OKEA has NOK as functional currency. Starting from Q1 2025, all figures in the financial statements will be presented in USD, aligning with common practices in the upstream oil and gas sector. Comparative information for historical financial information previously presented in NOK, has been published in USD to conform with the current year’s presentation.
For presentation purposes, balance sheet items are translated from functional currency to USD using spot rates at the balance sheet date. Items within profit or loss and other comprehensive income are translated from functional currency to USD using average exchange rates for the periods presented, or actual rates at the dates of the transactions if significantly different. For share capital and share premium historical exchange rates are used.