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Expenses by nature | 12 Months Ended
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Dec. 31, 2024
Expenses by nature |
Expenses by nature | Note 4 Expenses by nature ​
​ | ​ | ​ | ​ | ​ | ​
EUR’000 |  | Note | 2024 | 2023 | 2022
Cost of sales | ​ | ​ | ​ | ​ | ​
Right-of-use asset depreciation | ​ | 14 | 235 | 30 | —
Insurance |  | ​ | 2,754 | 1,573 | 1,933
Vessel depreciation |  | 13 | 53,696 | 22,484 | 21,664
Impairment of property, plant and equipment | ​ | 13 | — | 5,000 | —
Crewing costs paid to a related party and an external party |  | 27 | — | — | 61
Offshore employee compensation |  | 6 | 32,285 | 15,921 | 13,089
Fuel and oil |  | ​ | 2,976 | 711 | 1,113
Maintenance |  | ​ | 7,886 | 5,121 | 4,039
Messing costs |  | ​ | 2,948 | 1,448 | 1,428
Seafarer travel |  | ​ | 7,110 | 2,835 | 2,589
Specific charter costs |  | ​ | 10,776 | 4,052 | 2,623
Utilities |  | ​ | 1,308 | 389 | 689
Other operating expenses |  | ​ | 2,254 | 294 | 309
Total cost of sales |  | ​ | 124,228 | 59,858 | 49,537
Administrative expenses |  |  | ​ |  |
Depreciation and amortisation |  | 12, 13, 14 | 2,522 | 534 | 1,020
Onshore employee compensation |  | 6 | 33,132 | 18,889 | 9,905
Repair and maintenance expenses |  | ​ | 3,020 | 1,123 | 796
Legal and professional fees |  | ​ | 7,576 | 2,122 | 1,047
Transaction costs | ​ | ​ | — | 7,707 | —
Rental expenses |  | ​ | 1,757 | 751 | 582
Travel expense |  | ​ | 1,988 | 985 | 612
Marketing and entertainment expenses |  | ​ | 1,283 | 602 | 788
Other expenses |  | ​ | 5,823 | 1,745 | 946
Total administrative expenses |  | ​ | 57,101 | 34,458 | 15,696
​ Specific charter costs include the release of a provision for an onerous contract, amounting to EUR 1.6 million, resulting from the favourable terms of the signed compensation agreement. Transaction costs in 2023 include all costs related to the business combination with Eneti, such as advisory, legal and consulting fees, which are included in administrative expenses. Accounting policies Cost of sales and administrative expenses Cost of sales consists of expenses directly attributable to the Group’s core activities, including seafarers payroll, vessel depreciation, and the operation and maintenance of vessels. Administrative expenses, which include administrative staff costs, share-based compensation, management costs, office expenses, business combination transaction costs and other administration related expenses, are expensed as they are incurred. Note 4 Expenses by nature Continued from previous page Auditor remuneration Administrative expenses include fees to the auditors appointed by the shareholder at the Annual General Meeting: ​
​ | ​ | ​ | ​ | ​
EUR’000 |  | 2024 | 2023 | 2022
Statutory audit |  | 2,016 | 474 | 125
Other assurance services |  | 264 | 1,608 | —
Tax services |  | 9 | 2 | 105
Other services |  | 22 | 606 | 51
Total |  | 2,311 | 2,690 | 281
​ Statutory audit services consist of fees for professional services rendered by EY for the audit of our annual consolidated financial statements and services that are provided by the auditor in connection with statutory audit. For 2024, the fee includes services related to issuance of audit reporting on the design and operating effectiveness of the company's internal controls over financial reporting (SOX404b). Other assurance services consist of review of interim financial information and, for 2023, include PCAOB re-audits for 2021 and 2022, as well as assurance reports in respect of pro-forma financial information in connection with regulatory filings. Tax services consists of tax compliance services. Other services consists of services provided for other permitted services, including fees for work performed in connection with the U.S. listing in December 2023. ​

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