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REGISTERED NUMBER: 10140028 (England and Wales)















SIEM OIL SERVICE INVEST HOLDINGS LIMITED

GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024






SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024










Page

Company Information 1

Group Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 5

Consolidated Income Statement 8

Consolidated Other Comprehensive Income 9

Consolidated Balance Sheet 10

Company Balance Sheet 11

Consolidated Statement of Changes in Equity 12

Company Statement of Changes in Equity 13

Consolidated Cash Flow Statement 14

Notes to the Consolidated Cash Flow Statement 15

Notes to the Consolidated Financial Statements 16


SIEM OIL SERVICE INVEST HOLDINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: K Siem
G Toshniwal
G Pettersen
A Kaneko





REGISTERED OFFICE: 40 Brighton Road
Sutton
SM2 5BN





REGISTERED NUMBER: 10140028 (England and Wales)





AUDITORS: Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
Overall, the Group generated revenues of $24.0m (2023: $15.9m). The Group generated an operating profit of $6.8m (2023: $2.2m) in the period. From a balance sheet perspective, the net asset position of the Group has increased from $36.1m in 2023 to $42.8m in 2024. The work undertaken during the period gives the Group a strong foundation for increased levels of activity in 2024.

The Group's activity is focused on owning and operating vessels within the offshore energy markets. During 2024 the fleet consisted of two vessels. One vessel has during the year been fixed on a long-term contract with an acceptable charterer at profitable rates. This contract will run until 31 December 2025. The second vessel was reactivated in June and has thereafter traded the spot market.

PRINCIPAL RISKS AND UNCERTAINTIES
The Board believes the principal risks and uncertainties for the Group include the general prospects for the offshore energy markets. The Group's business is exposed to political risks. The Group is also exposed to the performance of customers, service providers and suppliers.

Additionally, there is an inherent risk with the operation of ships and the possible negative outcome of any
pollution-based violation of the MARPOL convention.

KEY PERFORMANCE INDICATORS
The Board consider the Group's key performance indicators to be revenue, operating profit and net assets. These have been considered in the business review above.

ON BEHALF OF THE BOARD:





G Pettersen - Director


18 April 2025

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024


The directors present their report with the financial statements of the company and the group for the year ended 31 December 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 December 2024.

FUTURE DEVELOPMENTS
The Company is a holding company for its subsidiaries and will invariably try to optimise the timing for divestment and investment in new assets. For the Group, there is still some surplus capacity within the market for offshore service vessels, notably for AHTS vessels. Increased demand is seen in all segments, a trend that is expected to continue in the near-medium term. The offshore wind market displays high activity and is anticipated to grow further. This, in combination with elevated activity in the traditional offshore oil and gas markets, has led to higher rates for offshore construction vessels. With limited new vessels entering the market, higher rates and longer contracts is expected going forward.

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

K Siem
G Toshniwal

Other changes in directors holding office are as follows:

B Omdal - resigned 20 March 2024
G Pettersen - appointed 20 March 2024

A Kaneko was appointed as a director after 31 December 2024 but prior to the date of this report.

A Razmuss ceased to be a director after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS RISKS
The Group is exposed to a number of financial risks. Fluctuations in foreign exchange rates, interest rates, bunker prices and credit risks all have an effect on the Group's assets and liabilities, creditworthiness, liquidity, profit and loss and cash flow.

The majority of the transactions, assets and liabilities of the Group are denominated in USD, which is also defined as the Group's functional currency.

The Group's credit risk is primarily attributable to its trade and other short-term debtors. The amounts presented in the balance sheet are net of provisions for doubtful debts, estimated by management based on their prior experience and their assessment of the current economic environment.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.


SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES - continued
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Rothmans Audit LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





G Pettersen - Director


18 April 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM OIL SERVICE INVEST HOLDINGS LIMITED


Opinion
We have audited the financial statements of Siem Oil Service Invest Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2024 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM OIL SERVICE INVEST HOLDINGS LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on pages three and four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory framework that the Group operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect of the operations of the Group. The key laws and regulations we considered in this context included the UK Companies Act and those in relation to the Group's shipping activities.

Discussions were held within the engagement team regarding how and where fraud might occur in the Financial Statements and any potential indicators of fraud. As part of this discussion, we identified potential risk areas such as the completeness of revenue. Audit procedures were designed to ensure all of the risks were addressed.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

o enquiring of management as to actual and potential litigation and claims; and
o reviewing any correspondence with regulators and the Group's legal advisors.

To address the risk of fraud through management bias and override of controls, we:

o performed analytical procedures to identify any unusual or unexpected relationships;
o tested journal entries to identify unusual transactions and bias.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
SIEM OIL SERVICE INVEST HOLDINGS LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Robin Lloyd (Senior Statutory Auditor)
for and on behalf of Rothmans Audit LLP
Statutory Auditors
Chartered Accountants
Fryern House
125 Winchester Road
Chandlers Ford
Hampshire
SO53 2DR

18 April 2025

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $ $

TURNOVER 3 24,004,254 15,874,033

Cost of sales 11,500,747 9,306,619
GROSS PROFIT 12,503,507 6,567,414

Administrative expenses 5,695,298 4,413,610
OPERATING PROFIT 5 6,808,209 2,153,804

Interest receivable and similar income 6 306,665 278,854
7,114,874 2,432,658

Interest payable and similar expenses 7 404,496 440,404
PROFIT BEFORE TAXATION 6,710,378 1,992,254

Tax on profit 8 30,645 6,183
PROFIT FOR THE FINANCIAL YEAR 6,679,733 1,986,071
Profit attributable to:
Owners of the parent 6,679,733 1,986,071

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $ $

PROFIT FOR THE YEAR 6,679,733 1,986,071


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

6,679,733

1,986,071

Total comprehensive income attributable to:
Owners of the parent 6,679,733 1,986,071

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONSOLIDATED BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes $ $ $
FIXED ASSETS
Tangible assets 10 50,423,564 51,964,990
Investments 11 - -
50,423,564 51,964,990

CURRENT ASSETS
Stocks 12 201,401 260,454
Debtors 13 4,525,159 5,430,679
Cash at bank 4,176,121 3,784,212
8,902,681 9,475,345
CREDITORS
Amounts falling due within one year 14 16,575,469 1,669,617
NET CURRENT (LIABILITIES)/ASSETS (7,672,788 ) 7,805,728
TOTAL ASSETS LESS CURRENT
LIABILITIES

42,750,776

59,770,718

CREDITORS
Amounts falling due after more than one
year

15

-

23,699,675
NET ASSETS 42,750,776 36,071,043

CAPITAL AND RESERVES
Called up share capital 17 6,179,800 6,179,800
Share premium 18 55,317,202 55,317,202
Retained earnings 18 (18,746,226 ) (25,425,959 )
SHAREHOLDERS' FUNDS 42,750,776 36,071,043

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2025 and were signed on its behalf by:





G Pettersen - Director


SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

COMPANY BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes $ $ $
FIXED ASSETS
Tangible assets 10 - -
Investments 11 38,456,836 38,456,836
38,456,836 38,456,836

CURRENT ASSETS
Debtors 13 1,598,462 1,640,962
Cash at bank 5,746 3,090
1,604,208 1,644,052
CREDITORS
Amounts falling due within one year 14 33,000 9,999
NET CURRENT ASSETS 1,571,208 1,634,053
TOTAL ASSETS LESS CURRENT
LIABILITIES

40,028,044

40,090,889

CAPITAL AND RESERVES
Called up share capital 17 6,179,800 6,179,800
Share premium 18 55,317,200 55,317,200
Retained earnings 18 (21,468,956 ) (21,406,111 )
SHAREHOLDERS' FUNDS 40,028,044 40,090,889

Company's loss for the financial year (62,845 ) (12,243 )

The financial statements were approved by the Board of Directors and authorised for issue on 18 April 2025 and were signed on its behalf by:





G Pettersen - Director


SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
$ $ $ $
Balance at 1 January 2023 6,179,800 (27,412,030 ) 55,317,202 34,084,972

Changes in equity
Total comprehensive income - 1,986,071 - 1,986,071
Balance at 31 December 2023 6,179,800 (25,425,959 ) 55,317,202 36,071,043

Changes in equity
Total comprehensive income - 6,679,733 - 6,679,733
Balance at 31 December 2024 6,179,800 (18,746,226 ) 55,317,202 42,750,776

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024

Called up
share Retained Share Total
capital earnings premium equity
$ $ $ $
Balance at 1 January 2023 6,179,800 (21,393,868 ) 55,317,200 40,103,132

Changes in equity
Total comprehensive income - (12,243 ) - (12,243 )
Balance at 31 December 2023 6,179,800 (21,406,111 ) 55,317,200 40,090,889

Changes in equity
Total comprehensive income - (62,845 ) - (62,845 )
Balance at 31 December 2024 6,179,800 (21,468,956 ) 55,317,200 40,028,044

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024

2024 2023
Notes $ $
Cash flows from operating activities
Cash generated from operations 1 11,524,582 2,744,156
Interest paid (441 ) (404 )
Tax paid (6,192 ) -
Net cash from operating activities 11,517,949 2,743,752

Cash flows from investing activities
Purchase of tangible fixed assets (3,432,705 ) (5,745,805 )
Interest received 306,665 278,854
Net cash from investing activities (3,126,040 ) (5,466,951 )

Cash flows from financing activities
Loan repayments in year (8,000,000 ) -
Net cash from financing activities (8,000,000 ) -

Increase/(decrease) in cash and cash equivalents 391,909 (2,723,199 )
Cash and cash equivalents at beginning
of year

2

3,784,212

6,507,411

Cash and cash equivalents at end of year 2 4,176,121 3,784,212

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
$ $
Profit before taxation 6,710,378 1,992,254
Depreciation charges 4,974,131 3,777,712
Finance costs 404,496 440,404
Finance income (306,665 ) (278,854 )
11,782,340 5,931,516
Decrease in stocks 59,053 155,146
Decrease/(increase) in trade and other debtors 905,520 (3,638,256 )
(Decrease)/increase in trade and other creditors (1,222,331 ) 295,750
Cash generated from operations 11,524,582 2,744,156

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31/12/24 1/1/24
$ $
Cash and cash equivalents 4,176,121 3,784,212
Year ended 31 December 2023
31/12/23 1/1/23
$ $
Cash and cash equivalents 3,784,212 6,507,411


3. ANALYSIS OF CHANGES IN NET DEBT

Other
non-cash
At 1/1/24 Cash flow changes At 31/12/24
$ $ $ $
Net cash
Cash at bank 3,784,212 391,909 4,176,121
3,784,212 391,909 4,176,121
Debt
Debts falling due
within 1 year - - (16,103,730 ) (16,103,730 )
Debts falling due
after 1 year (23,699,675 ) 8,000,000 15,699,675 -
(23,699,675 ) 8,000,000 (404,055 ) (16,103,730 )
Total (19,915,463 ) 8,391,909 (404,055 ) (11,927,609 )

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024


1. STATUTORY INFORMATION

Siem Oil Service Invest Holdings Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 10140028 and its registered address is 40 Brighton Road, Sutton, SM2 5BN. The principal activity of the Group is that of sea and coastal freight water transport. The principal activity of the Company is that of a holding company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The functional and presentational currency is US Dollars.

Going concern
The financial statements have been prepared on the going concern basis.

Financial Reporting Standard 102 - reduced disclosure exemptions
The parent company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

o the requirement of paragraph 3.17(d);
o the requirements of Section 7 Statement of Cash Flows;
o the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48 (a) (iii), 11.48 (a) (iv), 11.48 (b) and
11.48 (c);
o he requirements of paragraphs 12.26, 12.27, 12.29 (a), 12.29 (b), 12.29A and 12.30;
o the requirement of paragraph 33.7.

Basis of consolidation
The consolidated financial statements incorporate the results of Siem Oil Service Invest Holdings Limited and all of its subsidiary undertakings as at 31 December 2024 using the acquisition method of accounting as required. Where the acquisition method is used, the results of subsidiary undertakings are included from the date of acquisition. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. Subsidiaries are excluded from consolidation from the date that control ceases.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the Group.

Transactions between Group entities which have been eliminated on consolidation are not disclosed within the financial statements.

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date, and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

-Determining whether to impair vessels during the year depending on changes to the condition of the asset and/or market.

Other key sources of estimation uncertainty:

-Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual value assessments consider issues such as market conditions, the remaining life of the asset and projected disposal values.

-Establishing the criteria and assumptions to be used in the impairment review of vessels.

Turnover
Turnover consists of freight revenue on a time-charter basis from voyage charters and time charters. Turnover is derived from ordinary activities, and is stated after trade discounts, other sales taxes and net of VAT.

Income and expenses relating to voyages of vessels have been accrued on the basis of the number of days the voyage lasted in the year. A voyage is defined as starting after unloading from the previous voyage. Expenses in connection with freight-seeking days are expensed as incurred.

Tangible fixed assets
All fixed assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation and accumulated impairment losses.

The cost of fixed assets initially recognised includes its purchase price and any costs that are directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in a manner intended by management.

Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Deferred dry docking5 - 7 years (straight-line method)
Vessels30 years (straight-line method)

The vessels are required to be dry docked for inspection and re-licensing, at which point major repairs and maintenance are performed. The costs associated with dry docking are capitalised as they occur by adding them to the cost of the vessel and depreciating them over the period until the next scheduled dry docking.

The assets residual values and useful lives are reviewed and adjusted if appropriate at the end of each reporting period. The effect of any change is accounted for prospectively.

Fixed assets are derecognised on disposal or when no future economic benefits are expected. On disposal the difference between the net disposal proceeds and the carrying amount is recognised in the Consolidated Income Statement.

Fixed assets are assessed for impairment annually and an impairment processed when the net book value is considered to exceed the recoverable amount.

Investments in subsidiaries
Investments in subsidiary undertakings are measured at cost less impairment.

Stocks
Lubricating oil and bunkers inventories are valued at the lower of historical cost and market value applying the FIFO (first in first out) principle.

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The Group only has financial assets and liabilities of the kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and debt instruments are subsequently measured at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted of substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal or other future taxable profits.

Companies qualifying for the tonnage tax regime have elected to apply the regime to its profits. This is calculated by reference to the tonnage of the qualifying vessels.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into USD at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Finance income and costs
Finance income and costs are charged to the Consolidated Income Statement over the term of the debt using the effective interest rate method so that the amount charged is at a constant rate on the carrying amount.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the group.

An analysis of turnover by geographical market is given below:

2024 2023
$ $
United Kingdom 682,650 5,703,099
Norway 22,739,126 10,166,820
Netherlands 582,478 -
France - 4,114
24,004,254 15,874,033

4. EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

The average number of employees during the year was NIL (2023 - NIL).

2024 2023
$ $
Directors' remuneration - -

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


5. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
$ $
Depreciation - owned assets 4,974,131 3,777,712
Auditors' remuneration 17,650 22,125
Foreign exchange differences 125,279 70,645

6. INTEREST RECEIVABLE AND SIMILAR INCOME
2024 2023
$ $
Bank interest receivable 306,665 278,854

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
$ $
Loan interest 404,055 440,000
Other similar charges 441 404
404,496 440,404

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
$ $
Current tax:
Tonnage tax 30,645 6,183
Tax on profit 30,645 6,183

UK corporation tax has been charged at 25 % (2023 - 25 %).

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
$ $
Profit before tax 6,710,378 1,992,254
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 25 %)

1,677,595

498,064

Effects of:


Movement in deferred tax unprovided (400,663 ) (235,942 )
Difference in tax rates (183,659 ) (52,157 )
Currency variation converting tax base from NOK to USD 650,095 265,595
Tonnage tax 1,711 1,905
Tonnage tax exemption (1,714,434 ) (471,282 )
Total tax charge 30,645 6,183

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


9. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


10. TANGIBLE FIXED ASSETS

Group
Deferred
Vessels dry docking Totals
$ $ $
COST
At 1 January 2024 70,030,770 6,945,063 76,975,833
Additions 83,370 3,349,335 3,432,705
At 31 December 2024 70,114,140 10,294,398 80,408,538
DEPRECIATION
At 1 January 2024 24,320,360 690,483 25,010,843
Charge for year 3,162,284 1,811,847 4,974,131
At 31 December 2024 27,482,644 2,502,330 29,984,974
NET BOOK VALUE
At 31 December 2024 42,631,496 7,792,068 50,423,564
At 31 December 2023 45,710,410 6,254,580 51,964,990

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
$
COST
At 1 January 2024
and 31 December 2024 38,456,836
NET BOOK VALUE
At 31 December 2024 38,456,836
At 31 December 2023 38,456,836


SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


11. FIXED ASSET INVESTMENTS - continued


The principal undertakings in which the Company had an interest at the year end are as follows:

Company


Subsidiary undertakings

Country of
incorporation
Class of
share
capital held
Proportion of
share capital
held


Nature of business

Siem Oil Service Invest Limited

England

Ordinary

100%
Intermediate holding
company

Siem Oil Service Invest Norway AS*

Norway

Ordinary

100%
Intermediate holding
company

Siem Day AS*

Norway

Ordinary

100%
Sea and coastal
freight water transport

Siem Day II AS*

Norway

Ordinary

100%
Sea and coastal
freight water transport

Siem Challenger AS*

Norway

Ordinary

100%
Sea and coastal
freight water transport

*- subsidiaries indirectly held by Siem Oil Service Invest Holdings Limited

The registered office for all of the above companies other than Siem Oil Service Invest Limited is Nodeviga 14, 4610 Kristiansand, Norway. The registered office for Siem Oil Service Invest Limited is 40 Brighton Road, Sutton, England, SM2 5BN.

12. STOCKS

Group
2024 2023
$ $
Bunker inventory 201,401 260,454

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
$ $ $ $
Trade debtors 3,700,554 3,687,629 - -
Amounts owed by group undertakings - - 1,598,462 1,640,962
Other debtors 589,526 723,463 - -
VAT 41,524 32,470 - -
Prepayments and accrued income 193,555 987,117 - -
4,525,159 5,430,679 1,598,462 1,640,962

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2024 2023 2024 2023
$ $ $ $
Other loans (see note 16) 16,103,730 - - -
Trade creditors 396,293 1,606,706 - -
Social security and other taxes 30,645 6,192 - -
Accruals and deferred income 44,801 56,719 33,000 9,999
16,575,469 1,669,617 33,000 9,999

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2024 2023
$ $
Other loans (see note 16) - 23,699,675

16. LOANS

An analysis of the maturity of loans is given below:

Group
2024 2023
$ $
Amounts falling due within one year or on demand:
Other loans 16,103,730 -
Amounts falling due between two and five years:
Other loans - 2-5 years - 23,699,675

The other loans are due for repayment on 6 January 2025. Interest is charged on the loans at 2% per annum.

17. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: $ $
6,179,700 A Ordinary $1 6,179,700 6,179,700
100 B Ordinary $1 100 100
6,179,800 6,179,800

The A Ordinary shares have one vote per share, an entitlement to participate in any distribution as set out in the Articles of Association and an entitlement to participate in any return as set out in the Articles of Association. The shares are not redeemable or liable to be redeemed at the option of the company or the shareholder.

The B Ordinary shares have no rights to vote and carry rights to income as set out in the Articles of Association. The shares carry rights to capital (including on a winding up) as set out in the Articles of Association. The shares are not redeemable.

18. RESERVES

Group
Retained Share
earnings premium Totals
$ $ $

At 1 January 2024 (25,425,959 ) 55,317,202 29,891,243
Profit for the year 6,679,733 6,679,733
At 31 December 2024 (18,746,226 ) 55,317,202 36,570,976

SIEM OIL SERVICE INVEST HOLDINGS LIMITED (REGISTERED NUMBER: 10140028)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2024


18. RESERVES - continued

Company
Retained Share
earnings premium Totals
$ $ $

At 1 January 2024 (21,406,111 ) 55,317,200 33,911,089
Deficit for the year (62,845 ) (62,845 )
At 31 December 2024 (21,468,956 ) 55,317,200 33,848,244

Retained earnings includes all current and prior period retained profits and losses.

The share premium account includes any premiums received on issue of share capital, net of any transaction costs associated with the issuing of shares.

19. RELATED PARTY DISCLOSURES

Included within 'Creditors: Amounts falling due after more than one year' are loans advanced to a subsidiary within the Group by related parties. The related parties are entities with common shareholders to the Group. The balance outstanding at the year end, inclusive of interest, is $16,103,730 (2023: $23,699,675). Interest totalling $440,000 was charged in the year (2023: $440,000).

During the year, purchases of $3,473,909 (2023: $15,921,083) were made from related parties. The related parties are entities with common shareholders to the Group. The balances outstanding at the year end are $80,447 (2023: $1,292,723) and are included within 'Creditors: Amounts falling due within one year'.

20. POST BALANCE SHEET EVENTS

On 3 January 2025 the repayment date for the $16,103,730 mortgaged debt was extended for repayment by 12 months from 6 January 2025 to 6 January 2026.

21. ULTIMATE CONTROLLING PARTY

The directors consider that Mr Paul Elliott Singer has ultimate control.