The Directors present the Strategic Report together with the audited financial statements for the year ended 31 December 2024.

The Company did not trade during the current or preceding year. The Company is an intermediate holding Company.

Due to the nature of Furmanite Limited as a holding Company it has limited risks and uncertainties, however the key risk facing the business is the investments not being held at the right carrying value due to underperformance in the group companies.

Liquidity risk

The Company is exposed to liquidity risk as it has net current liabilities.

The Directors consider that the Company will continue in existence as a holding Company.

The Company has no key performance indicators.

The Directors are aware of their duty under s.172 of the Companies Act 2006 to act in the way they would consider, 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, to have regard (amongst other matters) to:

· the likely consequences of its decisions in the long-term;

· the interests of the company’s employees;

· the need to foster the company’s business relationships with suppliers, customers and others;

· the impact of the company’s operations on the community and the environment; and

· the desirability of the company maintaining a reputation for high standards of business conduct.

There were no key decisions during the year.

Corporate Governance

The global company maintains a corporate governance framework of Board and Committees to operate strategic and management decision making. Terms of reference and levels of authority and escalation are clearly defined and a calendar of regular Board and Committee meetings are held. Information is provided to the Board in advance of the meeting and decisions and Minutes are recorded. The Board are committed to a robust culture of governance, conduct and ethics reflecting the values of the TEAM Group. Decisions are made considering the impact on the long-term business strategy and considering the impact to multiple stakeholders.

Financial key performance indicators

The Company has no key performance indicators.

On behalf of the board

The Directors present their report and the audited financial statements for the year ended 31 December 2024.

The principal activity is that of an intermediate holding Company.

Business review

A review of the business and its principal risks and uncertainties is set out in the strategic report on page 1 of

these financial statements.

The Directors who served during the year were:

TEAM is committed to acting ethically and with integrity in all business dealings and relationships. Fostering business relationships with key stakeholders, customers and suppliers is important to the Company’s success. Many customers and suppliers have been aligned with the business for many years with, in the case of suppliers, access to at least two suppliers for our major materials.

The Board looks to implement and enforce effective systems and controls to ensure its supply chains are maintaining the highest standard of business conduct in line with best practice including in relation to antibribery and modern slavery. The employee handbook is regularly updated with all up to date relevant information and personnel have been advised, and in some instances, trained accordingly as and when new legislation or Governmental advice is issued.

Delivering our strategy requires strong mutually beneficial relationships with suppliers, customers, governments and national oil companies. TEAM seeks the promotion and application of certain general principles in such relationships. The ability to promote these principles effectively is an important factor in the decision to enter or remain in such relationships and this alongside other standards and controls, which are reviewed and approved by management periodically. The businesses continuously assess the priorities related to customers and those with whom we do business, and management engages with the businesses on these topics, for example, within the context of business strategy updates and possible investment proposals.

Moreover, the Directors receive information updates on a variety of topics that indicate and inform how these stakeholders have been engaged. These range from information provided from the Projects, Engineering, Operational, Sales and Commercial functions (related to items such as possible capital projects, ongoing project updates, customers, business strategies and supplier contract management topics).

The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.

MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

The Company has taken the exemption available to low energy use companies not to disclose information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as it has consumed 40,000 kWh of energy or less during the year.

In accordance with s414C(11) of the Companies Act 2006, information on financial risk management and exposure to risk have been disclosed in the Strategic Report.

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.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and 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 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 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 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.

We have audited the financial statements of Furmanite Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 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 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 Directors are responsible for the other information. The other information comprises the information included in the Directors report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our 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.

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; or

• the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report.

As explained more fully in the directors' responsibilities statement, 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.

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.

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

• Enquiries with management, about any known or suspected instances of non-compliance with laws and regulations and fraud;

• Challenging assumptions and judgments made by management in their key accounting estimates, in particular in relation to the assumptions surrounding the defined benefit pension surplus and future performance in light of the current economic conditions;

• Auditing the risk of management override of controls and evaluating the business rationale of significant transactions outside the normal course of business; and

• Reviewing board minutes and legal and professional expenditure to identify any evidence of ongoing litigation or enquiries.

Because of the field in which the client operates we identified that employment law, health and safety legislation, environmental law and compliance with the UK Companies Act are the areas most likely to have a material impact on the financial statements.

Owing to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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.

The Company did not trade during the current or preceding financial year. During these periods, the Company

received no income and incurred no expenditure and therefore made neither profit nor loss.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Furmanite Limited is a private company, limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of the registered office is given on the Company Information page. The nature of the Company's operations and its principal activities are given in the Directors' Report.

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.

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 £'000.

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

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

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

The financial statements of the company are consolidated in the financial statements of Team, Inc. These consolidated financial statements are available online from http://investor.teaminc.com.

Despite the net current liabilities, the financial statements have been prepared on a going concern basis. As a non-trading holding Company, the Company does not have external liabilities.true

The Directors are required to prepare these financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. This assessment has been carried out on the cash flows of Team Inc. group of UK companies, which the company is a member of, as cash is managed by a centralised treasury function who ensure all parts of the UK Group have sufficient cash to meet their immediate needs. As part of the arrangement, the Group has issued a letter of support for all UK Group companies, for a period of twelve months from the date of approval of these financial statements which includes both making funds available if required and not to seek repayment of amounts due at the balance sheet date if this would be detrimental to the company. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue, although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

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

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

Where merger relief is applicable, the cost of the investment in a subsidiary undertaking is measured at the nominal value of the shares issues together with the fair value of any additional consideration paid.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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.

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.

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.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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

Determine whether there are indicators of impairment of the Company’s investments. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

The audit fee of £2,385 (2023 - £2,250) was borne by Team Industrial Services (UK) Limited, a subsidiary. No recharge was made to the company in the current or prior year.

Details of the company's subsidiaries at 31 December 2024 are as follows:

The investments in Team Industrial Services (UK) Limited and Team Industrial Services Inspection Limited are held by Furmanite 1986.

The investments in Furnamite Middles East SPC and Furmanite West Africa Limited are held by Team Industrial Services (UK) Limited.

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

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

Ordinary share have a right to receive share certificate, right to transfer shares, right to receive notice of general meetings, right to AGM, right to attend and vote in general meetings, both on show of hands or poll, right to call general meetings, right to inspect minutes of general meetings, right to ask the court to call an EGM, right to restarin ultra vires acts, right to have item places on AGM agenda, right to circulate written statement, right not to be unfairly prejudiced, right to receive dividends of declared, right to receive copy of annual accounts, right to have name entered on register of members and right to have company wound up.

The share premium account includes the premium on issue of equity,net of any issue costs.

The capital redemption reserve contains the nominal value of its own shares that the company has acquired and cancelled.

In 2009, Furmanite International Limited received a capital contribution from the parent undertaking, Furmanite Limited.

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

As ultimate parent of Team Industrial Services UK Limited the defined benefit pension scheme has both a fixed and floating charge over Furmanite Limited.

The Company has taken advantage of the exemption available in Section 33.1A of FRS 102 not to disclose transactions with fellow wholly owned members of the Group.

The Company is a wholly owned subsidiary of Team Industrial Services Europe BV, a Company registered in the Netherlands at Oostsouburgseweg 4382 AA Vlissingen, Netherlands. Team, Inc, a Company incorporated in the USA, is the ultimate Parent Company.

The Company's results are consolidated in the accounts of Team, Inc, which is the smallest and largest Group for which consolidated accounts are prepared and publicly available. Copies of the Team, Inc financial statements are available from the registered office at Team, Inc, , 13131 Dairy Ashford, Suite 600, Sugar Land, TX 77478, United States of America or on their website at http://investor.teaminc.com.