Danish Oil Pipe A/S — Financial report

Danish Oil Pipe A/S (CVR 34890021). Reporting period: 2025-01-01 – 2025-12-31. Revenue 339.8M DKK, profit after tax -16.5M DKK, equity 451M DKK.

CVR 34890021

Latest financial period

2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 339753000 • 79889000 • -15265000 • -16491000 • 1433068000 • 451037000 • 0

Financial history

2024 • 2024-01-01 • 2024-12-31 • entity • DKK • 373881000 • 16623000 • -1577000 • 11069000 • 1149333000 • 467528000 • 1000
2023 • 2023-01-01 • 2023-12-31 • entity • DKK • 316011000 • 8737000 • -780000 • 12576000 • 1188066000 • 456459000 • 1000
2022 • 2022-01-01 • 2022-12-31 • entity • DKK • 287564000 • 29608000 • 23351000 • -2043000 • 1177130000 • 443883000 • 0
2021 • 2021-01-01 • 2021-12-31 • entity • DKK • 326131000 • 29662000 • 23405000 • -3349000 • 1907861000 • 445926000 • 1
2020 • 2020-01-01 • 2020-12-31 • entity • DKK • 377441000 • 56019000 • 49762000 • 3954000 • 2418349000 • 449275000 • 1
2019 • 2019-01-01 • 2019-12-31 • entity • DKK • 621882000 • 126079000 • 120284000 • 55488000 • 3185438000 • 445321000 • 1
2018 • 2018-01-01 • 2018-12-31 • entity • DKK • 614609000 • 73484000 • 62702000 • 7840000 • 3278580000 • 389833000 • 4
2017 • 2017-01-01 • 2017-12-31 • entity • DKK • 450475000 • 24725000 • -65583000 • -58204000 • 3217420000 • 381993000 • 5

Annual report highlights

primary activities • Danish Oil Pipe A/S handles the transport of crude oil and condensate from the Gorm E platform in the North Sea to the crude oil terminal in Fredericia. The oil transport system is owned and operated by the company in accordance with the Danish Pipeline Act and the Danish Payment Order (Betalingsbekendtgørelsen). All costs for plants and operation of the oil transport system are paid by the users. In connection with the transport of crude oil and condensate, the company, in 2016, established specific separation facilities in order to handle a specific crude oil composition from the Hejre field in the North Sea. The separation facility was built to separate crude oil and condensate with a high volume of gasses, if the Hejre crude oil stream were to be transported through the crude oil pipeline. The facility was never taken into use and has awaited a decision from INEOS to produce crude from the Hejre field. In 2023, Danish Oil Pipe A/S was informed by INEOS (the owner of the Hejre field) that the facilities will not be used as the Hejre crude oil stream would not be routed through the crude oil pipeline. The financial impact is zero, as the facility was not yet taken into use and the users are regardless the decision obliged to pay back the cost for the construction of the facility as well as removal. On this basis, Danish Oil Pipe A/S applied for permission to remove the separation facility, and on 17 November 2025, the Danish Energy Agency approved DOP’s decommissioning plan for the facility. • entity
primary activities • Danish Oil Pipe A/S handles the transport of crude oil and condensate from the Gorm E platform in the North Sea to the crude oil terminal in Fredericia. The oil transport system is owned and operated by the company in accordance with the Danish Pipeline Act and the Danish Payment Order (Betalingsbekendtgørelsen). All costs for plants and operation of the oil transport system are paid by the users.In connection with the transport of crude oil and condensate, the company, in 2016, established specific separation facilities in order to handle a specific crude oil composition from the Hejre field in the North Sea. The separation facility was built to separate crude oil and condensate with a high volume of gasses, if the Hejre crude oil stream were to be transported through the crude oil pipeline. The facility was never taken into use and has awaited a decision from INEOS to produce crude from the Hejre field. In 2023, Danish Oil Pipe A/S was informed by INEOS (the owner of the Hejre field) that the facilities will not be used as the Hejre crude oil stream would not be routed through the crude oil pipeline. The financial impact is zero, as the facility was not yet taken into use and the users are regardless the decision obliged to pay back the cost for the construction of the facility as well as removal. On this basis, Danish Oil Pipe A/S applied for permission to remove the separation facility, and on 17 November 2025, the Danish Energy Agency approved DOP’s decommissioning plan for the facility. • entity
development in activities and financial affairs • The company's income statement for the year ended 31 December 2025 shows a loss of TDKK (16,491) (2024: profit of TDKK 11.069), and the balance sheet at 31 December 2025 shows equity of TDKK 451,037 (2024: TDKK 467.528). • entity
development in activities and financial affairs • Operating risks In connection with an assessment of environmental impact, in the case of any oil spills or other pollution, the waste is cleaned up and recoverable in accordance with agreements with the Danish Environmental Protection Agency. • entity
development in activities and financial affairs • Operating risks In connection with an assessment of environmental impact, in the case of any oil spills or otherpollution, the waste is cleaned up and recoverable in accordance with agreements with theDanish Environmental Protection Agency. • entity
expected development • Profit before taxes for 2026 is expected to be between TDKK 4.000 to TDKK 6.000. In connection with the then expected Hejre tie-in of the Hejre Field to DOP-owned infrastructure at the Gorm E platform, Danish Oil Pipe A/S made necessary adjustments (Gorm E Modifications Project) to the Gorm E platform in order to accommodate the Hejre tie-in facilities, including a new riser. The project was suspended in 2016. Subsequently, an exemption from Hejre’s obligation to tie in to DOP infrastructure was approved by the Danish Energy Agency in 2024 and, consequently DOP decided to terminate the Gorm E Modifications Project. On 19 December 2025 the Danish Energy Agency approved that the total project cost including interest (DKK 138 mill.) shall be charged to the current users of DOP infrastructure. The approval has however been appealed by the users. In accordance with the approval by the Danish Energy Agency the project cost is being charged by Danish Oil Pipe A/S as 12 monthly charges in 2026. • entity
expected development • Profit before taxes for 2026 is expected to be between TDKK 4.000 to TDKK 6.000.In connection with the then expected Hejre tie-in of the Hejre Field to DOP-owned infrastructure at the Gorm E platform, Danish Oil Pipe A/S made necessary adjustments (Gorm E Modifications Project) to the Gorm E platform in order to accommodate the Hejre tie-in facilities, including a new riser. The project was suspended in 2016.Subsequently, an exemption from Hejre’s obligation to tie in to DOP infrastructure was approved by the Danish Energy Agency in 2024 and, consequently DOP decided to terminate the Gorm E Modifications Project. On 19 December 2025 the Danish Energy Agency approved that the total project cost including interest (DKK 138 mill.) shall be charged to the current users of DOP infrastructure. The approval has however been appealed by the users.In accordance with the approval by the Danish Energy Agency the project cost is being charged by Danish Oil Pipe A/S as 12 monthly charges in 2026. • entity
result compared with expectations • In the annual report for 2024, it was stated that the profit before taxes for 2025 were expected to be between TDKK 4.000 and TDKK 6.000. The Financial performance for 2025was adversely affected by higher depreciation charges relating to the capitalised decommissioning asset and financial expenses arising from the unwinding of the discount on the related decommissioning provision. • entity
recognition measurement uncertainty • Apart from the uncertainties surrounding future costs for decommissioning of production assets and restoring the seabed, the recognition and measurement of items in the annual report are not subject to any uncertainties. • entity
recognition measurement uncertainty • Apart from the uncertainties surrounding future costs for decommissioning of production assetsand restoring the seabed, the recognition and measurement of items in the annual report are notsubject to any uncertainties. • entity
unusual matters • In pursuance of Section 99d of the Danish Financial Statements Act, the Company has omitted information on data ethics. Reference is made to the 2025 Data Ethics statement of Ørsted A/S: https://cdn.orsted.com/-/media/annual-2025/report-on-data-ethics-section-99d-for-2025.pdf? rev=c28130d4a1dd469fb5bba112520f0489&hash=6C0F331EF4CF9683C587F95E4DF93C0D • entity
unusual matters • In pursuance of Section 99d of the Danish Financial Statements Act, the Company has omitted information on data ethics. Reference is made to the 2025 Data Ethics statement of Ørsted A/S: https://cdn.orsted.com/-/media/annual-2025/report-on-data-ethics-section-99d-for-2025.pdf?rev=c28130d4a1dd469fb5bba112520f0489&hash=6C0F331EF4CF9683C587F95E4DF93C0D • entity
subsequent events • No events have occurred after the balance sheet date which could significantly affect the company's financial position. • entity
contingent liabilities • The group's Danish companies are jointly and severally liable for tax on group jointly taxes income, etc. Reference is made to the annual report for Ørsted A/S, the administration company in relation to joint taxation. The group's Danish companies are also jointly and severally liable for Danish withholding taxes on dividends, royalties and interests within the group of jointly taxed entities. Any subsequent corrections to income and withholding taxes may result in an increase in the entities' liability. The group's danish entities are jointly and severally liable for joint VAT registration. • entity