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Fair Value Measurement
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurement
20.    Fair Value Measurement
The following tables presents information about the Company's assets and liabilities that are measured at fair value on a recurring basis on September 30, 2025 and December 31, 2024 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.
September 30, 2025
Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
Derivative asset— — — — 
Derivative contracts— — — — 
Equity securities*— — 13,413 13,413 
— — 13,413 13,413 
Financial liabilities:
Derivative liability— — — — 
— — — — 
* Carried at cost; disclosed as Level 3 for informational purposes only
December 31, 2024
Level 1Level 2Level 3Total
$’000$’000$’000$’000
Financial assets:
Derivative asset— 93,520 — 93,520 
Derivative contracts— 18,602 — 18,602 
— 112,122 — 112,122 
Financial liabilities:
Derivative liability— 92,094 — 92,094 
Derivative contracts— 60 — 60 
— 92,154 — 92,154 
There were no transfers between fair value levels during the three and nine months ended September 30, 2025.
See Note 18 – Commitments and contingencies and Note 21 – Financial instruments for details related to the Derivative liability being fair valued using Level 2 inputs.
Derivative Contracts
The Derivative contracts is primarily related to open hedging positions. The fair value of the Derivative contracts is based on quoted prices for similar assets and liabilities in active market or inputs that are observable which represent Level 2 measurements within the fair value hierarchy and is based on observable prices for similar assets sourced by an independent marketplace. Please refer to Note 3 – Significant accounting policies for additional information on ASC 815 leveling.
Equity Securities
During the period, the Company acquired an ownership interest in a third-party entity that develops and operates carbon credit projects. This investment qualifies as an equity security under ASC 321 because the Company does not control the entity and does not have the ability to exercise significant influence over its operating and financial policies. The Company’s Level 3 balance represents an equity investment measured at cost under the ASC 321 measurement alternative. The investment was acquired in July 2025 through a non-cash settlement of accounts receivable and accounts payable with a counterparty. Because the investment lacks a readily determinable fair value and uses significant unobservable inputs to estimate value, it is classified as Level 3 for disclosure purposes. No observable price changes or impairment indicators were identified during the three and nine months ended September 30, 2025.
The following tables presents information about the Company's Level 3 roll forward for the three and nine months ended September 30, 2025 and 2024:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
$’000$’000$’000$’000
Beginning Balance— — — — 
Additions13,413 — 13,413 — 
Unrealized gain recognized in earnings— — — — 
Transfers in / out of Level 3— — — — 
Sales / disposals— — — — 
Ending Balance13,413 — 13,413 — 
Valuation Techniques and Inputs
The equity investment was acquired through the exchange of outstanding receivables and is carried at cost, less any impairment, in accordance with the measurement alternative for equity securities without readily determinable fair values. The Company did not estimate fair value as of September 30, 2025, because observable market prices for the investment are not available and no valuation techniques using unobservable inputs were applied. The investment is classified within Level 3 of the fair value hierarchy solely due to the absence of observable market data, rather than the use of a fair value model. Changes in market conditions or project-specific developments could affect future assessments of impairment.