4.3.29Investment in Associates and Joint Arrangements
The Company has several joint arrangements and associates:
Entity name | Partners | Joint venture/ | % of ownership | Country registration | 2025 main reporting segment | Project name |
|---|---|---|---|---|---|---|
Normand Installer S.A. | The Solstad group | Joint venture | 49.90 | Switzerland | Turnkey | Normand Installer |
Ocean-Power AS | Agri AS; CapeOmega; Knatten I AS among others | Associate | 7.69 | Norway | Turnkey | Ocean Power |
Ekwil S.A.S | Technip Energies | Joint venture | 50.00 | France | Turnkey | Ekwil |
Ekwil Monaco S.A.M | Technip Energies | Joint venture | 50.00 | Monaco | Turnkey | Ekwil |
STS VOF | Technip Energies | Joint operation | 52.00 | Netherlands | Turnkey | FPSO GranMorgu |
STS 58 B.V. | Technip Energies | Joint operation | 52.00 | Netherlands | Turnkey | FPSO GranMorgu |
The movements in investments in associates and joint ventures are as follows:
Note | 2025 | 2024 | |
|---|---|---|---|
Investments in associates and joint ventures at 1 January | 21 | 288 | |
Share of profit of equity-accounted investees | (4) | 19 | |
Dividends | - | - | |
Cash flow hedges | (0) | (0) | |
Capital increase/(decrease) | 7 | (225) | |
Foreign currency variations | 0 | 0 | |
Reclassification to assets held for sale | - | (60) | |
Other | - | (1) | |
Investments in associates and joint ventures at 31 December | 23 | 21 |
In 2025, the consolidated statement of comprehensive income included US$0 million of other comprehensive income from equity-accounted investees (2024: US$31 million).
On January 31, 2025, the Company completed its full divestment of its equity interest in the lease and operating entities of the FPSO Kikeh in Malaysia, to its partner MISC Berhad. As of December 31, 2024, the Company’s interests in the FPSO Kikeh entities were classified as assets held for sale and were previously classified as joint ventures.
The following tables present the figures at 100%.
Information on joint ventures and associates – 2025
Project name | Total assets | Non-current assets | Cash | Loans | Non- current liabilities | Current liabilities | Dividends paid | Revenue | |
|---|---|---|---|---|---|---|---|---|---|
Non material joint ventures/associates | 81 | 48 | 23 | 18 | 0 | 36 | - | 5 | |
Total at 100% | 81 | 48 | 23 | 18 | 0 | 36 | - | 5 |
Information on joint ventures and associates – 2024
Project name | Total assets | Non-current assets | Cash | Loans | Non- current liabilities | Current liabilities | Dividends paid | Revenue | |
|---|---|---|---|---|---|---|---|---|---|
Non material joint ventures/associates | 76 | 41 | 25 | 23 | 18 | 18 | - | 1 | |
Total at 100% | 76 | 41 | 25 | 23 | 18 | 18 | - | 1 |
The interest-bearing loans and other borrowings held by joint ventures and associates are as follows:
Information on loans and borrowings of joint ventures and associates
Net book value at 31 December 2025 | Net book value at 31 December 2024 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
Entity name | % Ownership | % Interest | Maturity | Non-current | Current | Total | Non-current | Current | Total |
Normand Installer SA | 49.90 | 6.00% | 15-12-2026 | - | 5 | 5 | 5 | 6 | 11 |
US$ Project Finance facilities drawn | - | 5 | 5 | 5 | 6 | 11 | |||
Loans from subsidiaries of | - | 6 | 6 | 6 | - | 6 | |||
Loans from other shareholders of the joint ventures and associates | - | 6 | 6 | 6 | - | 6 | |||
Net book value of loans and borrowings | - | 18 | 18 | 18 | 6 | 23 | |||
- 1 Please refer to note 4.3.16 'Loans to joint-ventures and associates' for presentation of the carrying amount of these loans in the Company's Consolidated Statement of financial position.
Aggregated information on joint ventures and associates
2025 | 2024 | ||
|---|---|---|---|
Net result at 100% | (9) | 28 |
Reconciliation equity at 100 % with investment in associates and joint ventures
2025 | 2024 | ||
|---|---|---|---|
Equity at 100% | 44 | 41 | |
Partner ownership | (21) | (20) | |
Share in negative net equity reclassification to loans to joint ventures and associates | - | - | |
Investments in associates and joint ventures | 23 | 21 |