ACCOUNTS - Final Accounts preparation

Operating profit/(loss)

The operating profit/(loss) is stated after charging:

Registered number: 03002557

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

AUDITED

ANNUAL REPORT
AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED
31 DECEMBER 2024

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

COMPANY INFORMATION

Directors	Dr R V Ahilan
	Mr I Cummins
	Mr R Segal (resigned 11 June 2024)
	Mr D P Knottenbelt (appointed 18 January 2024)


Registered number	03002557


Registered office	1st Floor
	The Northern & Shell Building
	10 Lower Thames Street
	London
	EC3R 6EN


Independent auditors	Wellden Turnbull Limited
	Chartered Accountants & Statutory Auditors
	Albany House
	Claremont Lane
	Esher
	Surrey
	KT10 9FQ

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

CONTENTS

	Page
Strategic Report	1 - 2
Directors' Report	3 - 4
Independent Auditors' Report	5 - 8
Statement of Comprehensive Income	9
Statement of Financial Position	10
Statement of Changes in Equity	11
Notes to the Financial Statements	12 - 23

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Directors present their Strategic Report for London Offshore Consultants (Holdings) Limited for the year ended 31 December 2024.

Business review

The Directors consider the performance of 2024 to be consistent with expectations at the start of the year with revenues of £Nil (2023: £Nil) and earnings before interest, tax, depreciation and amortisation (EBITDA) of £31,056 (2023: loss £136,928).

The Company acts as a holding company with investments in the subsidiaries listed in note 8. These subsidiaries' core business offering continues to be as a consultancy service provider to the marine and engineering markets and working in energy and oceans to de-risk and drive the energy transition.

The subsidiaries employ marine and engineering experts to provide a services to a broad range of clients. Key clients include maritime law firms, P&I clubs, government authorities, insurance brokers and underwriters, project developers, engineering contractors and national/international energy companies.

Reconciliation of EBITDA

	2024	2023
Operating profit/(loss)	£31,056	£(136,928)

Add back:
Depreciation and amortisation	£-	£-
EBITDA	£31,056	£(136,928)

Principal risks and uncertainties

The principal risks and uncertainties are those that affect the Company's subsidiaries and include inflation and interest rates. The Energy market continues to be volatile impacted by geopolitical activities.

Financial risk management

The Company's operations expose it to a variety of financial risks that include the effect of changes in market prices, foreign exchange fluctuations, credit and liquidity risks. The Company has fully incorporated risk management in its strategic and operating processes with the intention of limiting adverse effects on its financial performance by monitoring its levels of debt finance and associated costs. The Company does not use derivative financial instruments to mitigate risk therefore it does not apply hedge accounting.

Risk exposure

The Company is exposed to price risks as a result of its operations however, given the size of the Company, the costs of managing exposure to price risks outweighs the benefits that can be attained. The Company does not hold listed investments and is not exposed to such market price fluctuations. In the event the Company's operations grow rapidly then the Board will revisit their response to pricing risk with a view to forming a more detailed response. The Company conducts its operations with customers in foreign territories and therefore is exposed to foreign exchange risk by virtue of financial transactions being undertaken in currencies other than its functional currency (Sterling). Financial instruments that could expose the Company to credit risk include transactions with customers and cash and cash equivalents held with banks and financial institutions as a result of counterparties potentially failing to meet their obligations. In order to monitor credit risk exposure, the Company assess the creditworthiness of counterparties and cash and cash equivalents are deposited with highly rated major financial institutions.

Page 1

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Financial key performance indicators

The Board monitors the progress of the Company by reference to the KPIs set out below.

	2024	2023	Change in the year
EBITDA	£31,056	£(136,928)	123%	Earnings before interest, tax, depreciation and amortisation

Cash balances	£(400,997)	£8,437	-4853%	Total value of cash held by the business

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

Mr D P Knottenbelt

Director

Date: 5 December 2025

Page 2

LONDON OFFSHORE CONSULTANTS (HOLDINGS) 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.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. 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 and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙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.

Principal activity

The principal activity of the company during the year was that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £914,771 (2023 - loss £56,362).

During the year dividends were declared and paid of £Nil (2023 - £Nil)

Directors

The Directors who served during the year were:

Dr R V Ahilan

Mr I Cummins

Mr R Segal (resigned 11 June 2024)

Mr D P Knottenbelt (appointed 18 January 2024)

Future developments

The Company has very limited direct activities. The directors do not envisage any significant change to the Company's operations as a holding company to its subsidiaries which provide consultancy services to the marine, engineering and energy markets.

Page 3

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Disclosure of information to auditors

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 auditors are 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 auditors are aware of that information.

Post balance sheet events

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

Auditors

The auditors, Wellden Turnbull Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

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

Mr D P Knottenbelt

Director

Date: 5 December 2025

Page 4

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

Opinion

We have audited the financial statements of London Offshore Consultants (Holdings) Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, 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 101 ‘Reduced Disclosure Framework’ (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 Auditors' 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.

Conclusions relating to going concern

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

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

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

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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. 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.

Page 5

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED (CONTINUED)

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 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 the Directors' Report have 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 Strategic Report or 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.

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.

Page 6

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. We have identified the greatest risk of a material impact on the financial statements from irregularities, including fraud, to relate to the timing and recognition of revenue,the valuation of fixed asset investments and the override of controls by management. We have obtained an understanding of the legal and regulatory frameworks that the Company operates within including both those that directly have an impact on the financial statements and more widely those for which non-compliance could have a significant impact on the Company's operations and reputation. The Companies Act 2006, UK company tax law, sanctions and conflicts checks are those we have identified in this regard. Auditing standards limit the required procedures as to non-compliance with laws and regulations to enquiries of those charged with governance and review of any applicable correspondence.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙Enquiry of management and those charged with governance as to actual and potential litigation and claims;

∙Enquiry of management and those charged with governance to identify any instances of non-compliance with laws and regulations;

∙Assessing the reasonableness of managements fixed asset investment valuations for indicators of impairment;

∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; and

∙Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business, and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' Report.

Page 7

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF LONDON OFFSHORE CONSULTANTS (HOLDINGS) 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 Auditors' 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.

Mark Nelligan FCA (Senior Statutory Auditor)

for and on behalf of

Wellden Turnbull Limited

Chartered Accountants

Statutory Auditors

Albany House

Claremont Lane

Esher

Surrey

KT10 9FQ

8 December 2025

Page 8

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Administrative expenses		31,056	(136,928)
Operating profit/(loss)	4	31,056	(136,928)
Income from shares in group undertakings		883,715	80,566
Profit/(loss) before tax		914,771	(56,362)
Profit/(loss) for the financial year		914,771	(56,362)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 23 form part of these financial statements.

Page 9

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

REGISTERED NUMBER: 03002557

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Fixed assets
Fixed asset investments	8		3,038,388		2,163,494
Current assets
Debtors: amounts falling due within one year	9	9,609,815		8,858,498
Cash at bank and in hand	10	-		8,437
		9,609,815		8,866,935
Creditors: amounts falling due within one year	11	(719,279)		(16,276)
Net current assets			8,890,536		8,850,659
Total assets less current liabilities			11,928,924		11,014,153



Net assets			11,928,924		11,014,153

Capital and reserves
Called up share capital	12	20,204	20,204
Profit and loss account	13	11,908,720	10,993,949
		11,928,924	11,014,153

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Mr D P Knottenbelt

Director

Date: 5 December 2025

The notes on pages 12 to 23 form part of these financial statements.

Page 10

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	20,204	11,050,311	11,070,515

Loss for the year	-	(56,362)	(56,362)

At 1 January 2024	20,204	10,993,949	11,014,153

Profit for the year	-	914,771	914,771
At 31 December 2024	20,204	11,908,720	11,928,924

The notes on pages 12 to 23 form part of these financial statements.

Page 11

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

London Offshore Consultants (Holdings) Limited is a private company, limited by shares and incorporated in England and Wales, registration number 03002557. The registered office address is 1st Floor, The Northern & Shell Building, 10 Lower Thames Street, London, England, EC3R 6EN.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

These financial statements are rounded to the nearest £.

The following principal accounting policies have been applied:

2.2

Financial Reporting Standard 101 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:

∙the requirements of IFRS 7 Financial Instruments: Disclosures

∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement

∙the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:

- paragraph 79(a)(iv) of IAS 1;

∙the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements

∙the requirements of IAS 7 Statement of Cash Flows

∙the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors

∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures

∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

This information is included in the consolidated financial statements of ABL Group ASA as at 31st December 2024 and these financial statements may be obtained from https://abl-group.com /investor-relations /reports-and-presentations/.

2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of a state other than the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 401 of the Companies Act 2006.

Page 12

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Going concern

The Company was profit making in the period and is in a net current asset and net asset position at the year end date. The financial statements have been prepared on a going concern basis. In assessing the appropriateness of the going concern basis of preparation the Directors have taken into account the key risks of the business as well as the availability of cash resources.

The ultimate parent company is ABL Group ASA (“ABL”), a public company listed on the Oslo stock exchange. ABL has provided a letter of support confirming its intention to provide sufficient financial support to the Company to enable it to meet its liabilities as they fall due for at least 12 months from the date of signing the financial statements.

On this basis the Directors consider it is appropriate to prepare the financial statements on a going concern basis.

2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

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.

Page 13

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss 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 reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting 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 reporting date.

2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

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.

2.10

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

2.11

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Page 14

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

Financial assets and financial liabilities are initially measured at fair value.

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.

Fair value through profit or loss

All of the Company's financial assets are subsequently measured at fair value at the end of each reporting period, with any fair value gains or losses being recognised in profit or loss to the extent they are not part of a designated hedging relationship. The net gain or loss recognised in profit or loss includes any dividend or interest earned on the financial asset.

Impairment of financial assets

The Company always recognises lifetime ECL for trade receivables and amounts due on contracts with customers. The expected credit losses on these financial assets are estimated based on the Company's historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of money where appropriate. Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a financial instrument.

Financial liabilities

Fair value through profit or loss

Financial liabilities are classified as at fair value through profit or loss, when the financial liability is held for trading, or is designated as at fair value through profit or loss. This designation may be made if such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise, or the financial liability forms part of a group of financial instruments which is managed and its performance is evaluated on a fair value basis, or the financial liability forms part of a contract containing one or more embedded derivatives, and IFRS 9 permits the entire combined contract to be designated as at fair value through profit or loss. Any gains or losses arising on changes in fair value are recognised in profit or loss to the extent that they are not part of a designated hedging relationship.

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

Page 15

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

In preparing these financial statements, management is required to make judgements, estimates and assumptions which affect expected reported income, expenses, assets and liabilities and disclosure of contingent assets and liabilities. Use of available information and application of judgement are inherent in the formation of estimates, together with past experience and expectations of future events that are believed to be reasonable under the circumstances. Actual results in the future could differ from such estimates.

Management do not consider the Company to have any significant judgements nor key sources of estimation uncertainty.

Exchange differences

(48,102)

136,890

	Audit of the Company's financial statements	5,500	3,000
	Provision of non audit services	2,600	2,000

6.	Employees
	The Company has no employees other than the Directors, who did not receive any renumeration (2023 - £NIL)


Current tax on profits for the year	-	-

Tax on profit/(loss)

Page 16

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.Taxation (continued)

Profit/(loss) on ordinary activities before tax

914,771

(56,362)

Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	228,693	(13,245)
Effects of:
Unrelieved tax losses carried forward	(228,693)	13,245
Total tax charge for the year	-	-

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 17

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 January 2024	2,188,738
	Additions	874,894
	At 31 December 2024	3,063,632
	Impairment
	At 1 January 2024	25,244
	At 31 December 2024	25,244
	Net book value
	At 31 December 2024	3,038,388
	At 31 December 2023	2,163,494

During September 2024, the company has acquired the share capital of Euro 80,000 of Hidromod - Modelacao Em Engenharia, Lda.

Page 18

LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Registered office	Class of shares	Holding

London Offshore Consultants (Nigeria) Ltd	2A Adewale Kolawole Crescent, off Frank Kuboye Street, Oniru Extension, Lekki, Lagos, Nigeria	Ordinary	99%
London Offshore Consultants Brasil Ltd	Rua de Assembleia, 10, Suite 2322 Centro, Rio de Janeiro, CEP 20011-901, Brazil	Ordinary	88%
ABL Aberdeen Limited	1st Floor, The Northern & Shell Building, 10 Lower Thames Street, London, England, EC3R 6EN	Ordinary	100%
London Offshore Consultants (Hong Kong) Ltd	Suite F 14/F Neich Tower, 128 Gloucester Road,Wanchai , Hong Kong	Ordinary	100%
London Offshore Consultants (lndia) Pvt. Ltd	413, E-Square Building Subhash Road, Vile Parle East Mumbai -400057, Marharastra India	Ordinary	99.995%
ABL (Australasia) Pty Ltd	Level 6 Westralia Plaza, 167 St Georges Terrace Perth,WA, 6000	Ordinary	100%
LOC (Kazakhstan) LLP	Aktau, 130000, Mangistauskaya, Oblast, Republic of Kazakhstan	Ordinary	100%
London Offshore Consultants (Korea) Ltd	20F. 534, Teheran-Ro, Gangnam-Gu, Seoul 06181,South Korea	Ordinary	100%
London Offshore Consultants (Malaysia)	SDN BHD Suite. 21.02 & 03, 21st Floor Menara Haw Par Jalan Sultan Ismail 50250 Kuala Lumpur	Ordinary	49%
LOC (Germany) GmbH	Hafentor 2, 2nd floor, Hamburg, 20459, Germany	Ordinary	100%
London Offshore Consultants (Mexico) SA de CV	Av. San Jeronimo 1740, Col. Lomas Quebradas, Deleg,Magdelena Contreras, Distrito Federal, C.P. 10000Mexico	Ordinary	99.9%
LOC (Egypt) For Consultancy Service SAE	2nd Floor, 20 Mabrouk Shebi St. La-Selky, New Maadi,Cairo	Ordinary	60%
LOC (Netherlands) BV	Postbus 1144, 8900CC Leeuwarden, Heliconweg 52,8914 AT, Leeuwarden Netherlands	Ordinary	100%

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LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

Name

Registered office

Class of shares

Holding

LOC (Laem Chabang) Co. Ltd. (Thailand)	4/222 Moo 10, Harbour Mall Building, 5th Floor, Unit5B04- 5B05, Thungsukhla Sriracha, Chonburi20230Thailand	Ordinary	99.993%
London Offshore Consultants (Guernsey) Ltd	Hirzel Court, Hirzel Street, St Peter Port, Guernsey, GYI2NN	Ordinary	99%
London Offshore Consultants WLL (Abu Dhabi, UAE)	Office 104, Floor 1, Al Aryam Tower, Mina Road PO Box62924 UAE	Ordinary	49%
ABL Norway AS	Stongsvingen 85 A, 4270 Akrehamn , Nonway	Ordinary	100%
London Offshore Consultants Pte Ltd.(Singapore)	112 Robinson Road, #09-01, Singapore 068902	Ordinary	100%
LOC (Tianjin) Co Ltd	E6B, 606/607, East Wing Bianhai Finance Zone 20Guang Chang Dong Road TEDA, Tianjin 300457 P.R.China	Ordinary	100%
LOC (Tianjin) Risk Technology Service Co Ltd	Rm 1004.MSD B2, No 2 Ave, TEDA, Tinajin P R China	Ordinary	100%
ABL USA Inc	10613 W SAM HOUSTON PKWY N STE 400HOUSTON77064-4381 TX USA	Ordinary	100%
LOC JLA Inc	206 East 9th Street, Suite 1300 Austin TX, 78701-4411,USA	Ordinary	100%
John Le Bourhis & Associates Inc	Sierra Pines, 1575 Sawdust Road, Suite 200, TheWoodlands, TX 77380, USA	Ordinary	100%
Innosea SAS	1 Rue de La Noe, 44321, Nantes France	Ordinary	100%
Innosea Limited	43/7 Ashley Terrace, Edinburgh, Scotland, EH11 1RY	Ordinary	100%
London Offshore Consultants Ltd. (UK)	1st Floor, The Northern & Shell Building, 10 LowerThames Street, London, England, EC3R 6EN	Ordinary	100%
London Offshore Consultants (France) SARL	Tour de L'horloge, 4 Place Louis Armand, 75012 ParisFrance	Ordinary	100%
LOC (Senegal)	13-15 rue Colbert x rue Felix Faure, BP 327, Dakar, Senegal	Ordinary	100%

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LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Subsidiary undertakings (continued)

Name

Registered office

Class of shares

Holding

Hidromod-Modelcacao Em Engenharia Lds

Rua Rui Teles Palhinha, Porto Salvo, Lisboa, Portugal

Ordinary

100%

The principal activity of all subsidiaries is that of providing offshore, marine, renewables and engineering consultancy services.

Debtors

					2024	2023
					£	£


Amounts owed by group undertakings	9,564,491	8,857,443
Other debtors	45,324	1,055
	9,609,815	8,858,498

Amounts owed by group undertakings are interest free and repayable on demand.

10.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	-	8,437
Less: bank overdrafts	(400,997)	-
	(400,997)	8,437

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LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

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

Bank overdrafts	400,997	-
Trade creditors	7,169	700
Amounts owed to group undertakings	-	6,653
Other creditors	311,113	2
Accruals and deferred income	-	8,921
	719,279	16,276

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

12.	Share capital
		2024	2023
		£	£

Allotted, called up and fully paid

20,204 (2023 - 20,204) Ordinary shares of £1.00 each	20,204	20,204

13.

Reserves

Profit and loss account

The profit and loss account represents cumulative profits and losses net of dividends and other adjustments.

14.Other financial commitments

The Company's ultimate parent company, ABL Group ASA, holds loan finance which is secured by way of legal charge over all of the Company's present and future rights, title and interest in accounts and credit balances held from time to time.

15.	Related party transactions
	The Company is exempt under the terms of Financial Reporting Standard 101 'Reduced Disclosure Framework' from disclosing related party transactions with group companies on the grounds that the Company is wholly owned within the group.

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LONDON OFFSHORE CONSULTANTS (HOLDINGS) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Controlling party

The Company's immediate parent company is LOC Group Ltd, a private company incorporated in England and Wales, registered office address 1st Floor, The Northern & Shell Building, 10 Lower Thames Street, London, England, EC3R 6EN.

The Company's ultimate parent and controlling party is ABL Group ASA, a public company listed on the Oslo Stock Exchange, incorporated and domiciled in Norway, registered office address Karenslyst Alle 4, 0278 Oslo, Norway.

The smallest and largest group of undertakings into which the results of the Company are consolidated is headed by ABL Group ASA. The consolidated financial statements are available from https://abl-group.com /investor-relations /reports-and-presentations /.

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