Accounts Petoro AS

NOK 361.4 million was appropriated for operation of Petoro AS, excluding VAT, in 2025. This amount is recorded as a public grant from the Norwegian state.

Other revenue is generally associated with services in connection with managing negotiations in the SDFI portfolio, in addition to income for employees contracted out on external engagements.

The change in deferred revenue recorded in the income statement comprises deferred revenue related to NOK 5.3 million in investments made in 2025, as well as NOK 0.9 million in depreciation of investments made during the year and in earlier years, cf. Note 5.

Operational leasing contracts include office equipment and machines. The original lease periods are between 3 and 5 years.

Other receivables consist in their entirety of pre-paid costs relating primarily to rent, insurance, licences and subscriptions for market information.

The company’s share capital at 31 December 2015 comprised 10,000 shares with a nominal value of NOK 1,000 each. All shares are owned by the Norwegian state, and all have the same rights.

The company is obliged to offer an occupational pension scheme under the (Norwegian) Mandatory Occupational Pension Schemes Act. The company’s pension plans comply with the requirements of this Act.

The company implemented a new pension plan with effect from 1 January 2016. This is a defined contribution plan pursuant to the (Norwegian) Defined Contribution Pensions Act. Premiums for the defined contribution plan are expensed on a continuous basis. The company has a transitional arrangement for employees with defined benefit pension who were less than 15 years from retirement age on 1 January 2016. As of 31 December 2025, 62 employees are covered by the defined contribution scheme, while 17 employees are covered by the transitional scheme.

The annual net pension cost is calculated based on the previous year’s assumptions. The net pension liability is calculated on the basis of assumptions in the present year. Petoro AS has allocated dedicated funds to cover unsecured pension liabilities, cf. Note 7.

The actuarial assumptions are based on common assumptions made in the insurance business for demographic factors.

The company’s chosen auditor is Deloitte AS. Fees charged for external auditing of the consolidated financial statements in 2025 totalled NOK 0.5 million. NOK 0.5 million has also been invoiced for Other services in 2025. Other services comprise the SDFI and assistance needed to follow up Equinor’s compliance with the Marketing and Sale Instructions.

In accordance with the Act relating to the Office of the Auditor General of 13 December 2024, the OAG is the external auditor for the SDFI. PwC has been engaged as the company’s financial accountant in order to prepare a financial audit of the SDFI accounts as part of the company’s internal auditing. PwC invoiced NOK 0.6 million for financial auditing and NOK 0.8 million for internal auditing in 2025.

In autumn 2024, Petoro AS entered into a new agreement with Smedvig Eiendom AS to lease office space at Øvre Strandgate 124. According to the new lease, the lessor provided temporary office space to Petoro AS between 13 December 2024 and 2 November 2025. The total annual rent cost amounts to NOK 7.6 million, including operating and overhead expenses.

Petoro AS has a contract with Azets Insights AS (Azets) concerning the delivery of accounting services and associated ICT services linked to SDFI accounting. This agreement entered into force on 1 March 2020 and runs for five years with an option for Petoro AS to extend it for two years. Petoro chose to exercise this option in 2025. The accounting fee carried to expense for Azets in 2025 for accountancy for the SDFI amounted to NOK 9.7 million.

Petoro AS has an agreement with TietoEvry ASA for providing IT operations services for office support, administrative solutions, as well as consultant assistance. This agreement entered into force on 1 January 2024 with a duration of 1+1+1 years. Costs under the IT operations agreement for 2025 amounted to NOK 13.6 million. Petoro AS also has a contract with SLB AS concerning the operation of petroleum technology solutions. This agreement entered into force on 1 January 2023 with a duration of 3 years, and will then be automatically renewed in one-year increments. Costs under the operations contract for petroleum technology solutions amounted to NOK 13.7 million in 2025.

Equinor ASA and Petoro AS have the same owner, the Ministry of Trade, Industry and Fisheries, and are thus close associates. There were no significant transactions in 2025 between Equinor ASA and Petoro AS. Petoro AS acted as lead negotiator for certain fields associated with the SDFI portfolio where Equinor ASA is operator, cf. Note 1.