horizon
Operating across multiple jurisdictions with a diverse supply chain increases
exposure to corruption risk and complicates compliance oversight, with potential
consequences including regulatory sanctions, financial loss, and reputational harm.
Corruption and
bribery
N/A Risk
Short term
Moreld is exposed to phishing and social engineering attacks that could
compromise credentials and lead to data breaches, financial fraud, and
unauthorised access to critical systems, resulting in operational disruption,
regulatory exposure, and reputational damage.
Cyber security N/A Risk
Short term
Recognising these potential impacts and risks, busi-
ness conduct is prioritised at the highest level of our
organisation. We have clear policies on how we shall
behave and comply, both related to due diligence,
business partners, anti-corruption, cyber security and
whistleblower procedures. Our strategic adjustment
includes supplier qualification criteria and implement
-
ing rigorous compliance checks to mitigate risks and
ensure ethical conduct.
Impact, risk and opportunity management
G1-1: Business conduct policies and corporate culture
Our Code of Conduct outlines the principles and stand
-
ards we adhere to, ensuring responsible and ethical
decision-making across all levels of our organisa
-
tion. We are committed to compliance with all laws
and regulations. Recognising that adherence to legal
standards is crucial for safeguarding our values and
reputation. This includes laws related to employee
safety, environmental protection, accounting stand
-
ards, taxation, fair competition, and data protection.
We foster a corporate culture that emphasises ethical
behavior, transparency, and accountability. Our man
-
agement encourages open discussions about ethical
dilemmas, ensuring alignment with our values. Stake
-
holders including own employees, are expected to
commit to our Code of Conduct, promoting a shared
commitment to ethical standards.
Protecting our assets and confidential information is
vital. This includes safeguarding property, intellectual
property, and sensitive data. Employees are expected
to use company resources responsibly and maintain
confidentiality even after employment ends.
We strictly prohibit unlawful payments, including cor
-
ruption and fraud. Our anti-corruption policy, acces-
systems, aligns with international anti-corruption laws
and strictly prohibits any improper advantages. Care
-
ful selection of business partners is also essential. We
conduct due diligence to ensure partners adhere to our
standards, particularly regarding anti-corruption, work
-
ing conditions, and human rights.
Moreld does not have a single, overarching policy ded
-
icated specifically to training across business conduct
-
rial business conduct topics are defined within the indi-
vidual policies related to each topic. For example, the
Anti-Corruption Policy and the Cyber Security Policy
establish mandatory training obligations for all employ
-
ees within their respective areas. The frequency and
depth of this training is outlined under the relevant pol
-
icy disclosures.
Whistleblowing policy
At Moreld, we are committed to upholding the highest
ethical standards. Our whistleblowing policy is designed
to address concerns about possible unlawful behavior or
actions that contradict our Code of Conduct and internal
rules. This policy facilitates the identification, reporting,
and investigation of such concerns, ensuring compli
-
ance and fostering a positive working environment. We
urge our employees to report issues such as threats to
health and safety, harassment, discrimination, corrup
-
tion, fraud, and environmental violations. We prioritise
the protection of whistleblowers by establishing robust
reporting channels, both internal and external. Any
anonymous reporting is referred to the company’s legal
representative.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
109
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Our CEO is responsible for implementing the whistle-
blowing policy and the policy applies to all stakehold-
ers, encouraging the reporting of any violations of law,
company policies, ethical norms, or other censurable
conditions. The Whistleblowing policy is made publicly
available on Moreld’s website.
Internal reporting procedures
When a possible breach is identified, employees
should notify their line manager, who will escalate the
issue, employees can report directly to other quali
-
fied personnel. For economic irregularities, the CFO
can be contacted, while employment-related con
-
cerns can be directed to the HR. This ensures all mat-
ters are addressed appropriately and confidentially.
An employee may also notify the chair of the compa
-
-
fication to line manager or the HR responsible will not
concerns.
We encourage employees to report concerns through
designated internal channels, ensuring confidentiality
and proper handling of reports. At Moreld, we provide
information and training to our workers about the whis
-
tleblowing process, ensuring that staff receiving reports
are well-equipped to manage them appropriately.
External reporting procedures
We have established a "whistleblowing hotline" with
external channel of reporting. Contact can be made
with the law firm Schjødt through the following dedi
-
cated channels: moreldwhistleblowing@schjodt.com
or telephone +47 46 83 96 00.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
110
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We are committed to safeguarding individuals against
retaliation, ensuring a secure environment for report
-
ing concerns.
We strictly prohibit any form of retaliation against
whistleblowers. This includes protection against dis
-
ciplinary actions, dismissal, suspension, or any nega-
tive reactions resulting from reporting in good faith.
Whistleblowers are assured that even if their con-
cerns are not substantiated, they will not face
adverse consequences, provided the report was
made in good faith.
-
dents of corruption and bribery, the CEO or board
will initiate investigations by establishing a small
internal or external team for serious cases, ensuring
independence and objectivity. Procedures for inves
-
checks, and enhanced due diligence when red flags
are identified.
Actions planned in relation to whistleblowing
-
blowing framework and enhance compliance with the
applicable whistleblowing policy by implementing an
improved reporting system aligned with evolving EU
regulatory requirements and national legislation across
all jurisdictions where the company operates.
The new system will provide a secure and confiden
-
tial reporting channel accessible to all employees and
support reporting from multiple devices and locations,
including the option for anonymous reporting where
permitted by applicable law. The system will facilitate
structured case management, including documenta
-
tion, tracking, and handling of reported concerns.
Access to whistleblowing reports will be strictly lim
-
ited to authorised personnel to ensure confidentiality
and protect reporting persons from potential retali
-
ation. This initiative aims to reinforce the company’s
speak-up culture, improve accessibility of reporting
channels, support effective handling and investigation
of reported concerns, and, where applicable, enable
cooperation to provide remedy for those harmed by
material impacts identified through the system, in line
with our Whistleblowing Policy.
Anti-corruption policy
Our anti-corruption policy complies with the Norwe
-
gian anti-corruption provisions, the UK Bribery Act, the
US Foreign Corrupt Practices Act, as well as any other
applicable law in the countries which we operate.
Our CEO is responsible for implementing the pol
-
icy which applies to everyone within our business
and outlines our standards and expectations regard
-
ing anti-corruption and serves as a practical tool to
-
hibiting any form of bribery, including offering or
accepting improper advantages, trading in influ
-
importance of transparency and integrity in all busi
-
ness dealings. Employees are required to report any
suspected incidents of corruption through desig
-
nated channels, ensuring prompt investigation and
appropriate action. We expect everyone within our
organisation to understand the types of payments,
transfers, and business activities that may expose
the company to corruption risk. Any violation of this
policy can result in criminal liability for both the com
-
pany and individuals, as well as posing a significant
reputational risk.
We promote corporate culture through mandatory
anti-corruption training for new employees, with addi
-
tional training for high-risk functions. Our anti-cor-
ruption policy is made available to employees and
business partners through training programs and
internal communication channels. Training is super
-
-
ther information).
All suppliers and business contacts shall commit to the
anti-bribery and anti-corruption policy and take all possi
-
ble actions to mitigate the risk for corruption. No Moreld
employees will receive and accept benefits from a busi
-
ness contact based on our role in the business.
Functions at risk
While the company does not currently maintain a for-
mal internal classification of “functions at risk”, certain
functions are recognised as having a higher inherent
exposure to corruption and bribery risks. These include
management, finance and procurement functions,
given their involvement in commercial decision-mak
-
ing, financial transactions and supplier relationships.
All employees across the organisation are covered by the
company’s anti-corruption and anti-bribery training pro
-
grammes to ensure awareness of relevant risks, respon-
sibilities and the company’s zero-tolerance approach to
corruption and bribery. Training is intended to support
consistent understanding of ethical business conduct
and applicable policies across all functions.
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
111
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Board of directors’ report
G1-3 Prevention and detection of corruption and
bribery
Procedures to detect and address incidents
To mitigate corruption and bribery risks, we have imple
-
mented strict anti-corruption policies and procedures,
including due diligence processes for selecting busi
-
ness partners and monitoring their performance. The
purpose of these policies and procedures is to describe
-
tion to business partners. All transactions Moreld are
involved in must be recorded accurately and reasonably
it may constitute an independent violation of the law
pursuant to applicable statutory provisions.
The process of reviewing and assessing the risk related
to business partners is referred to as a background
-
ness partners" includes all enterprises or individuals our
company enters a business relationship with, including
suppliers, consultants, agents, joint venture partners
and other intermediaries.
A key principle of our Code of Conduct is to choose our
business partners carefully. Our background checks
shall be risk-based, which means that we cannot use
the same process on all business partners. The thor
-
oughness of the review will be decided based on a
step-by-step approach that refers to the organisation
The audit and risk committee conducts regular risk
assessments, including an annual assessment of
the corruption risk associated with our activities. As
a minimum, the risk assessment must include risk
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
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associated with countries, business partners and
transactions.
The CFO is tasked with overseeing the implementa
-
tion of our anti-corruption policy and ensuring com-
pliance through rigorous internal controls. Accurate
and detailed record-keeping of all transactions is man
-
datory to prevent legal violations. Any allegations or
incidents of corruption must be promptly reported
to the CEO, or through our whistleblower channel.
The CEO, along with the board of directors, has the
authority to initiate internal or external investigations
-
tion, the investigating committee will not include any
employees who have connections to the matter under
investigation. The investigating committee inform
management of all findings uncovered during an inves
-
disciplinary actions, which can include dismissal or ter
-
mination.
Anti-corruption and anti-bribery are fundamental com
-
ponents of our business principles for suppliers and
partners. We require all suppliers and business con
-
tacts to fully commit to our policies and actively take
that these standards are communicated and upheld
throughout the supply chains, ensuring compre
-
hensive understanding and adherence to our ethical
guidelines.
Moreld’s business principles for suppliers and partners
are available on our website and contain fundamental
requirements to do business with Moreld, including the
requirements related to the Transparency Act. All sup
-
pliers to Moreld and subsidiaries are required to confirm
adherence through supplier declarations.
Our anti-corruption policy is implemented across all
group companies, and all employees, including manage
-
ment, are given anti-corruption training. The frequency
and the amount of training will be based on the results
of the risk assessment. Certain business units and func
-
tions may require more extensive training. As a mini-
mum all new employees are required to complete an
e-learning course which covers the following topics:
Anti-corruption
relationship
Facilitation payments
Conflicts of interest
Theft and fraud
Whistle-blowing
Competetion
The completion rate of this training is a key performance
indicator in our internal quarterly reporting. The dura
-
tion of the course is approximately one hour. The HSE/
the frequency and depth based on risk assessments.
guide and highlights key considerations for evaluating
business partners and suppliers.
Each business contact shall perform all training related
to corruption. All records for training within business
conduct at the supplier and/or business contact shall be
filed and accessible to relevant resources and author
-
ities, and statistics of training may be required by the
supply chain.
Actions related to Anti-corruption
We have implemented an ongoing preventive action
requiring new employees to complete anti-corrup
-
tion training as part of their onboarding. This ensures
that every employee enters the organisation with a
clear understanding of corruption risks, expected ethi
-
cal conduct, and our zero-tolerance approach to bribery
and improper advantages. The training is continuously
updated based on risk assessments and regulatory
developments, ensuring that our preventive measures
remain effective and aligned with the company’s identi
-
fied corruption risk areas.
Cyber security policy
Our cyber security policy outlines guidelines to pro-
tect Moreld’s data confidentiality, integrity and availa-
bility, including identifying attacks, detecting threats
and protecting our systems. The CEO is tasked with
the implementation and adherence of our cyber secu
-
rity policy. The policy applies to all employees, directors,
owner representatives, independent contractors, con
-
sultants, temporary employees and hired personnel.
We consequently expect them to read these guide
-
lines and, upon request, confirm in writing that they
will comply with them. Our ambition is to act in a man
-
ner that reduces the danger of the company being
attacked by hackers. Through the implementation of
our cyber security policy, Moreld commits to protecting
the confidentiality, integrity and availability of its infor
-
mation assets and to managing cyber security risks
across the organisation. The policy has been developed
based on internal risk assessments and applicable
legal and regulatory requirements in the jurisdictions
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
113
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where the company operates. The policy does not for-
mally reference or adopt specific external standards or
initiatives but reflects generally recognised information
security practices.
The most relevant data security threats for our group are:
Malware: Harmful software, including viruses,
worms, trojan horses, spyware, and adware.
Ransomware: Malware that encrypts files and
demands payment for decryption.
Social engineering: -
ers to obtain sensitive information.
Phishing: Fraudulent emails designed to steal sen-
sitive data, such as credit card or emails/messages
login information.
Our policy mandates the installation of only approved,
legal, and reputable software. This policy is crucial in
minimising the risk of introducing vulnerabilities into our
systems, thereby protecting our digital infrastructure.
Employees are advised to avoid engaging in sensitive
activities, such as online shopping or banking, while at
-
pany purposes, they must be conducted on company
devices and secure networks, with prior approval from
a supervisor. This ensures that sensitive transactions are
protected and monitored appropriately.
Caution is required when using external devices like
hard drives, memory sticks, and smartphones. These
devices can potentially introduce malware when con
-
nected to company computers. Our policy aims to pre-
vent such risks by encouraging careful handling and
usage. Furthermore, we emphasise the importance
of being mindful about information shared on social
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
114
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media, both personally and on behalf of the com-
pany. Unintentional sharing of sensitive data can pro-
vide hackers with valuable insights, compromising our
security. Employees are expected to exercise discretion
and awareness in their online interactions. Our cyber
security policy provides a check list with preventive
measures that reduce the risk of attacks.
their computer and report immediately to their super
-
-
tial to mitigate damage and restore system integrity.
Actions related to cyber security
We have implemented an ongoing action to
strengthen cyber security across the organisation by
requiring all employees to follow mandatory cyber
security guidelines, training and awareness measures
designed to reduce the risk of data breaches, malware
attacks and social engineering threats. This includes
training and guidance on safe digital practices, secure
use of devices and networks, and prompt reporting of
any suspected incidents. These measures ensure that
all personnel understand their responsibilities in pro
-
tecting the confidentiality, integrity and availability
of our information assets, and that our cyber security
defences remain effective and aligned with identified
risk areas and evolving threat landscapes.
Governance targets and metrics
We have not established any timebound targets under
would be meaningful for our governance risk profile.
Our overall ambition is to maintain a zero vision for all
governance breaches, including corruption, bribery
and other forms of misconduct, and this remains the
guiding principle for our approach. Although we do
not operate with formal targets, we monitor selected
indicators that help us assess performance and imple
-
mentation efforts, such as the completion rate of man-
datory anti corruption training. These metrics support
ongoing oversight and help ensure that our preventive
measures remain effective and consistently applied
across the organisation.
This section provides the disclosures required under
Each metric is based directly on internal reporting data
and reflects the actual cases identified or recorded dur
-
ing the reporting period.
No assumptions or estimations have been used in the
calculation of any metric, and no methodological lim
-
itations have been identified that would materially
affect the figures presented.
None of the metrics have been validated by any exter
-
nal body other than the independent assurance pro-
engagement. No additional third-party validation has
been sought or applied.
2025
Number of convictions for violation of anti-corruption
and anti-bribery laws 0
Amount of fines for violation of anti-corruption and
anti-bribery laws 0
Confirmed incidents of corruption or bribery 0
Anti-corruption e-learning: Completed training ratio 94.8%
2025
Percentage of functions-at-risk covered by training
programmes 100%
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
115
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Reported metrics Accounting policies, methodology, and assumptions
Number of convictions for violation of anti-
corruption and anti-bribery laws
Count of final legal convictions against the company for breaches of anti corruption or anti bribery laws during the reporting year.
Amount of fines for violation of anti-
corruption and anti-bribery laws
Total monetary value of fines imposed for violations of anti-corruption or anti-bribery laws during the reporting year.
Confirmed incidents of corruption or
bribery
Number of substantiated corruption or bribery cases confirmed through internal or external investigation.
Anti-corruption e-learning: Completed
training ratio
Percentage completion is reported individually by each subsidiary. The metric reflects the share of employees within each company who have completed
the training. To calculate the group level figure, the subsidiary results are weighted according to each company’s proportion of total group employees.
Percentage of fucntions-at-risk covered by
training programmes
Because Moreld has not formally identified which job functions qualify as ‘functions-at-risk’, the metric is reported on a group-wide basis. The figure
therefore reflects the percentage of all employees who are covered by the training programmes, rather than a subset of defined risk-exposed roles.
Stavanger, 22 April 2026 – the board of directors and CEO of Moreld ASA
Julian McIntyre
Chair of the board
Mark Dickinson
Grethe Kristin Moen
Sian Lloyd Rees
Ole Henry Slorer
Geir Austigard
Chief executive officer
Contents
About Moreld
Corporate governance
Board of directors’ report
Board of directors’ statement
Principal activities
Business review
Health, safety and the environment
Financial performance
Risk and risk management
Research and development
Outlook
Directors’ and officers’ liability
insurance
Parent company financial statements
Profit of the year and allocation of net
profit
Going concern
Subsequent events
Sustainability statement
General disclosures
Environmental disclosures
Social disclosures
Governance disclosures
Financial statements
Contact information
116
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Financial statements
Moreld Group Moreld ASA
Consolidated statement of profit and loss ............................................................................................................... 96
Consolidated statement of comprehensive income ........................................................................................... 97
Consolidated statement of financial position .........................................................................................................98
Consolidated statement of cash flows ....................................................................................................................... 99
Consolidated statement of changes in equity ...................................................................................................... 100
Notes to the consolidated financial statements ................................................................................................... 101
.....................................................................................................................................................................
.................................................................................................................
Key accounting estimates and judgements ..............................................................................................................
Revenue from contracts with customers .....................................................................................................................
Operating segments....................................................................................................................................................................
Business combinations ..............................................................................................................................................................
..........................................................................................................................................................
Cost of goods sold ........................................................................................................................................................................
Employee benefit expense .....................................................................................................................................................
Share-based payments ............................................................................................................................................................
Other operating expenses ........................................................................................................................................................
................................................................................................................................................................................................
............................................................................................................................................................................
Property, plant and equipment ...........................................................................................................................................
Leasing ...................................................................................................................................................................................................
........................................................................................................................................................
...........................................................................................................................................................................
Other financial expenses ..........................................................................................................................................................
Financial instruments .................................................................................................................................................................
....................................................................................................................................................................
..........................................................................................................................................................................................
Trade receivables and work in progress .......................................................................................................................
Other current assets ...................................................................................................................................................................
Trade payables and other current liabilities ................................................................................................................
Contingent liabilities and guarantees .............................................................................................................................
.......................................................................................................................................................
Cash and cash equivalents ....................................................................................................................................................
Share capital and shareholder information ...............................................................................................................
Earnings per share ..........................................................................................................................................................................
Related party transactions ......................................................................................................................................................
Non-controlling interests ........................................................................................................................................................
Financial risks ....................................................................................................................................................................................
Subsequent events ......................................................................................................................................................................
Statement of profit and loss – Moreld ASA ..............................................................................................................130
Statement of financial position – Moreld ASA ........................................................................................................131
Statement of cash flows – Moreld ASA ...................................................................................................................... 132
Statement of changes in equity – Moreld ASA ......................................................................................................133
Notes to the financial statements – Moreld ASA ..................................................................................................134
Accounting principles .................................................................................................................................................................
Balance with group companies ...........................................................................................................................................
Employee benefit expense .....................................................................................................................................................
Other operating expense .........................................................................................................................................................
.........................................................................................................................................................
.....................................................................................................................................................................
Shares in subsidiaries ..................................................................................................................................................................
Share capital and shareholder information.................................................................................................................
Other current liabilities ..............................................................................................................................................................
List of group companies ............................................................................................................................................................
Subsequent events ......................................................................................................................................................................
Alternative performance measures ............................................................................................................................139
Independent auditor’s report .........................................................................................................................................142
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
117
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Consolidated statement of profit and loss
For the year ended 31 December
Amounts in NOK thousand Notes 2025 2024
Revenue from contracts with customers 4 9 828 694 7 124 588
Other operating income 9 635 11 791
Revenue and other operating income 9 838 329 7 136 379
Cost of sales 8 (4 724 654 ) (3 085 902 )
Salaries and personnel expenses 9, 10 (2 426 858 ) (2 111 317 )
Other operating expenses 11 (461 728 ) (415 898 )
EBITDA 2 225 089 1 523 262
13, 14, 15 (1 403 418 ) (1 068 694 )
Share of results of associates 26 (11 160 ) (7 920 )
Operating result (EBIT) 810 512 446 648
46 616 44 263
17 (334 947 ) (410 372 )
Other financial expenses 18 (336 321 ) (398 445 )
Fair value adjustment of financial instruments 19 - (439 680 )
Net foreign exchange gains (loss) 191 421 (188 011 )
Net financial expense (433 231 ) (1 392 244 )
Net profit / (-loss) before tax from continuing operations 377 280 (945 596 )
20 (92 626 ) 70 607
Net profit / (-loss) for the period after tax from continuing operations 284 654 (874 989 )
Net profit / (-loss) for the period after tax from discontinued operations 7 - 172 000
Profit of the year 284 654 (702 989 )
Attributable to:
Equity holders of the parent company 284 654 (711 288 )
Non-controlling interests - 8 299
Total Attributable 284 654 (702 989 )
Earnings per share (NOK):
Basic and diluted earnings per share 29 1.59 4.05
Basic and diluted earnings per share, from continuing operations 29 1.59 5.02
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
118
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Consolidated statement of comprehensive income
For the year ended 31 December
Amounts in NOK thousand 2025 2024
Profit of the year 284 654 (702 989 )
Items that may be reclassified subsequently to profit or loss
Foreign exchange differences on translation of foreign operations 28 100 (23 296 )
Items that will not be reclassified subsequently to profit or loss
Remeasurement of net defined benefit liability (1 884 ) -
Other comprehensive income / (-loss) for the period 26 216 (23 296 )
Total comprehensive income / (-loss) for the period 310 870 (726 285 )
Attributable to:
Equity holders of the parent company 310 870 (734 584 )
Non-controlling interests - 8 299
Total attributable 310 870 (726 285 )
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
119
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Consolidated statement of financial position
For the year ended 31 December
Amounts in NOK thousand Notes 31.12.2025 31.12.2024
ASSETS
Non-current assets
Property, plant and equipment 14 162 768 195 714
12 885 132 885 132
13 379 328 483 406
Right of use assets 15 1 476 653 2 073 710
Other non-current assets 26 1 214 2 894
20 232 998 225 000
Total non-current assets 3 138 093 3 865 855
Current assets
21 49 842 39 863
Trade and other receivables 22 929 137 1 110 561
Contract assets 4, 22 407 117 498 691
Other current assets 23 177 611 172 795
Cash and short-term deposits 27 1 090 859 1 500 144
Total current assets 2 654 567 3 322 053
Total assets 5 792 660 7 187 909
Amounts in NOK thousand Notes 31.12.2025 31.12.2024
EQUITY
Paid in capital 28 683 981 902 301
Retained earnings 107 122 (203 747 )
Equity attributable to the equity holders 791 104 698 554
Non-controlling interests 31 (622 ) (622 )
Total equity 790 482 697 932
LIABILITIES
Non-current liabilities
16 1 280 745 1 527 708
Other non-current financial liabilities 9 125 10 041
Lease liabilities 15 795 824 1 230 913
Net employee defined benefit liabilities 9 11 214 7 537
20 209 298 253 169
Total non-current liabilities 2 306 207 3 029 369
Current liabilities
Lease liabilities 15 745 602 796 873
Trade and other payables 24 610 696 754 988
Contract liabilities , 607 248 805 354
20 70 475 51 103
Other current liabilities 24 661 950 1 052 290
Total current liabilities 2 695 971 3 460 608
Total liabilities 5 002 178 6 489 976
Total equity and liabilities 5 792 660 7 187 909
Stavanger, 22 April 2026 – the board of directors and CEO of Moreld ASA
Julian McIntyre
Chair of the board
Mark Dickinson
Grethe Kristin Moen
Sian Lloyd Rees
Ole Henry Slorer
Geir Austigard
Chief executive officer
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
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Consolidated statement of cash flows
For the year ended 31 December
Amounts in NOK thousand Notes 2025 2024
Cash flow from operating activities
Net profit / (-loss) before tax from continuing operations 377 280 (945 596 )
Non-cash change in fair value on financial instruments 19 - 439 680
Non-cash effect from warrants recognised as financial liabilities 19 - 69 019
Refinancing expenses classified as financing cashflows 18 200 289 161 839
Adjustment for non-cash items 150 079 -
13, 14, 15 1403418 1 068 694
Net foreign exchange differences (147 305 ) 233 237
(46 605 ) (44 263 )
100 675 221 643
Adjustments for:
Change in inventories (9 980 ) (2 846 )
Change in trade and other receivables 256 336 2 424
Change in trade and other payables (342 397 ) (32 102 )
Change in other current liabilities (378 495 ) 368 426
Cash flows from operating activities 1 563 295 1 540 155
46 605 44 263
(100 675 ) (221 643 )
Taxes paid (95 824 ) (12 033 )
Net cash flows from operating activities 1 413 402 1 350 742
Amounts in NOK thousand Notes 2025 2024
Cash flow from investing activities
Purchase of property, plant and equipment
(19 369 ) (28 767 )
Purchase of intangible assets
(61 145 ) (34 743 )
Cash outflow from acquisitions 6, 26 (11 160 ) (494 298 )
Cash inflow from divestments 7 - 258 430
Net cash flows from investing activities (91 674 ) (299 377 )
Cash flows from financing activities
Proceeds from interest bearing loans and borrowings 16 1 457 586 2 287 559
Repayment of interest-bearing loans and borrowings 16 (1 828 921 ) (2 136 246 )
Payment of lease liabilities 15 (1 080 072 ) (802 534 )
New equity received 51 992 874 175
Transaction cost on shares issue (8 886 ) -
(224 018 ) -
- (8 774 )
Payment for treasury shares under share buy-back programme (37 408 ) -
Change in other non-current liabilities 2689 7 425
Net cash flows from financing activities (1 667 038 ) 221 605
Net change in cash and cash equivalents (345 310 ) 1 272 970
Cash and cash equivalents at beginning of year 1 500 144 185 710
Effects of exchange rate changes (63 975 ) 41 464
Cash and cash equivalents at end of period 1 090 859 1 500 144
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
121
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Consolidated statement of changes in equity
For the year ended 31 December
Amounts in NOK thousand
Paid in
capital
Retained earnings
excl. foreign currency
translation reserve
Foreign currency
translation reserve
Equity attributable to
the equity holders
Non-controlling
interests
Total
equity
Balance at 31 December 2023 618 (21 158 ) - (20 540 ) 23 820 3 280
Capital contribution - - - - 23 445 23 445
Capital decrease - - - - (7 403 ) (7 403 )
- - - - (3 824 ) (3 824 )
Capital contribution reorganisation 46 437 22 048 - 68 485 (21 120 ) 47 365
900 473 - - 900 473 - 900 473
Transaction cost deducted from equity (45 227 ) - - (45 227 ) - (45 227 )
- - - - (23 838 ) (23 838 )
Exercise of warrants - 529 946 - 529 946 - 529 946
Comprehensive income
Net income / (-loss) for the period - (711 288 ) - (711 288 ) 8 299 (702 989 )
Other comprehensive income / (-loss) for the period - - (23 296 ) (23 296 ) - (23 296 )
Total comprehensive income - (711 288 ) (23 296 ) (734 584 ) 8 299 (726 285 )
Balance at 31 December 2024 902 301 (180 452 ) (23 296 ) 698 554 (622 ) 697 932
Capital contribution 51 992 - - 51 992 - 51 992
(224 017 ) - - (224 017 ) - (224 017 )
Transaction cost deducted from equity (8 886 ) - - (8 886 ) - (8 886 )
Repurchase of own shares (60 375 ) - - (60 375 ) - (60 375 )
Re-issuance of own shares 22 967 - - 22 967 - 22 967
Comprehensive income
Net income / (-loss) for the period - 284 654 - 284 654 - 284 654
Other comprehensive income / (-loss) for the period - - 26 216 26 216 - 26 216
Total comprehensive income - 284 654 26 216 310 870 - 310 870
Balance at 31 December 2025 683 981 104 203 2 920 791 104 (622 ) 790 482
The capital contribution relates to the green-
-
ended 17 January 2025, and at the same time,
Pareto Securities AS acting as stabilisation
manager exercised its option to require Moreld
to issue new shares at a price of NOK 13.95
per share. On this basis, the board of direc-
tors of Moreld resolved on 20 January 2025 to
-
ceeds received from the greenshoe option fol-
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
122
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Notes to the consolidated financial statements
General information
General accounting policies and principles
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
123
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Key accounting estimates and judgements
Revenue from contracts with customers
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
124
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Notes to the consolidated nancial statements
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Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
125
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Notes to the consolidated nancial statements
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Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
126
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Operating segments
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
127
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Notes to the consolidated nancial statements
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Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
128
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Notes to the consolidated nancial statements
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Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
129
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Business combinations
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Cost of goods sold
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
130
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Consolidated financial statements
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Auditor’s report
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131
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Share-based payments
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Contents – financial statements
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Financial statements
– parent company
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– parent company
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Auditor’s report
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132
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Other operating expenses
Goodwill
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Contents – financial statements
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
133
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Corporate governance
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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134
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Intangible assets
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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135
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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136
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Property, plant and equipment
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Contents – financial statements
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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137
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Leasing
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Contents – financial statements
Consolidated financial statements
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
138
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Corporate governance
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
139
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Interest-bearing liabilities
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
140
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Corporate governance
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
141
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Interest expenses
Other financial expenses
Financial instruments
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
142
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Corporate governance
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
143
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Income tax expense
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
144
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Corporate governance
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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145
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Inventories
Trade receivables and work in progress
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
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– parent company
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Auditor’s report
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146
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Other current assets
Trade payables and other current liabilities
Contingent liabilities and guarantees
Investments in associates
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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147
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Cash and cash equivalents
Share capital and shareholder information
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
148
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Earnings per share
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
149
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Related party transactions
Non-controlling interests
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
150
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Financial risks
Subsequent events
Contents
About Moreld
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
151
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Amounts in NOK thousand Note 2025 2024
Revenue 2 17 006 -
Revenue 17 006 -
Salaries and personnel expenses 3 (3 158) -
Other operating expenses 4 (34 940) (10 890)
Operating result (EBIT) (21 092) (10 890)
2 155 739 1
Other financial income 2 29 533 -
2, 5 (147 777) (1 801)
Other financial expenses (36 545) -
Net foreign exchange gains (loss) 2, 5 247 938 (305)
Net financial expense 248 889 (2 105)
Net profit / (loss) before tax 227 797 (12 995)
6 (40 165) 2 859
Profit (loss) of the year 187 631 (10 136)
Allocation of profit (loss) of the year
223 161 75 413
Other equity (35 529) (85 549)
Total allocated 187 631 (10 136)
Statement of profit and loss – Moreld ASA
For the year ended 31 December
Contents
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Financial statements
Contents – financial statements
Consolidated financial statements
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– parent company
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Amounts in NOK thousand Note 31.12.2025 31.12.2024
ASSETS
Non-current assets
7 696 438 696 438
6 - 2 859
Total non-current assets 696 438 699 297
Current assets
Trade and other receivables 2 17 006 -
Other current assets 9 168 2 028
Receivables from group companies 2 1 893 461 319 462
Cash and short-term deposits 1 040 3 941
Total current assets 1 920 675 325 432
Total assets 2 617 113 1 024 728
EQUITY
Share capital 8 17 956 17 583
Other paid-in capital 8 630 239 808 712
Retained earnings 177 495 (10 136)
Treasury shares 8 (37 408) -
Total equity 788 282 816 158
LIABILITIES
Non-current liabilities
5 1 310 283 -
6 32 407 -
Total non-current liabilities 1 342 690 -
Current liabilities
74 556 75 413
Trade and other payables 3 510 10 305
Liabilities to group companies 2 354 844 119 873
6 2 945 -
Other current liabilities 9 50 287 2 979
Total current liabilities 486 141 208 570
Total liabilities 1 828 831 208 570
Total equity and liabilities 2 617 113 1 024 728
Statement of financial position – Moreld ASA
For the year ended 31 December
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Contents – financial statements
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Amounts in NOK thousand Note 2025 2024
Cash flow from operating activities
Profit of the year before tax 227 797 (12 995)
Adjustments for:
Change in trade and other receivables (24 146) (2 028)
Change in trade and other payables (6 795) 10 305
Change in other current liabilities 47 308 2 977
Recognised group contribution without cash effect (29 533) -
Net cash flows from operating activities 214 631 (1 741)
Cash flow from investing activities
7 - (650 000)
Net cash flows from investing activities - (650 000)
Cash flows from financing activities
Proceeds from interest bearing loans and borrowings 5 1 310 283 -
Change in intra-group financing 2 (1 309 494) (199 565)
New equity received 51 992 900 474
Transaction cost credited against equity (8 887) (45 227)
Purchase of own shares (37 408) -
(224 018) -
Net cash flows from financing activities (217 532) 655 682
Net change in cash and cash equivalents (2 901) 3 941
Cash and cash equivalents at beginning of year 3 941 -
Cash and cash equivalents at end of period 1 040 3 941
Statement of cash flows – Moreld ASA
For the year ended 31 December
Contents
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Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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154
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Amounts in NOK thousand Share capital Other paid-in capital Retained earnings Treasury shares Total equity
Balance at 31 December 2023 30 (6) - - 24
Capital contribution reorganisation 11 098 35 339 - - 46 437
6 456 894 018 - - 900 474
Transaction cost deducted from equity - (45 227) - - (45 227)
Net income / (-loss) for the period - - (10 136) - (10 136)
- (75 413) - - (75 413)
Balance at 31 December 2024 17 584 808 711 (10 136) - 816 159
Capital contribution 373 51 619 - - 51 992
Transaction cost deducted from equity - (6 932) - - (6 932)
Repurchase of own shares - - - (60 375) (60 375)
Re-issuance of own shares - - - 22 967 22 967
Net income / (-loss) for the period - - 187 631 - 187 631
- (223 161) - - (223 161)
Balance at 31 December 2025 17 957 630 239 177 495 (37 408) 788 282
The capital contribution relates to the green-
-
ended 17 January 2025, and at the same time,
Pareto Securities AS acting as stabilisation
manager exercised its option to require Moreld
to issue new shares at a price of NOK 13.95 per
share. On this basis, the board of directors of
Moreld resolved on 20 January 2025 to increase
received from the greenshoe option following
Statement of changes in equity – Moreld ASA
For the year ended 31 December
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
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Accounting principles
The financial statements have been prepared
in accordance with the Norwegian Accounting
Act and generally accepted accounting princi-
ples in Norway.
Use of estimates
Management has used estimates and
assumptions that have affected assets, liabil-
ities, incomes, expenses and information on
potential liabilities in accordance with gener-
ally accepted accounting principles in Norway.
Foreign currency
Receivables and liabilities in foreign currency,
which are not secured by forward contracts,
are converted to Norwegian Kroner based on
the exchange rate at the balance sheet date.
Valuation and classification of assets and
liabilities
Assets intended for permanent ownership or
use in the business are classified as non-cur-
rent assets. Other assets are classified as cur-
rent assets. Receivables to be repaid within
one year are classified as current assets. The
classification of current and non-current liabili-
ties is based on the same criteria.
Current assets are valued at the lower of his-
torical cost and fair value. Accounts receiv-
ables are recorded at nominal value less
provision for expected losses. Provision for
losses is made based on an individual assess-
ment of each receivable.
Fixed assets are carried at historical cost but
are written down to their recoverable amount
if this is lower than the carrying amount and
the decline is expected to be permanent.
Fixed assets with a definite economic life are
depreciated on a systematic basis in accord-
ance with a reasonable depreciation schedule.
Other long-term liabilities, as well as short-
term liabilities, are valued at nominal value.
Income taxes
Tax expenses are matched with operating
income before tax. Tax related to equity trans-
actions is recognised directly in equity.
Tax expense consists of current income tax
tax liabilities and deferred tax assets are pre-
sented net in the balance sheet. Net deferred
tax assets are recognised as an asset to the
extent it is probable that they can be utilised.
Shares in subsidiaries
Subsidiaries and investments in associates are
carried at cost. An impairment is performed if
the fair value of the investment is lower than
the book value, and the change in value is not
considered to be temporary.
Cash flow statement
The cash flow statement has been prepared
using the indirect method. Cash and cash
equivalents consists of bank deposits.
Balance with group companies
Intra-group balances
Amounts in NOK thousand
31.12.2025 31.12.2024 31.12.2025 31.12.2024
1 863 927 319 462 - -
1)
29 533 - - -
17 006 - 354 844 119 873
Total 1 910 467 319 462 354 844 119 873
1) This is group contribution received from Ocean Installer AS and recognised as other financial income
in the statement of profit and loss.
Intra-group interest income (expense)
Amounts in NOK thousand 2025 2024
128 304 -
(5 856) -
Total 122 447 -
Intra-group net foreign exchange gain (loss)
Amounts in NOK thousand 2025 2024
112 399 -
Total 112 399 -
Intra-group revenue (cost)
Amounts in NOK thousand 2025 2024
17 006 -
Total 17 006 -
Notes to the financial statements – Moreld ASA
For the year ended 31 December
Contents
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Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
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Employee benefit expense
Amounts in NOK thousand 2025 2024
Board remuneration 2 679 -
Social security tax 390 -
Other 89 -
Total personnel expenses 3 158 -
For a specification of the board remuneration, see note 9 in the consolidated financial statements.
Other operating expense
Amounts in NOK thousand 2025 2024
Consultancy fees and external personnel 18 871 7 101
Auditor remuneration 3 814 1 867
352 1 913
Other operating expenses 11 902 9
Total other operating expenses 34 940 10 890
Amounts in NOK thousand 2025 2024
Audit fee 1 871 433
Audit related fee, incl. attestation services 1 943 1 434
Total auditor expense 3 814 1 867
Interest bearing liabilities
Facility Currency Borrower Maturity Nominal amount
Senior secured bond Moreld ASA 11 February 2030 1 310 283
USD 130 million senior secured bond
On 11 February 2025, Moreld ASA issued a 130
was used to repay the existing notes to reduce
financing cost and give the group more flexi-
bility in the capital structure. The interest rate
on the senior secured bond is 9.875 per cent
per annum, payable half-yearly. The bond
shall be repaid in full at maturity. Under the
bond terms, the company may issue addi-
tional bonds through one or more tap issues
on the same terms and conditions, subject
to approval by the bond trustee and satis-
faction of customary conditions precedent.
The total outstanding bond amount may not
-
at the balance sheet date. The senior secured
bonds are supported by joint and several,
unconditional and irrevocable guarantees
from the guarantors. The guarantors comprise
the major subsidiaries of the group, and each
guarantee constitutes senior obligations of the
relevant guarantor.
The covenants tied to the group’s financial
condition for the senior secured bond is that
the minimum liquidity including readily avail-
able and undrawn commitments under any
million and that the interest coverage ratio
must be higher than 2.00. The interest cov-
erage ratio should be calculated based on
-
2025. The group expects that it will be in com-
pliance with the covenants in 2026.
Amounts in NOK thousand 2025 2024
(115 674) -
Net unrealised foreign exchange gains (loss) on current senior
secured bond 147 303 -
Net realised foreign exchange gains (loss) from refinancing (12 192) -
Contents
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Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
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Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
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Income tax expense
Composition of the income tax expense
Amounts in NOK thousand 2025 2024
2 945 -
Changes in deferred tax 35 266 (12 809)
Tax effect from issue cost charged directly to equity 1 955 9 950
Income tax expense (income) 40 165 (2 859)
Income tax payable in statement of financial position
Amounts in NOK thousand 2025 2024
2 945 -
Paid during the year - -
Tax payable (statement of financial position) 2 945 -
Reconciliation of nominal tax rate and effective tax rate
Amounts in NOK thousand 2025 2024
Profit before income tax 227 797 (12 995)
Nominal tax rate 22% 22%
Expected tax expense 50 115 (2 859)
Effect on taxes of:
Utilisation of previously unrecognised tax losses carried
forward and limitation of interest cost (9 950) -
Tax expense (income) in the income statement 40 165 (2 859)
Breakdown of temporary differences
31.12.2025 31.12.2024
Amounts in NOK thousand Assets Liabilities Assets Liabilities
Limitation of interest costs 1 800 -
Tax losses carried forward 56 422 -
Revaluation reserve 147 303
Total temporary differences 147 303 58 222 -
(45 227) -
Total recognised temporary differences 147 303 12 995 -
Deferred tax assets (liabilities) (32 407) 2 859
Contents
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Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
Contact information
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Shares in subsidiaries
Amounts in NOK thousand Business office
Ownership and
voting interest
Carrying amount at
31.12.2025
Equity at
31.12.2025 Net profit 2025
2024
London, United
Kingdom 100% 696 438 438 521 (253 903)
Total 696 438 438 521 (253 903)
Share capital and shareholder information
Amounts in NOK thousand 31.12.2025 31.12.2024
Share capital 17 956 17 583
Share premium 630 239 808 711
Share capital and premium at 31 December 648 194 826 294
179 555 119 175 828 096
Par value (NOK) 0.10 0.10
The annual general meeting of Moreld ASA
for 2025 authorised the board of directors
to repurchase shares in the company. The
authorisation was granted to enable Moreld
to meet obligations under any applicable
employee share incentive programmes and/or
to repurchase shares for amortisation, and any
shares repurchased are held as treasury shares
until used for these purposes.
-
chase activities under this authorisation. First,
the company completed an offer to repur-
chase shares through a reverse bookbuilding
process, acquiring 1 856 000 shares at NOK
17.25 per share, for an aggregate considera-
tion of NOK 32 million. Second, following com-
pletion of the offer, the company carried out a
non-discretionary share buy-back programme,
purchasing 1 452 200 shares at a weighted
average price of NOK 19.27 per share, for an
aggregate consideration of approximately
NOK 28 million. Total share repurchases dur-
ing the year therefore amounted to 3 308 200
shares, corresponding to approximately 1.84
per cent of the company’s share capital, and a
total consideration of approximately NOK 60
million.
-
tive programme for 2025 (see note 10 in the
consolidated financial statements), the com-
pany delivered 1 294 378 treasury shares to
participating employees at an offer price of
NOK 17.83 per share, generating gross pro-
ceeds of NOK 23 million (approximately 0.72
per cent of the company’s share capital).
Settlement was made by delivering exist-
ing, unencumbered shares previously repur-
held 2 040 643 treasury shares.
List of major shareholders at 31 December 2025
Shareholders Number of shares % holding
Allard 2 Ltd 53 490 489 29.8%
Sona Asset Management LLC 25 878 700 14.4%
Annapurna Worldwide Services Pte. Ltd. 11 935 632 6.6%
BlueBay Asset Management LLP 10 136 198 5.6%
Modro Holdings LLC 5 728 410 3.2%
4 304 250 2.4%
3 814 352 2.1%
Oddakilen AS 3 726 557 2.1%
2 744 390 1.5%
2 464 010 1.4%
Overseas Asset Management 2 397 182 1.3%
683 Capital Management 2 045 000 1.1%
Moreld ASA 2 040 643 1.1%
1 995 146 1.1%
Heimdal Forvaltning AS 1 900 000 1.1%
L-Coaching AS 1 121 350 0.6%
Landesbank Baden-Württemberg 987 010 0.5%
986 328 0.5%
Tinden Holding AS 920 000 0.5%
E&N Subsea AS 866 133 0.5%
Total number of shares for top 20 shareholders 139 481 780 77.7%
Total number of shares 179 555 119 100.0%
Contents
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Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
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Auditor’s report
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Other current liabilities
Amounts in NOK thousand 2025 2024
Public duties payable 166 -
Accrued interest cost on senior secured bond 50 121 -
Other accrued expenses - 2 979
Total other current liabilities 50 287 2 979
List of group companies
Name of Entity
Country of
incorporation
Ownership interest
at 31.12.2025
Ownership interest
at 31.12.2024
Moreld ASA Norway 100% 100%
United Kingdom 100% 100%
Moreld Holding AS Norway 0%
1)
100%
Norway 0%
1)
100%
Norway 100% 100%
More Holdco Apply AS Norway 100% 100%
Apply AS Norway 100% 100%
Apply Poland Sp.Z.o.o. Poland 100% 100%
Minox Technology AS Norway 100% 100%
US 100% 100%
Norway 100% 100%
Norway 100% 100%
Norway 100% 100%
Norway 100% 100%
Brazil 100% 0%
Norway 100% 100%
United Kingdom 100% 100%
Norway 100% 100%
Norway 100% 100%
Surf Contractors Ltd United Kingdom 100% 100%
100% 100%
United Kingdom 100% 100%
United Kingdom 100% 100%
1) Moreld Holding AS and Moreld Invest AS were merged with Moreld Group AS in October 2025.
Name of Entity
Country of
incorporation
Ownership interest
at 31.12.2025
Ownership interest
at 31.12.2024
US 100% 100%
Senegal 100% 100%
Norway 100% 100%
Moreld Aqua AS Norway 100% 100%
Norway 100% 100%
China 100% 100%
Qatar 100% 100%
Poland 100% 100%
United Kingdom 100% 100%
United Kingdom 100% 100%
Canada 100% 100%
100% 100%
Egypt 100% 100%
100% 100%
75% 75%
US 100% 100%
Singapore 100% 100%
100% 100%
Malaysia 100% 100%
Australia 100% 100%
South Korea 100% 100%
Spain 100% 100%
Hydepoint AS Norway 33% 33%
Subsequent events
No events have occurred after the balance
sheet date and up to the date of authorisa-
tion of these financial statements that require
adjustment of the financial statements or dis-
closure in the notes.
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
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Alternative performance measures
Moreld uses terms in the consolidated finan-
accounting standards. These alternative per-
formance measures are frequently used by
securities analysts, investors and other inter-
ested parties. Alternative performance meas-
ures are meant to provide an enhanced insight
into the operations, financing and prospects of
the company. Our definitions and explanations
of these terms are found below.
The proforma numbers for 2024 reflect a situ-
took place on 1 January 2024. The numbers
are presented for illustrative purposes only, to
show how the acquisition would have affected
the group’s consolidated statement of profit
-
ber 2024 if the acquisition had occurred on 1
January 2024. The unaudited pro forma num-
bers have been compiled based on the group’s
consolidated financial statements which are
unaudited management accounts for Ocean
30 June 2024 which were prepared based on
EBITDA
Earnings Before Interest, Taxes, Depreciation and Amortisation.
Amounts in NOK thousand 2025 2024 Proforma 2024
Revenue and income 9 838 329 7 136 379 9 163 088
Cost of sales (4 724 654) (3 085 902) (4 026 898)
Salaries and personnel expenses (2 426 858) (2 111 317) (2 290 648)
Other operating expenses (461 728) (415 898) (523 434)
EBITDA 2 225 089 1 523 262 2 322 107
EBITDA excl. IFRS 16
are excluded and lease payments are accounted for as direct cost.
Amounts in NOK thousand 2025 2024 Proforma 2024
2 225 089 1 523 262 2 322 107
(1 150 498) (893 949) (1 320 428)
EBITDA excl. IFRS 16 1 074 591 629 313 1 001 679
Adjusted EBITDA excl. IFRS 16
-
action cost are excluded.
Amounts in NOK thousand 2025 2024 Proforma 2024
2 225 089 1 523 262 2 322 107
(1 150 498) (893 949) (1 320 428)
1 074 591 629 313 1 001 679
Non-recurring transaction cost 26 384 73 392 73 392
EBITDA excl. IFRS 16 1 100 975 702 705 1 075 071
EBIT
statement as a summation line for other accounting lines.
Amounts in NOK thousand 2025 2024 Proforma 2024
2 225 089 1 523 262 2 322 107
(1 403 418) (1 068 694) (1 629 643)
Share of gain (loss) in associates (11 160) (7 920) (7 920)
EBIT 810 512 446 648 684 544
GIBD
bearing liabilities.
Amounts in NOK thousand 31.12.2025 31.12.2024
1 280 745 1 527 708
Amortised transaction cost on loans and borrowings 29 538 118 535
Non-current lease liabilities 795 824 1 230 913
Current lease liabilities 745 602 796 873
GIBD 2 851 708 3 674 029
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
161
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Financial statements
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NIBD
Amounts in NOK thousand 31.12.2025 31.12.2024
GIBD 2 851 708 3 674 029
- Cash and short-term deposits 1 090 859 1 500 144
NIBD 1 760 849 2 173 885
(1 541 425) (2 027 786)
NIBD excluding IFRS 16 lease liabilities 219 424 146 100
Leverage ratio
Amounts in NOK thousand 31.12.2025 31.12.2024
219 424 146 100
1 074 591 1 001 679
Leverage ratio 0.2 0.1
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
162
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Financial statements
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RESPONSIBILITY STATEMENT
We confirm to the best of our knowledge that the consolidated financial statements for
accordance with the Norwegian Accounting Act, that the financial statements for
the parent company for 2025 have been prepared in accordance with the Norwegian
Accounting Act, and accounting standards and practises generally accepted in Norway.
We confirm that the information presented in the financial statements gives a true and
fair view of the assets, liabilities, financial position and result of Moreld ASA and the Moreld
board of directors also confirms that the financial statements have been prepared on the
assumption of a going concern. We further confirm to the best of our knowledge that
the 2025 sustainability statements have been prepared in accordance with and meet
the information requirements of the Norwegian Accounting Act §2-3, §2-4, §2-6 and the
EU taxonomy regulation.
We also confirm to the best of our knowledge that the annual report includes a true and
fair view of the development, performance and financial position of Moreld ASA and the
they face, and that the annual report 2025 report meets the information requirements
in section 2-2 of the Norwegian accounting act with regard to the report of the board
of directors.
Stavanger, 22 April 2026 – the board of directors and CEO of Moreld ASA
Julian McIntyre
Chair of the board
Mark Dickinson
Grethe Kristin Moen
Sian Lloyd Rees
Ole Henry Slorer
Geir Austigard
Chief executive officer
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
163
Moreld ASA
|
Annual report 2025
|
Financial statements
Independent auditor’s report
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
164
Moreld ASA
|
Annual report 2025
|
Independent auditor’s report
Contents
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contents – financial statements
Consolidated financial statements
Notes to the consolidated financial
statements
Financial statements
– parent company
Notes to the financial statements
– parent company
Responsibility statement
Auditor’s report
Contact information
165
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|
Annual report 2025
|
Independent auditor’s report
Report design: Haugvar AS
Moreld ASA
Address:
Moseidsletta 112
NO-4033 Stavanger
Investor relations:
Media contact:
www.Moreld.no
www.moreld.com
About Moreld
Corporate governance
Board of directors’ report
Financial statements
Contact information
Contents