XML 52 R36.htm IDEA: XBRL DOCUMENT v3.25.1
Tax (Tables)
 12 Months Ended
Dec. 31, 2024
Tax [Abstract]  
Specification of Income Tax
Specification of income tax
(Dollars in thousands)
  
2024
    
2023
    
2022
  
Income tax payable
  
$
607
    
$
532
    
$
592
  
Tax expenses related to previous year
    
(22
)
    
47
      
(4
)
Change in deferred tax
    
22
      
70
      
(1
)
Total income tax expense
  
$
608
    
$
649
    
$
587
  
Specification of Temporary Differences and Deferred Tax
Specification of temporary differences and deferred tax
    December 31,     December 31,     December 31,  
(Dollars in thousands)   2024
     2023
     2022
  
Property, plant and equipment
  
$
360
    
$
294
    
$
468
Pensions
    
(530
)
    
(900
)
    
(695
)
Total basis for deferred tax
  
$
(170
)
  
$
(606
)
  
$
(227
)
Deferred tax liability/(asset), net 1
  
$
(84
)
  
$
(176
)
  
$
(113
)
Deferred tax (asset), gross 2
    
(127
)
    
(212
)
    
(168
)
Deferred tax liability, gross 2
    
43
      
36
      
55
  

1
Due to materiality, recognized in prepaid expenses and not on a separate line in the statements of financial position.
2
Deferred tax liabilities related to one of the indirect subsidiaries in Singapore and one of the direct subsidiaries in Singapore, and cannot be off-set with the deferred tax asset related to the subsidiary in Norway.
Reconciliation of Income Tax Expense
Reconciliation of income tax expense

(Dollars in thousands)
  
2024
    
2023
    
2022
  
Profit/(loss) before income tax
  
$
182,069
    
$
162,046
    
$
62,567
Expected income tax assessed at the tax rate for the Parent company (0%)
    
-
      
-
      
-
  
Adjusted for tax effect of the following items:
                        
Income in subsidiary, subject to income tax
    
608
      
649
      
587
  
Total income tax expense
  
$
608
    
$
649
    
$
587