Disclosure Of Material Accounting Policy Information [Text Block]

Odfjell Drilling - Filing #5873316

Concept	2024-01-01 to 2024-12-31
Disclosure of material accounting policy information [text block]	—
Description of accounting policy for borrowings [text block]	The loans and borrowings category is the most relevant to the Group. After initial recognition, interest-bearing loans and borrowings are subsequently measured at amortised cost using the effective interest (EIR) method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised as well as through the EIR amortisation process. Refer to further information in
Description of accounting policy for cash flows [text block]
Description of accounting policy for contingent liabilities and contingent assets [text block]	Contingent liabilities and contingent assets are not recognised. Contingent liabilities are disclosed unless the possibility of an economic settlement as a consequence of the obligation is remote. Contingent assets are disclosed where an economic settlement as a consequence of the asset is probable
Description of accounting policy for deferred income tax [text block]	Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Description of accounting policy for depreciation expense [text block]	Depreciation is calculated on a straight-line basis over the useful life of the asset or component. The depreciable amount equals historical cost less residual value. Items of property, plant and equipment with components that have substantially different useful lives are treated separately for depreciation purposes. The total expenditure on the rigs is therefore allocated into groups of components that have different expected useful lifetimes.
Description of accounting policy for derecognition of financial instruments [text block]	Financial assets are de-recognised when the contractual rights to the cash flows from the financial assets expire or are transferred. Realised gains and losses arise from financial assets not designated for hedging, are recognised in the income statement as financial item in the period they occur.
Description of accounting policy for derivative financial instruments [text block]	Derivatives are valued at fair value through profit or loss (FVPL) unless designated as hedges
Description of accounting policy for determining components of cash and cash equivalents [text block]	Cash and cash equivalents include cash in hand, deposits held at call with banks, and other current highly-liquid investments with original maturities of three months or less
Description of accounting policy for earnings per share [text block]
Description of accounting policy for employee benefits [text block]
Description of accounting policy for fair value measurement [text block]
Description of accounting policy for financial assets [text block]
Description of accounting policy for financial instruments [text block]
Description of accounting policy for financial liabilities [text block]
Description of accounting policy for foreign currency translation [text block]
Description of accounting policy for functional currency [text block]
Description of accounting policy for government grants [text block]
Description of accounting policy for hedging [text block]
Description of accounting policy for impairment of non-financial assets [text block]
Description of accounting policy for income tax [text block]
Description of accounting policy for leases [text block]
Description of accounting policy for loans and receivables [text block]	The Group has applied the practical expedient under IFRS 9 and are measuring the initial recognition of trade receivables at the transaction price determined under IFRS 15
Description of accounting policy for non-current assets or disposal groups classified as held for sale [text block]
Description of accounting policy for property, plant and equipment [text block]
Description of accounting policy for provisions [text block]
Description of accounting policy for recognition of revenue [text block]
Description of accounting policy for repairs and maintenance [text block]	Subsequent costs for day-to-day repairs and maintenance are expensed as incurred.
Description of accounting policy for segment reporting [text block]
Description of accounting policy for share-based payment transactions [text block]
Description of accounting policy for trade and other receivables [text block]