The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is 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 director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable them to ensure that the financial statements comply with the Companies Act 2006. He is 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.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A – small entities.

Island Offshore UK Limited is a private company limited by shares incorporated in Scotland. The registered office is C/O Henderson Loggie, 1 Marischal Square, Broad Street, Aberdeen, AB10 1BL.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies' regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The financial statements of the company are consolidated in the financial statements of Island Offshore Shipholding LP. These consolidated financial statements are available from Borgstein AS, c/o Borgstein AS, Stålhaugen 9, 6065 Ulsteinvik, Norway.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

The company is dependent on the financial support from its ultimate parent company, Island Offshore Shipholding L.P (“the group”) for its ability to continue as a going concern. The company has net liabilities of £34,395 (2023: £767,348) of which £22,918 (2023: £758,963) relates to balances due to other group companies. The director has confirmed that these group balances will not be recalled within 12 months from the date of approving these financial statements at the detriment of the company’s ability to continue trading as a going concern. Noted below is an extract from the 31 December 2024 audited financial statements of Island Offshore Shipholding L.P. detailing issues facing the group and the discussions regarding its financing.true

“In December 2023, restructuring Agreement was reached with the senior secured lenders and unsecured lenders financing the ship-owning companies. The agreement included extended runways and amended amortization and interest terms. The current financing expires in December 2026.

The offshore service market outlook continues to be positive in 2025, and the Group has a satisfactory backlog for the fleet. The assessment is that the Island Offshore Shipholding Group has the resources, organisation, competence, assets and customer base for the Company to continue being a going concern.

In accordance with the Norweigan Accounts Act § 3-3a the Board of Directors thus confirms that the financial statements are prepared on the basis of a going concern assumption. The basis for this assumption is the financial position, cash, and backlog of the Group at 31.12.2024, and that a sustainable financing agreement was agreed and made affective with the secured and unsecured lenders in December 2023.”

Since the year end the company is currently dormant however the parent company has provided a letter confirming it will support the company to meet its liabilities for a period of at least 12 months from the date of signing the accounts.

As a result, the director has continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

The average monthly number of persons (including directors) employed by the company during the year was:

Fixed asset investments are stated at cost less provision for diminution in value.

Profit and loss reserves include all current and prior years retained profit and losses.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified and signed on 29 September 2025.

The ultimate parent undertaking is Island Offshore Shipholding LP, incorporated in the Cayman Islands. The largest and smallest group in which the results of the company are consolidated is the Island Offshore Shipholding LP. Consolidated accounts of this company are available to the public and may be obtained from Borgstein AS, c/o Borgstein AS, Stålhaugen 9, 6065 Ulsteinvik, Norway.