XML 52 R35.htm IDEA: XBRL DOCUMENT v3.26.1
Tax (Tables)
 12 Months Ended
Dec. 31, 2025
Tax [Abstract]  
Specification of Income Tax
Specification of income tax
(Dollars in thousands)
  
2025
    
2024
    
2023
  
Income tax payable
  
$
433
    
$
607
    
$
532
  
Tax expenses related to previous year
    
(37
)
    
(22
)
    
47
  
Change in deferred tax
    
18
      
22
      
70
  
Total income tax expense
  
$
413
    
$
608
    
$
649
  
Specification of Temporary Differences and Deferred Tax
Specification of temporary differences and deferred tax
    December 31,     December 31,     December 31,  
(Dollars in thousands)   2025
     2024
     2023
  
Property, plant and equipment
  
$
255
    
$
360
    
$
294
Pensions
    
(770
)
    
(530
)
    
(900
)
Total basis for deferred tax
  
$
(514
)
  
$
(170
)
  
$
(606
)
Deferred tax liability/(asset), net 1
  
$
(143
)
  
$
(84
)
  
$
(176
)
Deferred tax (asset), gross 2
    
(176
)
    
(127
)
    
(212
)
Deferred tax liability, gross 2
    
33
      
43
      
36
  

1
Due to materiality, recognized in prepaid expenses and other non-current liabilities, 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

Reconciliation of effective tax rate
                  
(Dollars in thousands)
  
2025
    
2024
    
2023
  
Profit before income tax
  
$
211,376
    
$
182,069
    
$
162,046
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
    
413
      
608
      
649
  
Total income tax expense
  
$
413
    
$
608
    
$
649