Registered number: 00300721
FOR THE YEAR ENDED 31 DECEMBER 2024
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
COMPANY INFORMATION
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
CONTENTS
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their Strategic Report for the year ended 31 December 2024.
The Company's principal activities during the year were the manufacturing and sale of pumping and waste water equipment in industrial markets as well as machining, non-destructive testing, fabrication, fitting and assembly work.
The Company is a wholly owned subsidiary of NOV Inc. and operates within NOV Inc.'s Fluid Motion Solutions business unit, created to allow the group to become more focused on an industrial strategy and vision which will grow our existing product offering to better support our current markets, and also enter potential new markets.
The Company is a wholly owned subsidiary of NOV Inc. and operates within NOV Inc.'s Fluid Motion Solutions business unit, created to allow the group to become more focused on an industrial strategy and vision which will grow our existing product offering to better support our current markets, and also enter potential new markets.
The Company's financial key performance indicators during the year were as follows:
Turnover for the year amounted to £62,504,000, compared to £54,848,000 in the prior year. The Company reported a gross profit of £9,734,000 in 2024, representing a gross profit margin of 16%, compared to £6,990,000 in 2023, representing a gross profit margin of 13%.
The Company reported a profit before taxation of £2,907,000 compared to a loss before taxation of £1,531,000 in 2023.
The improvement in results was due to market share gains and targeted pricing initiatives especially with intercompany partners.
Shareholders' funds increased from £44,534,000 to £46,686,000 mainly due to the profit for the year. No dividends were distributed during the year (2023 - nil).
The Company reported a profit before taxation of £2,907,000 compared to a loss before taxation of £1,531,000 in 2023.
The improvement in results was due to market share gains and targeted pricing initiatives especially with intercompany partners.
Shareholders' funds increased from £44,534,000 to £46,686,000 mainly due to the profit for the year. No dividends were distributed during the year (2023 - nil).
The Company remains optimistic regarding opportunities to develop new distribution channels and generate additional demand from new products, underpinned by the continued focus on cost control and efficiency improvements within the business. Notwithstanding this optimism, the Company remains committed to streamlining its operations and improving organisational efficiencies while continuing to focus on the capital investment strategies of our customers to ensure our investments in innovative products and services, including environmentally friendly technologies, are responsive to their longer-term investment outlook. We believe this strategy will further advance the Company’s competitive position, regardless of the market environment.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Market risks
The sale of waste water equipment is largely transacted under medium term supply agreements. Renewal of these agreements is uncertain and largely based on financial and performance criteria. The demand for pumps and associated spares is partly influenced by macroeconomic factors, which the Company cannot influence.
Foreign exchange risk
The Company is exposed to foreign currency exchange rate fluctuations, primarily between sterling and the US dollar. Majority of sales are denominated in US dollars and so fluctuations in that currency during the year will directly affect margins when those sales are translated into pounds sterling. The Company manages this risk by recognising when foreign currency exposure is expected and minimises the risk accordingly.
Other risks and uncertainties
In common with many other manufacturing companies, the increase in the cost of raw materials, particularly steel, is putting margins under pressure.
The sale of waste water equipment is largely transacted under medium term supply agreements. Renewal of these agreements is uncertain and largely based on financial and performance criteria. The demand for pumps and associated spares is partly influenced by macroeconomic factors, which the Company cannot influence.
Foreign exchange risk
The Company is exposed to foreign currency exchange rate fluctuations, primarily between sterling and the US dollar. Majority of sales are denominated in US dollars and so fluctuations in that currency during the year will directly affect margins when those sales are translated into pounds sterling. The Company manages this risk by recognising when foreign currency exposure is expected and minimises the risk accordingly.
Other risks and uncertainties
In common with many other manufacturing companies, the increase in the cost of raw materials, particularly steel, is putting margins under pressure.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company is a wholly-owned subsidiary of NOV Inc. (“NOV”). NOV and the Company are committed to, and recognise the importance of, good corporate governance and high ethical standards. Information on NOV’s Corporate Governance and Corporate Responsibility, including an introduction to the NOV Board of Directors and the relevant governance of the NOV group of companies, can be found at www.nov.com under the relevant section.
The Company’s Directors are fully aware of their duties under Section 172 of the UK Companies Act 2006.
Section 172 of the Companies Act 2006 requires that a director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) the likely consequences of any decisions in the long-term;
b) the interests of the company’s employees;
c) the need to foster the company’s business relationships with suppliers, customers and others;
d) the impact of the company’s operations on the community and environment;
e) the desirability of the company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly as between members of the company.
The Directors and senior management of the Company execute decision-making with the above principles embedded in their consideration. Stakeholder groups include shareholders, employees, customers, suppliers, the local communities in which the Company operates, trade unions, pension trustees, regulators, government agencies, and non-governmental organisations.
Stakeholder engagement at the Company is conducted at the level and in a format best suited to the context and the stakeholder. Depending on the stakeholder this engagement may be globally, locally, regionally or functionally, and may be by the board or senior management of the Company.
The below table sets out the Company’s key stakeholder groups, their material issues and how the Company engages with and considers the interest of each group.
The Company’s Directors are fully aware of their duties under Section 172 of the UK Companies Act 2006.
Section 172 of the Companies Act 2006 requires that a director of a company must act in the way he or she considers, in good faith, would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have regard (amongst other matters) to:
a) the likely consequences of any decisions in the long-term;
b) the interests of the company’s employees;
c) the need to foster the company’s business relationships with suppliers, customers and others;
d) the impact of the company’s operations on the community and environment;
e) the desirability of the company maintaining a reputation for high standards of business conduct; and
f) the need to act fairly as between members of the company.
The Directors and senior management of the Company execute decision-making with the above principles embedded in their consideration. Stakeholder groups include shareholders, employees, customers, suppliers, the local communities in which the Company operates, trade unions, pension trustees, regulators, government agencies, and non-governmental organisations.
Stakeholder engagement at the Company is conducted at the level and in a format best suited to the context and the stakeholder. Depending on the stakeholder this engagement may be globally, locally, regionally or functionally, and may be by the board or senior management of the Company.
The below table sets out the Company’s key stakeholder groups, their material issues and how the Company engages with and considers the interest of each group.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
This report was approved by the board on 29 September 2025 and signed on its behalf.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors present their report and the financial statements for the year ended 31 December 2024.
The profit for the year, after taxation, amounted to £2,182,000 (2023 - loss £1,174,000).
No dividends were paid or proposed during either year.
The Directors who served during the year and to the date of this report were:
Likely future developments in the business of the Company are discussed in the Strategic Report.
Interest rate risk
Exposure to interest rate risk is limited to movements in the UK and US base rates. However, as the Company has no external debt, its exposure to interest rate risk is considered low.
Liquidity risk
The Company is a participant in a Zero Balancing Arrangement ("ZBA") cash pool facility headed by its parent undertaking, National Oilwell Varco UK Limited. This means the Company is charged no interest on its negative cash position. This ZBA arrangement allows for cash to be available to the Company to assist with working capital and liquidity needs as and when necessary. As such, the Directors consider the Company’s exposure to liquidity risk to be low.
Credit risk
The Company does have an element of credit risk attributable to its trade receivables, but is rigorous in its financial appraisal of potential customers before entering into sales contracts. The Company has a large and geographically diverse customer base which also mitigates the potential exposure on receivables. The amounts presented in the Balance Sheet are shown net of provisions for doubtful receivables. An allowance for impairment has been made where there is an identifiable loss event, or the likelihood of failure to be able to collect amounts based on previous experience and the current business situation for specific customers.
Price risk
The Directors believe that the Company is well placed to mitigate against this risk due to its diversity of product and flexibility of service.
Exposure to interest rate risk is limited to movements in the UK and US base rates. However, as the Company has no external debt, its exposure to interest rate risk is considered low.
Liquidity risk
The Company is a participant in a Zero Balancing Arrangement ("ZBA") cash pool facility headed by its parent undertaking, National Oilwell Varco UK Limited. This means the Company is charged no interest on its negative cash position. This ZBA arrangement allows for cash to be available to the Company to assist with working capital and liquidity needs as and when necessary. As such, the Directors consider the Company’s exposure to liquidity risk to be low.
Credit risk
The Company does have an element of credit risk attributable to its trade receivables, but is rigorous in its financial appraisal of potential customers before entering into sales contracts. The Company has a large and geographically diverse customer base which also mitigates the potential exposure on receivables. The amounts presented in the Balance Sheet are shown net of provisions for doubtful receivables. An allowance for impairment has been made where there is an identifiable loss event, or the likelihood of failure to be able to collect amounts based on previous experience and the current business situation for specific customers.
Price risk
The Directors believe that the Company is well placed to mitigate against this risk due to its diversity of product and flexibility of service.
The Company continues to develop and enhance its product offering across all sectors. The total research and development spend in 2024 was £429,000 (2023 - £166,000).
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the Company. This is achieved through formal and informal meetings. Employee representatives are consulted regularly on a wide range of matters affecting their current and future interests.
The Directors recognise that our operations have an environmental impact and as we grow and develop our business, we need to take steps to mitigate equivalent increases in our emissions where we can do so.
As a business we are also aware of our reporting obligations under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. As such, we are reporting our greenhouse gas emissions (GHG) publicly on an annual basis. We first reported in 2020 and will build on this baseline for the business going forward. Results from 2024 are presented alongside results from 2023 to allow comparison.
The SECR reporting requirements for the first-year reporting for a Large Unquoted Company are listed below:
UK Energy Use and Associated Carbon Emissions
Scope 1 (Direct GHG Emissions)
• Combustion of fuel (e.g. natural gas);
• Mobile combustion – fuels used in transportation; and
• Facility operation – process emissions, or fugitive emissions (such as refrigerants).
Scope 2 (Indirect Emissions)
• Electricity Consumption (market and location based)
As a business we are also aware of our reporting obligations under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. As such, we are reporting our greenhouse gas emissions (GHG) publicly on an annual basis. We first reported in 2020 and will build on this baseline for the business going forward. Results from 2024 are presented alongside results from 2023 to allow comparison.
The SECR reporting requirements for the first-year reporting for a Large Unquoted Company are listed below:
UK Energy Use and Associated Carbon Emissions
Scope 1 (Direct GHG Emissions)
• Combustion of fuel (e.g. natural gas);
• Mobile combustion – fuels used in transportation; and
• Facility operation – process emissions, or fugitive emissions (such as refrigerants).
Scope 2 (Indirect Emissions)
• Electricity Consumption (market and location based)
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
Intensity Metric
Intensity ratios are used to standardise reporting and the comparison of emissions data, an intensity metric of tCO2e per £million has been applied for the annual emissions of the Company:
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
There were no significant post balance sheet events impacting the Company after the reporting period.
Under section 487 of the Companies Act 2006, Ernst & Young LLP will be deemed to have been reappointed as auditors of the Company.
This report was approved by the board on 29 September 2025 and signed on its behalf.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
The Directors are responsible for preparing the Annual Report and financial statements in accordance with applicable United Kingdom 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 Financial Reporting Standard FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (“FRS 102”). 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 of the profit or loss of the Company for that period.
In preparing these financial statements, the Directors are required to:
∙select suitable accounting policies in accordance with Section 10 of FRS 102 and then apply them consistently;
∙make judgements and accounting estimates that are reasonable and prudent;
∙present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
∙provide additional disclosures when compliance with the specific requirements in FRS 102 is insufficient to enable users to understand the impact of particular transactions, other events and conditions on the Company’s financial position and financial performance;
∙state whether applicable UK Accounting Standards, including FRS 102, have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report and a Directors’ Report, that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.
Under applicable law and regulations, the Directors are also responsible for preparing a Strategic Report and a Directors’ Report, that comply with that law and those regulations. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
We have audited the financial statements of NOV Process & Flow Technologies UK Limited for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of changes in equity and the related notes 1 to 27, 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 FRS102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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 company's ability to continue as a going concern for a period to 31 December 2026.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the company’s ability to continue as a going concern.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in this report, we do not express any form of assurance conclusion thereon.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED (CONTINUED)
Other information (continued)
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 course of 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 the other information, we are required to report that fact.
We have nothing to report in this regard.
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 course of 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 the other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the strategic report and directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or directors' report .
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED (CONTINUED)
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 an auditor's report 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.
Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are FRS 102 and the Companies Act 2006.
∙We understood how NOV Process & Flow Technologies UK Limited is complying with those frameworks by making enquiries of management to understand how the Company maintains and communicates its policies and procedures in these areas and corroborated this by reviewing supporting documentation and minutes of meetings of those charged with governance.
∙We assessed the susceptibility of the Company’s financial statements to material misstatement, including how fraud might occur through internal team conversations and inquiry of management and those charged with governance.
∙We considered there to be a fraud risk around revenue recognition, particularly, in and around the year end. We used data analytics tools to perform a correlation analysis between revenue, deferred income and cash. Using the correlation, we tested that the flow of transactions is in line with our expectations and identified and tested unusual and unexpected journals which could be evidence of management override of controls. We verified the underlying data driving our correlation analysis by tracing a sample of cash transactions, selected at random throughout the year, to bank statements to verify the cash entries represent real cash receipts and also performed cut-off testing around year end transactions to ensure revenue is recognised in the correct period.
∙We considered the risk of management override by investigating identified postings and transactions, which do not meet our expectations based on predefined and specific criteria, to gain an understanding for the rationale of the posting and then agreeing to source documentation.
∙Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. In addition to those set out above, we completed procedures to conclude on the disclosures in the financial statements with the requirements of the relevant accounting standards and UK legislation.
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 auditor's report.
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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED (CONTINUED)
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 an auditor's report 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.
for and on behalf of
Manchester
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
REGISTERED NUMBER: 00300721
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025 .
The notes on pages 20 to 45 form part of these financial statements.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
NOV Process & Flow Technologies UK Limited is a limited liability company incorporated in England and Wales, limited by shares. The registered office is Stonedale Road, Unit 10 Oldends Lane Industrial Estate, Stonehouse, Gloucestershire, GL10 3RQ.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A;
• the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and
26.23;
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The information required by sections 11, 12 and 26 noted above is included in the consolidated financial statements of NOV Inc. as at 31 December 2024 and these financial statements may be obtained from its principal office at 10353 Richmond Avenue, Houston, Texas, 77042, USA.
• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47,
11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a),
12.29(b) and 12.29A;
• the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and
26.23;
• the requirements of Section 33 Related Party Disclosures paragraph 33.7.
The information required by sections 11, 12 and 26 noted above is included in the consolidated financial statements of NOV Inc. as at 31 December 2024 and these financial statements may be obtained from its principal office at 10353 Richmond Avenue, Houston, Texas, 77042, USA.
The Company is a wholly owned subsidiary company of NOV Inc. and the Company and all of its subsidiary undertakings are included in the consolidated accounts of NOV Inc. The registered office of NOV Inc. is 10353 Richmond Avenue, Houston, Texas, 77042, USA. The Company is therefore exempt from the requirement to prepare group accounts by virtue of section 401 of the Companies Act 2006. These financial statements therefore present information about the Company as an individual undertaking and not about its group.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Directors have considered the Company's current and future prospects and its availability of financing, and are satisfied that the Company can continue to pay its liabilities as they fall due for a period up to 31 December 2026. The Company is a participant in a Zero Balancing Arrangement ("ZBA") cash pool facility headed by its parent undertaking, National Oilwell Varco UK Limited. This ZBA arrangement allows for cash to be available to the Company to assist with working capital and liquidity needs as and when necessary. Based on a review of forecasts and funding for the Company through to 31 December 2026, the Directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and have no reason to believe that a material uncertainty exists that may cast significant doubt over the ability of the Company to continue as a going concern. In the event that the Company requires assistance to meet its financial obligations, then the immediate parent would be able to provide support to the Company. The Directors have received a letter of support from the immediate parent confirming it will provide financial support to the Company if needed, for a period up to 31 December 2026. The Directors have assessed the ability of the immediate parent to provide financial support and are confident that the immediate parent has adequate cash resources to assist the Company in meeting its liabilities as and when they fall due, if necessary. Accordingly, the Directors continue to adopt the going concern basis in preparing the financial statements.
Functional and presentation currency
The Company's functional and presentation currency is British pound sterling (GBP). The Company's financial statements are prepared in GBP and rounded to the nearest £'000.
The Company's functional and presentation currency is British pound sterling (GBP). The Company's financial statements are prepared in GBP and rounded to the nearest £'000.
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Profit and Loss Account except when deferred in Other comprehensive income as qualifying cash flow hedges.
All foreign exchange gains and losses are presented in the Profit and Loss Account within 'Administrative expenses'.
The Company accounts for group reconstructions, where the trade and net assets of an entity are acquired from an entity within the same group, using the merger accounting method.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Revenue from contracts with customers is recognised when the promised services are provided to the customer at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those services. Accrued income is initially recognised and subsequently reclassified to trade receivables as the work is complete. Deferred income is recognised on receipt of advances received from customers and for billing in excess of cost.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Land and construction in progress are not depreciated. Depreciation on other assets is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
Research and development expenditure is written off in the year in which it is incurred, except that development expenditure incurred on an individual project is carried forward when its future recoverability can reasonably be regarded as assured. Any expenditure carried forward is amortised in line with the expected future sales from the related project.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
At each Balance Sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Grants of a revenue nature are recognised in the Profit and Loss Account in the same period as the related expenditure.
Assets subject to operating leases are presented in the Balance Sheet according to the nature of the asset.
Income from operating leases is recognised in the Profit and Loss Account on a straight line basis over the period of the lease.
Income from operating leases is recognised in the Profit and Loss Account on a straight line basis over the period of the lease.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The cost of equity-settled transactions with employees is measured by reference to the fair value at the date at which they are granted and is recognised as an expense over the vesting period, which ends on the date on which the relevant employees become fully entitled to the award. Fair value is determined using an appropriate pricing model. In valuing equity-settled transactions, no account is taken of any vesting conditions, other than conditions linked to the price of the shares of the ultimate parent company (market conditions). No expense is recognised for awards that do not ultimately vest for failure to meet service conditions or non-market vesting conditions.
At each Balance Sheet date before vesting, the cumulative expense is calculated, representing the extent to which the vesting period has expired and management’s best estimate of the achievement or otherwise of non-market conditions on the number of equity instruments that will ultimately vest as described above. The movement in cumulative expense since the previous Balance Sheet date is recognised in the Profit and Loss Account, with a corresponding entry in equity.
There is a contractual recharge agreement in place requiring the Company to reimburse a fellow group company for the cost of the share-based payments. The cost of these transactions to the Company is measured at fair value, which is established initially at the grant date and at each Balance Sheet date thereafter until the awards are settled. During the vesting period a liability is recognised representing the product of the fair value of the award and the portion of the vesting period expired as at the Balance Sheet date. From the end of the vesting period until settlement, the liability represents the full fair value of the award as at the balance sheet date. The liability recognised during the vesting period and changes in the carrying amount for the liability are recognised in equity as a repayment of capital contribution for the equity-settled awards and anything in excess of that contribution is a distribution.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except that a charge attributable to an item of income and expense recognised as Other comprehensive income or to an item recognised directly in equity is also recognised in Other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are accounted for on an undiscounted basis and recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date in the countries where the Company operates and generates income.
Deferred tax balances are accounted for on an undiscounted basis and recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
• The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
• Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year.
The cost of providing benefits under the defined benefit schemes is determined using the projected unit credit method, which attributes entitlement to benefits to the current period (to determine current service cost) and to the current and prior periods (to determine the present value of defined benefit obligations) and is based on actuarial advice. When a settlement or a curtailment occur the change in the present value of the scheme liabilities and the fair value of the scheme assets reflects the gain or loss which is recognised in the Profit and Loss Account during the period in which it occurs. Past service costs are recognised in net benefit expense on a straight-line basis over the average period until the benefits become vested. To the extent that the benefits are already vested immediately following the introduction of, or changes to the scheme, the past service cost is recognised immediately in the Profit and Loss Account.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, at the start of the period taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the Profit and Loss Account as other finance income or cost.
The re-measurements, comprising actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability (excluding amounts included in net interest) are recognised immediately in Other comprehensive income in the period in which they occur. Re-measurements are not reclassified to the Profit and Loss Account in subsequent periods.
The net defined benefit pension asset or liability in the Balance Sheet comprise the total of the present value of the defined benefit obligation less the fair value of scheme assets out of which the obligations are to be settled directly. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
a. Critical accounting estimates and assumptions
(i) Defined benefit pension
The cost of defined benefit pension schemes is determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation and the long term nature of these plans, such estimates are subject to uncertainty. FRS 102 requires that the discount rate is to be derived by reference to market yields at the reporting date on high quality sterling-denominated corporate bonds, of a term consistent with the term (or ‘duration’) of the Defined Benefit Obligation. The Global RATE:Link term matching model has been used to derive a single discount rate that reflects the term structure of interest rates. The discounted mean term (or duration) of the plans’ liabilities was calculated to be around 12 years based on the most recent actuarial valuation calculations available. Based on this average duration, a discount rate of 5.40% per annum was adopted based on market conditions as at 31 December 2024. In accordance with the accounting standard, the proposed base table mortality assumption has been set in line with the best estimate tables identified by the Scheme Actuary at the most recent valuation. The proposed future mortality improvements (Males 119% S3PMA and Females 123% S3PFA) reflect the most recent CMI model, CMI_2023, which was published in April 2024. Future salary increases and pension increases are based on expected future inflation rates. Further details are given in note 23.
The benefits provided under the Plans are uncertain to the extent that the impact of GMP equalisation has not yet been fully reflected in the Plan’s benefits. An allowance has been included in the liabilities to reflect the expected value of these additional benefits.
In June 2023, the High Court in the UK issued a ruling in respect of Virgin Media Limited v NTL Pension Trustees II Limited, that decided certain amendments were invalid for contracted-out salary-related defined benefit pension plans in the period from 6 April 1997 until 6 April 2016, if these amendments were not accompanied by actuarial confirmations (section 37 certificates). An appeal on this decision was heard in June 2024 and The Court of Appeal ruled in July 2024 and upheld the original High Court judgment, removing uncertainty around its application. In light of the ruling, the Company initiated an investigation with its pension trustees, of all known amendments to its UK defined benefit pension plans during the affected period, with a view to determining whether section 37 certificates have been obtained where deemed required.
On 5 June 2025, the Government announced its intention to introduce legislation to give affected pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards. While further legal and actuarial analysis is required, given the nature of the amendments in question the Company does not believe the impact, if any, will be material to the projected benefit obligation. As of 31 December 2024, no specific adjustments for this matter have been included in estimating the projected benefit obligation and related net periodic benefit cost of the applicable plans. The Company will continue to monitor and keep the investigation outcomes under review as conclusions develop and/or change as a consequence of any subsequent court decisions, legislation and/or industry action.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
3.Judgements in applying accounting policies (continued)
In the course of preparing the financial statements, no critical judements have been made in the process of applying the Company’s accounting policies, other than those involving accounting estimates or assumptions (which are described above) that have had a significant effect on the amounts recognised in the financial statements.
Analysis of turnover by country of destination:
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
10.Taxation (continued)
UK corporation tax is calculated at 25.00% (2023 - 23.52%) of the estimated assessable profit or loss for the year.
The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.
Deferred taxes on the Balance Sheet have been measured at 25% which represents the future corporation tax rate that was enacted at the Balance Sheet date.
For further information on deferred tax balances see Note 16.
The deferred taxation balances have been measured using the rates expected to apply in the reporting periods when the timing differences reverse.
Deferred taxes on the Balance Sheet have been measured at 25% which represents the future corporation tax rate that was enacted at the Balance Sheet date.
For further information on deferred tax balances see Note 16.
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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A provision is recognised for expected warranty claims on products sold. It is expected that most of these costs will be incurred in the next financial year.
Share premium account
Merger Reserve
Share based payment reserve
At each Balance Sheet date, the cumulative cost of equity-settled transactions with employees is calculated. The movement in cumulative expense since the previous Balance Sheet date is recognised in the Profit and Loss Account, with a corresponding entry in equity. During 2020, a recharge agreement was entered into with the parent company. From 2020 onwards, the parent company (via a fellow subsidiary) recharges the Company annually for the equivalent cost of vested restricted share awards and this is recorded as a reduction to the Share based payment reserve, with a corresponding entry to the Amounts owed to fellow subsidiary undertakings. The realised element of the Share based payment reserve is transferred annually to the Profit and Loss reserve.
At each Balance Sheet date, the cumulative cost of equity-settled transactions with employees is calculated. The movement in cumulative expense since the previous Balance Sheet date is recognised in the Profit and Loss Account, with a corresponding entry in equity. During 2020, a recharge agreement was entered into with the parent company. From 2020 onwards, the parent company (via a fellow subsidiary) recharges the Company annually for the equivalent cost of vested restricted share awards and this is recorded as a reduction to the Share based payment reserve, with a corresponding entry to the Amounts owed to fellow subsidiary undertakings. The realised element of the Share based payment reserve is transferred annually to the Profit and Loss reserve.
Page 39
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The parent undertaking, National Oilwell Varco UK Limited, has contingent liabilities in respect of outstanding guarantees given for performance bonds and contracting agreements entered into on behalf of the Company, for which any liability would be borne by the Company. At 31 December 2024 the amount outstanding was £2,039,000 (2023 - £1,099,000) entered into in the normal course of business. No outflow is expected from these guarantees.
Page 40
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £886,000 (2023 - £924,000). Contributions totalling £NIL (2023 - £NIL) were payable to the fund at the Balance Sheet date.
The Company operates two Defined Benefit Pension Schemes, being Mono Pumps Limited Pension Scheme and Chemineer Retirement and Death Benefits Plan (acquired in 2014). The assets of the schemes are held in separate trustee administered funds. All schemes are now closed to future accrual.
The Company operates two Defined Benefit Pension Schemes, being Mono Pumps Limited Pension Scheme and Chemineer Retirement and Death Benefits Plan (acquired in 2014). The assets of the schemes are held in separate trustee administered funds. All schemes are now closed to future accrual.
The largest scheme is subject to triennial valuations by independent actuaries. The latest formal actuarial assessment of the scheme was carried out at 31 December 2021. The method used for this valuation is the projected unit credit method. The valuation showed that the market value of the assets was £97,800,000, resulting in a pension plan surplus. As there were sufficient assets to cover the scheme’s technical provisions at the valuation date, a Recovery Plan is not required. The Company has agreed to pay scheme expenses and levies payable to the Pension Protection Fund (PPF) and the Pensions Regulator as they fall due and within the time periods required.
The next full actuarial valuation will be carried out with an effective date of 31 December 2024, the results of which are not yet available.
The next full actuarial valuation will be carried out with an effective date of 31 December 2024, the results of which are not yet available.
Page 41
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.Pension commitments (continued)
Page 42
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
23.Pension commitments (continued)
Page 43
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 44
NOV PROCESS & FLOW TECHNOLOGIES UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
The Company's immediate parent company is National Oilwell Varco UK Limited, a company incorporated in England and Wales.
The Company's ultimate parent undertaking and controlling party is NOV Inc., a company incorporated in the United States of America. The consolidated accounts of NOV Inc. are those of the smallest and largest group of which the Company is a member and for which group accounts are prepared. Copies of these accounts are available from its principal office at 10353 Richmond Avenue, Houston, Texas 77042, USA.
The Company's ultimate parent undertaking and controlling party is NOV Inc., a company incorporated in the United States of America. The consolidated accounts of NOV Inc. are those of the smallest and largest group of which the Company is a member and for which group accounts are prepared. Copies of these accounts are available from its principal office at 10353 Richmond Avenue, Houston, Texas 77042, USA.
Page 45