ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: SC406962

NOV INTELLISERV UK LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

NOV INTELLISERV UK LIMITED

COMPANY INFORMATION

Directors	C P O'Neil
	I Broughton


Company secretary	M J Quilter


Registered number	SC406962


Registered office	c/o National Oilwell Varco
	Badentoy Crescent
	Portlethen
	Aberdeen
	AB12 4YD


Independent auditor	Ernst & Young LLP
	4th Floor
	2 Marischal Square
	Broad Street
	Aberdeen
	AB10 1BL

NOV INTELLISERV UK LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Directors' Responsibilities Statement	3
Independent Auditor's Report	4 - 7
Profit and Loss Account	8
Statement of Comprehensive Income	9
Balance Sheet	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 18

NOV INTELLISERV 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.

Principal activity

The Company's principal activity during the year was provision of services to the oil and gas industry. Following a decline in trading activities of the Company, management have made the decision to not seek any new trade for the Company and trade is expected to cease.

Directors

The Directors who served during the year and to the date of this report were:

C P O'Neil

I Broughton

Principal risks and uncertainties

Following management's decision to wind the business down in due course and the cessation of trading in July 2024, the Company is no longer exposed to any financial instrument risks. Prior to the cessation of trading, Company was exposed to the following principal risks and uncertainties:
Foreign exchange risk
The Company was exposed to foreign currency exchange rate fluctuations, primarily between British pound sterling and United States dollar.
Market risks
The sale of oilfield equipment and services to the offshore oil and gas industry correlated strongly with the price of oil and drilling activity which is outside the Company's direct control.

Going concern

Following a decline in trading activities of the Company, management have made the decision to not seek any new trade for the Company and trade is expected to cease. It is management’s intention to wind this business down in due course. As a result, the directors do not consider the Company to be a going concern and the financial statements have been prepared on a basis other than going concern. The financial statements do not include any adjustments as a result of the financial statements being prepared on a basis other than going concern.

Future developments

Disclosure of information to auditor

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware, and

∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

Page 1

NOV INTELLISERV UK LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditor

In accordance with section 487 of the Companies Act 2006, Ernst & Young LLP is deemed to be reappointed as the auditor of the Company.

Small companies note

In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

In accordance with section 414B of the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013, the Company has taken exemption from preparing a separate Strategic Report.

This report was approved by the board on 29 September 2025 and signed on its behalf.

I Broughton

Director

Page 2

NOV INTELLISERV UK LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The Directors are responsible for preparing the Directors' Report 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 Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements 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 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 Directors' Report that complies with that law and those regulations. The Directors are responsible for the manitenance and integrity of the corporate and financial information included on the Company's website.

Page 3

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV INTELLISERV UK LIMITED

Opinion

We have audited the financial statements of NOV Intelliserv UK Limited (the 'Company') 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 15, 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 Company's affairs as at 31 December 2024 and of its 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 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 United Kingdom, including the Financial Reporting Council'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.

Emphasis of matter - financial statements prepared on a basis other than going concern

We draw attention to note 2.3 in the financial statements, which which explains that the directors intend to cease operations and liquidate the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly the financial statements have been prepared on a basis other than going concern as described in Note 2.3. Our opinion is not modified in respect of this matter.

Other information
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 our report, we do not express any form of assurance conclusion thereon.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV INTELLISERV 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 this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the 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; or

∙the Directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 is 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 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 Company or to cease operations, or have no realistic alternative but to do so.

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INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV INTELLISERV UK LIMITED (CONTINUED)

Auditor's 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 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. Our approach was as follows:

∙We obtained an understanding of the legal and regulatory frameworks that are applicable to the company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006). Based on this understanding we designed our audit procedures to identify noncompliance with such laws and regulations.

∙We understood how NOV Intelliserv UK Limited is complying with those frameworks by making and corroborating enquiries of management and those charged with governance to understand how the company maintains and communicates its policies and procedures in these areas.

∙We assessed the susceptibility of the company’s financial statements to material misstatement, including how fraud might occur by considering the risk of management override and determining that revenue recognition may present a fraud risk.

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.

Page 6

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF NOV INTELLISERV UK LIMITED (CONTINUED)

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 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.

Tom Sanders (Senior Statutory Auditor)

for and on behalf of

Ernst & Young LLP, Statutory Auditor

Aberdeen

29 September 2025

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NOV INTELLISERV UK LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£000	£000


Turnover	3	940	1,614
Cost of sales		(519)	(1,324)
Gross profit		421	290
Administrative expenses		(376)	(191)
Operating profit	4	45	99
Tax on profit	8	(11)	(23)
Profit for the financial year		34	76

The notes on pages 12 to 18 form part of these financial statements.

Page 8

NOV INTELLISERV UK LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

				2024	2023
				£000	£000

Profit for the financial year	34	76
Other comprehensive income	-	-
Total comprehensive income for the year	34	76

The notes on pages 12 to 18 form part of these financial statements.

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NOV INTELLISERV UK LIMITED

REGISTERED NUMBER: SC406962

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£000		£000


Current assets
Debtors: amounts falling due within one year	9	-		304
Cash at bank and in hand		1,291		1,583
		1,291		1,887
Creditors: amounts falling due within one year	10	(869)		(1,499)
Net current assets			422		388

Net assets			422		388

Capital and reserves
Called up share capital	11	-	-
Capital contribution	12	3,593	3,593
Profit and loss account		(3,171)	(3,205)
		422	388

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 September 2025.

I Broughton

Director

The notes on pages 12 to 18 form part of these financial statements.

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NOV INTELLISERV UK LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Capital contribution	Profit and loss account	Total equity
	£000	£000	£000	£000
At 1 January 2023	-	3,593	(3,281)	312
Comprehensive income for the year
Profit for the year	-	-	76	76

At 1 January 2024	-	3,593	(3,205)	388
Comprehensive income for the year
Profit for the year	-	-	34	34
At 31 December 2024	-	3,593	(3,171)	422

The notes on pages 12 to 18 form part of these financial statements.

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

NOV Intelliserv UK Limited is a limited liability company incorporated in Scotland. The registered office is c/o National Oilwell Varco, Badentoy Crescent, Portlethen, Aberdeen, AB12 4YD.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

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 33 Related Party Disclosures paragraph 33.7.

This information 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.

2.3

Going concern

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the contract;

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Taxation

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.

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.8

Foreign currency translation

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.

Transactions and balances

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 profit or loss 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’.

	Provision of services	940	1,614

Analysis of turnover by country of destination:

					2024	2023
					£000	£000

	United Kingdom	940	1,614

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Exchange differences	(1)	44
	Auditor's remuneration (note 5)	10	9

5.	Auditor's remuneration
		2024	2023
		£000	£000

Fees payable to the Company's auditor for the audit of the Company's annual accounts

6.	Directors' remuneration
		2024	2023
		£000	£000


Directors' emoluments	443	481
Amounts receivable under long-term incentive schemes	130	134
Company contributions to defined contribution pension schemes	21	22
	594	637

The Directors of the Company are also directors of fellow subsidiary undertakings.

The two Directors are employed and paid by a fellow UK group company. The Directors do not believe it is practicable to apportion their time, and therefore their remuneration included in the above disclosure, between service as a Director of the Company and their service as a Director of the Company's fellow UK group companies.
The highest paid Director during the financial year received remuneration of £392,000 (2023 - £471,000). The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid Director amounted to £13,000 (2023 - £16,000).
During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.
During the year 2 Directors (2023 - 2) received shares in respect of qualifying services and no Directors (2023 - nil) exercised share options.

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Employees

The Company has no employees other than the Directors, who were employed and paid by fellow group companies.

Corporation tax
Current tax on profit for the year	11	23

Total current tax	11	23

Profit before tax

	Profit multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	11	23
	Total tax charge for the year	11	23

Factors that may affect future tax charges

UK corporation tax is calculated at 25% (2023 - 23.52%) of the estimated assessable profit for the year.

Page 16

NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£000	£000

	Amounts owed by fellow subsidiary undertakings (note 13)	-	304

Amounts owed by fellow subsidiary undertakings represent balances receivable in the normal course of
business and is expected to be settled within 12 months.

10.	Creditors: Amounts falling due within one year
		2024	2023
		£000	£000

Amounts owed to parent undertaking (note 13)	628	1,185
Amounts owed to fellow subsidiary undertakings (note 13)	196	136
Corporation tax payable	35	33
Accruals	10	145
	869	1,499

11.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

100 Ordinary shares of £1 each	100	100

12.

Reserves

Capital contribution

The Capital contribution reserve represents amounts contributed to the Company from the parent undertaking Grant Prideco Netherlands B.V. during 2021, which are not repayable.

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NOV INTELLISERV UK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.	Related party transactions
	During the year the Company entered into transactions, in the ordinary course of business, with other related parties. Transactions entered into, and balances outstanding, are as follows:

		2024 Purchases and recharges from related party	2024 Amounts owed to related party	2023 Purchases and recharges from related party	2023 Amounts owed to related party
		£000	£000	£000	£000

Grant Prideco III C.V.	485	628	1,185	1,185
National Oilwell Varco UK Limited	10	-	13	13
National Oilwell Varco LP	3	-	3	3
Intelliserv LLC	366	196	173	120
Intelliserv Norway AS	30	-	-	-
	894	824	1,374	1,321

		2024 Sales to related party	2024 Amounts owed by related party	2023 Sales to related party	2023 Amounts owed by related party
		£000	£000	£000	£000

NOV Downhole Eurasia Limited

940

1,614

304

14.	Post balance sheet events

There have been no significant events affecting the Company since the year end.

15.	Controlling party

The Company's immediate parent undertaking is Grant Prideco Netherlands B.V., a company incorporated in the Netherlands.
The Company is a member of the NOV Intelliserv Group. NOV Intelliserv is a joint venture between the NOV Group and Schlumberger Limited, in which the NOV Group holds a 55% equity interest. The NOV Group company investing in the NOV Intelliserv Group is Intelliserv, Inc.
The ultimate parent company of Intelliserv, Inc. is NOV Inc., a Company incorporated in the United States of America. Copies of the group accounts of NOV, Inc. are available from its principal office at 10353 Richmond Avenue, Houston, Texas 77042, USA.

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