ACCOUNTS - Final Accounts preparation

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

Registered number: SC366014

SUPERIOR ENERGY SERVICES (UK) LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

SUPERIOR ENERGY SERVICES (UK) LIMITED

COMPANY INFORMATION

Directors	Joanna Clark
	Carolina M Ackerman (appointed 12 December 2024)


Registered number	SC366014


Registered office	Brodies House
	31-33 Union Grove
	Aberdeen
	Scotland
	AB10 6SD

SUPERIOR ENERGY SERVICES (UK) LIMITED

CONTENTS

	Page
Group Strategic Report	1 - 2
Directors' Report	3 - 4
Directors' Responsibilities Statement	5
Independent Auditor's Report	6 - 9
Consolidated Statement of Comprehensive Income	10
Consolidated Balance Sheet	11
Company Balance Sheet	12
Consolidated Statement of Changes in Equity	13 - 14
Company Statement of Changes in Equity	15
Consolidated Statement of Cash Flows	16
Consolidated Analysis of Net Debt	17
Notes to the Financial Statements	18 - 36

SUPERIOR ENERGY SERVICES (UK) LIMITED

GROUP STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

Introduction

The Group provides equipment and services in support of oil and gas exploration and production across Eastern Hemisphere operations. Core activities comprise the rental of oilfield tubular products and related handling equipment, downhole tools and the provision of tubular inspection services, together with the provision of comprehensive emergency response and resolution, prevention, and operational services for the oil and gas industry.

Business review

For the year ended 2024, total revenue decreased from $67.2 million to $62.6 million. This decrease reflects the challenges faced against the oil price environment. The Group delivered a strong underlying operational performance, achieving a profit after tax of $9.9 million. This result underscores effective cost management and operational efficiencies despite a competitive market environment.

Overall, the financial results demonstrate the Group's successful transition to a more diversified business model, positioning it well for sustained profitability and value creation in future periods.

The continual enhancement of Quality, Health, Safety, and Environmental (QHSE) performance remains a strategic priority for our organisation. We uphold a steadfast commitment to the foundational belief that all safety and environmental incidents are entirely preventable, and we actively pursue the creation and maintenance of a workplace free from injury and environmental harm.

Our rigorous and comprehensive management systems encompass robust safety processes and procedures, targeted and ongoing training programs, detailed quality management plans, and the deployment of advanced digital platforms including Datastation, SHARP, Risk Assessments, and COSHH assessments. These integrated tools and frameworks enable us not only to consistently deliver services of the highest calibre to our clients but to do so with unwavering adherence to safety, professionalism, and regulatory compliance. This dedication to operational excellence and safety is regularly validated through superior client satisfaction scores and industry-leading feedback metrics.

Principal risks and uncertainties

Our customers continue to be the major oil and independent oil and gas companies where the level of drilling activity is determined by the economics affecting the overall demand for hydrocarbons. This remained steady during 2024. The group revenue and earnings may be affected by a variety of other factors other than the price of hydrocarbons, these being foreign exchange exposure, general economic conditions and governmental regulation. A significant portion of our revenue is derived from the international market and this exposes the group to additional political, economic and other uncertainties. However we have a robust risk management strategy in place to mitigate the impact of these and all areas are continually monitored.

Strong internal controls remain a key priority across all business units, with current systems and procedures across all departments and regions repeatedly audited to ensure they are robust. Emphasis is placed on the development of ICT to assist with automated procurement controls. In addition increased focus from our parent group on geographical analysis to better understand regional costs and margins will ensure management will have more in depth information to assist with key decision making to better benefit the group.

Key performance indicators

Management use a selection of KPIs to regularly monitor the performance of the group and these metrics are selected to ensure that the group meets its overall performance objectives. During 2024 KPIs were monitored to cover daily revenue against budget, asset utilization, debtor days outstanding, debts outstanding over 60 days and quality and safety reportable incidents.

Page 1

SUPERIOR ENERGY SERVICES (UK) LIMITED

GROUP STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

Directors' statement of compliance with duty to promote the success of the Group

Section 172 (1) (a) to (f) requires the group directors to consider, both individually and collectively, that they have acted in the way that they consider, in good faith, would be most likely to promote the success of the group for the benefit of its members as a whole in the decisions taken during the current year.

When making these decisions the directors have given regard to:

∙The likely consequences of any decisions on the long-term;

∙The interests of the group’s employees

∙The need to foster the group’s business relationships with suppliers, customers and others

∙The impact of the group’s operations on the community and environment

∙The desirability of the company maintaining a reputation for high standards of business conduct and

∙The need to act fairly between shareholders of the group

The Board of Directors holds primary responsibility for overseeing stakeholder engagement and convenes on a regular basis to execute this role effectively. Throughout these meetings, the Board conducts thorough reviews and analysis of comprehensive information collected from across the organisation, enabling a deep understanding of the operational, environmental, and social impacts of the group’s activities within the oil and gas service sector. This includes consideration of the interests and concerns of key stakeholders such as clients, employees, suppliers, regulatory bodies, local communities, and shareholders.

The Board carefully integrates stakeholder feedback and insights into its governance framework to ensure that business decisions reflect the unique challenges and opportunities inherent to the energy sector, including health, safety, environmental stewardship, and sustainability. Alongside stakeholder engagement, the Board rigorously assesses the group’s strategic objectives, financial performance, and operational effectiveness, with particular attention to risk management protocols, compliance with industry-specific regulations, environmental standards, and legal requirements.

This comprehensive oversight enables the Board to maintain a well-rounded perspective on both external stakeholder expectations and internal operational imperatives critical to delivering safe, reliable, and responsible services in the oil and gas industry. Consequently, the Board is equipped to fulfil its fiduciary and statutory duties under Section 172 of the Companies Act 2006, ensuring that decisions are made in the long-term best interests of the group while balancing the needs of all stakeholders and supporting sustainable growth within a highly regulated and dynamic sector.

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

Carolina M Ackerman

Director

Date: 30 December 2025

Page 2

SUPERIOR ENERGY SERVICES (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.

Results and dividends

The profit for the year, after taxation, amounted to $9,895,000 (2023 - $16,985,000).

Directors

The directors who served during the year were:

Joanna Clark

Carolina M Ackerman (appointed 12 December 2024)

James W Spexarth (resigned 31 December 2024)

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group is aware of its reporting obligations under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. As such, we now make the following disclosures, in line with these regulations.

Emissions have been calculated based on usage by the legal entity Workstrings International Ltd at its Head Office based in Aberdeen. This covers:

Scope 1 (Direct GHG Emissions)

∙Combustion of fuel (oil)

∙Mobile combustion – fuels used in transportation

Scope 2 (Indirect Emissions)

∙Electricity Consumption (market and location based)

The electricity and oil are used to run tools and vehicles at the Head Office premises in Aberdeen, Scotland. Associated Greenhouse gases have been calculated using GHG Reporting Protocol – Corporate Standard. The sources of the emission factors are the International Energy Agency 2021, Association of Issuing Bodies 2022 and United States Environmental Protection Agency.

2024 has been used as the base year as this is the first year the Group has fallen within the reporting requirements. Given this is our first year, no comparatives have been provided. Despite this, we are aware of our responsibilities under the energy emissions regulations. Having made significant efficiencies in previous years, we are now making incremental changes to our usage, for example by changing our lighting on our premises to LED lighting during 2024.

Intensity Metric

An intensity metric of tCO2e per employee has been applied for the annual emissions of the Company, with 23 being the average employee number for 2024.

2024	UK energy use KwH	Associated Greenhouse gas emissions Tonnes CO2 equivalent	Intensity ratio per employee
Scope 1	233,769	58	2.5
Scope 2	281,609	59	2.5
Total	515,378	117	5

Page 3

SUPERIOR ENERGY SERVICES (UK) LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

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 and the Group'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 and the Group's auditor is aware of that information.

Auditor

A resolution to appoint AAB Audit & Accountancy Limited as auditor of the company will be proposed at the next
general meeting.

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

Carolina M Ackerman

Director

Date: 30 December 2025

Page 4

SUPERIOR ENERGY SERVICES (UK) LIMITED

DIRECTORS' RESPONSIBILITIES STATEMENT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated 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 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 the Group and of the profit or loss of the Group for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Group's financial statements and then apply them consistently;

∙make judgements 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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 5

SUPERIOR ENERGY SERVICES (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPERIOR ENERGY SERVICES (UK) LIMITED

Opinion

We have audited the financial statements of Superior Energy Services (UK) Limited (the 'Parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2024, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Analysis of Net Debt, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company 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 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 Group's and of the Parent Company's affairs as at 31 December 2024 and of the Group's 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 Group 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 Group's or the Parent 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.

Page 6

SUPERIOR ENERGY SERVICES (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPERIOR ENERGY SERVICES (UK) LIMITED (CONTINUED)

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. 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 Group 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 Group 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 Group and the Parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the Parent Company, or returns adequate for our audit have not been received from branches not visited by us; or

∙the Parent Company 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 5, 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 Group's and the Parent 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 Group or the Parent Company or to cease operations, or have no realistic alternative but to do so.

Page 7

SUPERIOR ENERGY SERVICES (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPERIOR ENERGY SERVICES (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 Group 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We obtained an understanding of the legal and regulatory frameworks within which the company operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context were the Companies Act 2006 and Taxation legislation.

We identified the greatest risk of material impact on the financial statements from irregularities including fraud to be:

∙Management override of controls to manipulate the company’s key performance indicators to meet targets.

∙Timing and completeness of revenue recognition.

∙Management judgement applied in calculating the onerous lease provision.

∙Compliance with relevant laws and regulations which directly impact the financial statements and those that the company needs to comply with for the purpose of trading

Our audit procedures to respond to these risks included:

∙Testing of journal entries and other adjustments for appropriateness.

∙Vouching a sample of sales transactions and reviewing revenue recognition around the year end

∙Reviewing judgements made by management in their calculation of accounting estimates for potential

∙management bias.

∙Enquiries of management about litigation and claims and inspection of relevant correspondence.

∙Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-compliance with laws and regulations.

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 Auditor's Report.

Page 8

SUPERIOR ENERGY SERVICES (UK) LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF SUPERIOR ENERGY SERVICES (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.

Derek Mair (Senior Statutory Auditor)

for and on behalf of

Anderson Anderson & Brown Audit LLP

Statutory Auditor

Kingshill View

Prime Four Business Park

Kingswells

Aberdeen

AB15 8PU

31 December 2025

Page 9

SUPERIOR ENERGY SERVICES (UK) LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	$000	$000


Turnover	4	62,673	67,276
Cost of sales		(41,465)	(36,537)
Gross profit		21,208	30,739
Administrative expenses		(10,320)	(10,671)
Other operating income		1,688	2,353
Operating profit	6	12,576	22,421
Interest receivable and similar income	9	1,678	2,640
Interest payable and similar expenses		(446)	(2,221)
Profit before taxation		13,808	22,840
Tax on profit		(3,913)	(5,855)
Profit for the financial year		9,895	16,985


Currency translation differences	(219)	1,417
Deferred tax on revaluation of tangible fixed assets	14	57
Other comprehensive income for the year	(205)	1,474
Total comprehensive income for the year	9,690	18,459

Profit for the year attributable to:
Owners of the Parent Company	9,895	16,985
	9,895	16,985

The notes on pages 18 to 36 form part of these financial statements.

Page 10

SUPERIOR ENERGY SERVICES (UK) LIMITED

REGISTERED NUMBER: SC366014

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		$000		$000

Fixed assets
Tangible assets	13		10,151		9,854
			10,151		9,854
Current assets
Debtors: amounts falling due within one year	15	144,047		109,241
Cash at bank and in hand	16	6,378		8,120
		150,425		117,361
Creditors: amounts falling due within one year	17	(94,605)		(47,412)
Net current assets			55,820		69,949
Total assets less current liabilities			65,971		79,803
Provisions for liabilities
Deferred taxation		(103)		-
			(103)		-
Net assets			65,868		79,803

Capital and reserves
Share premium account	35,000	40,000
Revaluation reserve	1,341	1,382
Capital redemption reserve	121	121
Foreign exchange reserve	1,071	1,290
Profit and loss account	28,335	37,010
	65,868	79,803

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

Carolina M Ackerman

Director

Date: 30 December 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 11

SUPERIOR ENERGY SERVICES (UK) LIMITED

REGISTERED NUMBER: SC366014

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		$000		$000

Fixed assets
Investments	14		98,044		98,044
			98,044		98,044
Current assets
Debtors: amounts falling due within one year	15	44,497		66,547
Cash at bank and in hand	16	492		224
		44,989		66,771
Creditors: amounts falling due within one year	17	(4,199)		(3,186)
Net current assets			40,790		63,585
Total assets less current liabilities			138,834		161,629


Net assets			138,834		161,629

Capital and reserves
Share premium account		35,000		40,000
Profit and loss account brought forward	121,629		112,887
Profit for the year	830		52,692
Other changes in the profit and loss account	(18,625)		(43,950)
Profit and loss account carried forward		103,834		121,629
		138,834		161,629

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

Carolina M Ackerman

Director

Date: 30 December 2025

The notes on pages 18 to 36 form part of these financial statements.

Page 12


		SUPERIOR ENERGY SERVICES (UK) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Share premium account	Capital redemption reserve	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Total equity
	$000	$000	$000	$000	$000	$000
At 1 January 2024	40,000	121	1,382	1,290	37,010	79,803
Comprehensive income for the year
Profit for the year	-	-	-	-	9,895	9,895
Currency translation differences	-	-	-	(219)	-	(219)
Revaluation transfer	-	-	(55)	-	55	-
Other comprehensive income	-	-	14	-	-	14
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(18,625)	(18,625)
Reduction in capital	(5,000)	-	-	-	-	(5,000)
At 31 December 2024	35,000	121	1,341	1,071	28,335	65,868

The notes on pages 18 to 36 form part of these financial statements.

Page 13


		SUPERIOR ENERGY SERVICES (UK) LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Share premium account	Capital redemption reserve	Revaluation reserve	Foreign exchange reserve	Profit and loss account	Total equity
	$000	$000	$000	$000	$000	$000
At 1 January 2023	40,000	121	1,382	(127)	63,918	105,294
Comprehensive income for the year
Profit for the year	-	-	-	-	16,985	16,985
Currency translation differences	-	-	-	1,417	-	1,417
Revaluation transfer	-	-	(57)	-	57	-
Other comprehensive income	-	-	57	-	-	57
Contributions by and distributions to owners
Dividends: Equity capital	-	-	-	-	(43,950)	(43,950)
At 31 December 2023	40,000	121	1,382	1,290	37,010	79,803

The notes on pages 18 to 36 form part of these financial statements.

Page 14

SUPERIOR ENERGY SERVICES (UK) LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Share premium account	Profit and loss account	Total equity
	$000	$000	$000
At 1 January 2023	40,000	112,887	152,887
Comprehensive income for the year
Profit for the year	-	52,692	52,692
Contributions by and distributions to owners
Dividends: Equity capital	-	(43,950)	(43,950)

At 1 January 2024	40,000	121,629	161,629
Comprehensive income for the year
Profit for the year	-	830	830
Contributions by and distributions to owners
Dividends: Equity capital	-	(18,625)	(18,625)
Reduction in capital	(5,000)	-	(5,000)
At 31 December 2024	35,000	103,834	138,834

The notes on pages 18 to 36 form part of these financial statements.

Page 15

SUPERIOR ENERGY SERVICES (UK) LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2024

			2024	2023
			$000	$000

Cash flows from operating activities
Profit for the financial year	9,895	16,985
Adjustments for:
Depreciation of tangible assets	2,532	2,925
Interest paid	446	2,221
Interest received	(1,678)	(2,640)
Taxation charge	3,913	5,855
(Increase) in debtors	(36,159)	(7,085)
Increase in amounts owed by groups undertakings	48,142	34,944
Increase/(decrease) in creditors	1,893	(122)
Corporation tax (paid)	(5,283)	(7,107)
Other non-cash movements	(97)	1,032
Gain on disposal of fixed assets	(1,688)	(2,353)
Net cash generated from operating activities	21,916	44,655

Cash flows from investing activities
Purchase of tangible fixed assets	(3,214)	(3,203)
Proceeds from sale of tangible fixed assets	1,949	2,378
Interest received	1,678	2,640
Net cash from investing activities	413	1,815
Cash flows from financing activities
Repayment of share premium	(5,000)	-
Dividends paid	(18,625)	(43,950)
Interest paid	(446)	(2,221)
Net cash used in financing activities	(24,071)	(46,171)
Net (decrease)/increase in cash and cash equivalents	(1,742)	299
Cash and cash equivalents at beginning of year	8,120	7,821
Cash and cash equivalents at the end of year	6,378	8,120

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	6,378	8,120
	6,378	8,120

The notes on pages 18 to 36 form part of these financial statements.

Page 16

SUPERIOR ENERGY SERVICES (UK) LIMITED

CONSOLIDATED ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2024


At 1 January 2024	Cash flows	At 31 December 2024
$000	$000	$000

Cash at bank and in hand	8,120	(1,742)	6,378
	8,120	(1,742)	6,378

The notes on pages 18 to 36 form part of these financial statements.

Page 17

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Superior Energy Services (UK) Limited is a company limited by shares and incorporated and domiciled in Scotland. The registered number is SC366014, and the registered address is Brodies House, 31-33 Union Grove, Aberdeen, Scotland, AB10 6SD.

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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgement in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance Sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3

Going concern

The financial statements have been prepared on the going concern basis as the directors believe the company will be able to continue in operational existence for the foreseeable future by meeting its liabilities as they fall due for payment. The Group can also rely on financial support from Superior Energy Services Inc., where required.

The Group’s forecasts and projections, taking into account the above, show the Company is expected to have a sufficient level of financial resources available both through funding already made available and that expected to be made available out of group funding facilities.

Therefore, the directors believe that the Group is well placed to manage its business risks successfully, despite the economic uncertainty. The directors, having made due and careful enquiry, are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months.

The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to continue in operational existence for the foreseeable future. As a result, the directors have continued to adopt the going concern basis of accounting in preparing the annual financial statements.

Page 18

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is USD.

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.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

On consolidation, the results of overseas operations are translated into Dollars at rates approximating to those ruling when the transactions took place. All assets and liabilities of overseas operations are translated at the rate ruling at the reporting date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at actual rate are recognised in other comprehensive income.

Page 19

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.5

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group 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:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Group has transferred the significant risks and rewards of ownership to the buyer;

∙the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Group will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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 Group 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.

2.6

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 20

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.9

Pensions

Defined contribution pension plan

The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 balance sheet date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 21

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold buildings	-	25 years
Leasehold improvements	-	3 years
Plant and machinery	-	2 - 18 years
Motor vehicles	-	3 - 10 years
Fixtures and fittings	-	2 - 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

2.12

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the balance sheet date.

Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

2.13

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.14

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.

Page 22

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.15

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.

In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.

2.16

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.

2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.

Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

2.18

Financial instruments

The Group has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Group has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Group's Balance Sheet when the Group 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

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Group's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Page 23

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Page 24

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.18

Financial instruments (continued)

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

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

Judgements made by the directors, in the application of these accounting policies that have significant effect on the financial statements and estimates with a significant risk of material adjustment in the next year are trade debtors, asset impairment, property revalution and impairment of investments. Trade debtors with regards to non-payment of monies due to us, which is a risk given the current industry climate, and fixed asset impairment in the current reduced turnover environment when there is a need to consider the recoverable amounts of assets, whether through use or resale. Property revaluation requires the application of judgement in the assessment and external valuers are used when there is judged to be a significant valuation change. Investments are reviewed regularly for any indicators of impairment. Where an impairment is recognised, it will reduce the value of the investment held in the balance sheet and reduce profit in the year.

Page 25

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Rental of assets	55,576	52,867
Engineering & well contained services	5,239	12,429
Management fees	1,858	1,980
	62,673	67,276

No analysis of turnover by geographical market is given as the directors believe it would be seriously prejudicial to the interests of the Group.

5.	Other operating income
		2024	2023
		$000	$000

Other operating income	1,688	2,353
	1,688	2,353

Gain on disposal of tangible fixed assets	(1,688)	(2,353)
Exchange differences	430	1,287
Depreciation	2,532	2,925
Operating leases	1,291	819

Fees payable to the Company's auditor for the audit of the consolidated and parent Company's financial statements

Page 26

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Employees
	Staff costs were as follows:

		Group	Group
		2024	2023
		$000	$000


Wages and salaries	7,975	6,922
Social security costs	419	370
Cost of defined contribution scheme	294	231
	8,688	7,523

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Management	8	8
Operations	28	36
Administration	9	9

	45	53

9.	Interest receivable
		2024	2023
		$000	$000

	Other interest receivable	1,678	2,640
		1,678	2,640

10.	Interest payable and similar expenses
		2024	2023
		$000	$000

	Other interest payable	446	2,221
		446	2,221

Page 27

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Corporation tax
Current tax on profits for the year	3,275	4,694
Adjustments in respect of previous periods	(116)	-
Double taxation relief	(313)	(842)
	2,846	3,852
Foreign tax
Foreign tax on income for the year	339	1,285
Total current tax	3,185	5,137

Deferred tax
Origination and reversal of timing differences	725	717
Changes to tax rates	3	1
Total deferred tax	728	718


	Tax on profit	3,913	5,855

Page 28

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.Taxation (continued)

Profit on ordinary activities before tax

13,808

22,840

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.52%)	3,452	5,372
Effects of:
Expenses not deductible for tax purposes, other than goodwill amortisation and impairment	49	23
Adjustments to tax charge in respect of prior periods	(116)	-
Other timing differences leading to an increase (decrease) in taxation	1	44
Capital gains	9	188
Difference in foreign tax expense	14	195
Non-trade loan relationships	8	-
Group relief	496	42
Movement in deferred tax not recognised	-	(9)
Total tax charge for the year	3,913	5,855

Factors that may affect future tax charges

There were no factors that may affect future tax charges.

12.	Dividends
		2024	2023
		$000	$000

	Dividends	18,625	43,950
		18,625	43,950

Page 29


		SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

	13.	Tangible fixed assets
		Group

	Leasehold buildings	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Assets under construction	Total
	$000	$000	$000	$000	$000	$000	$000
Cost or valuation
At 1 January 2024	2,546	95	97,562	470	162	-	100,835
Additions	-	-	2,571	-	-	643	3,214
Disposals	-	-	(9,655)	-	-	-	(9,655)
Exchange adjustments	(33)	(1)	(1,266)	(6)	(2)	-	(1,308)
At 31 December 2024	2,513	94	89,212	464	160	643	93,086
Depreciation
At 1 January 2024	-	46	90,707	67	161	-	90,981
Charge for the year on owned assets	100	33	2,346	52	1	-	2,532
Disposals	-	-	(9,393)	-	-	-	(9,393)
Exchange adjustments	-	(5)	(1,177)	(1)	(2)	-	(1,185)
At 31 December 2024	100	74	82,483	118	160	-	82,935
Net book value
At 31 December 2024	2,413	20	6,729	346	-	643	10,151
At 31 December 2023	2,546	49	6,855	403	1	-	9,854

Page 30

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.Tangible fixed assets (continued)

A full valuation was performed on 31 December 2023 by Knight Frank LLP, Chartered Surveyors and the valuation was undertaken in accordance with the Appraisal and Valuation Standards (6th Edition) published by the Royal Institution of Chartered Surveyors and were determined by reference to market evidence. This assessment identified an increase in the valuation of the building and it was revalued to $2,546,000 during 2023.

The following information relates to tangible fixed assets carried on the basis of revaluations in accordance with FRS 102.17

If the leasehold buildings had not been included at valuation they would have been included under the historical cost convention as follows:
	2024	2023
	$000	$000

Group
Historical cost of revalued assets	2,065	2,065
Accumulated depreciation based on historical cost	(1,591)	(1,537)
Historical cost net book value	474	528

14.	Fixed asset investments

	Company

		Investments in subsidiary companies
		$000
	Cost or valuation
	At 1 January 2024	98,044
	Additions	15,494
	Amounts written off	(15,494)
	At 31 December 2024	98,044

Page 31

SUPERIOR ENERGY SERVICES (UK) 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

Superior-Wild Well Energy Services Limited	Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, United Kingdom	Ordinary	100%
Workstrings International Limited	Brodies LLP, 90 Bartholomew Close, London, EC1A 7EB, United Kingdom	Ordinary	100%
Superior Energy Services Limited	Brodies House, 31-33 Union Grove, Aberdeen, AB10 6SD, United Kingdom	Ordinary	100%
Superior Energy Services (S) Pte Limited *	143 Cecil Street, #08-01 GB Building, 069542, Singapore	Ordinary	100%
HB Rentals (Singapore) Pte Ltd *	143 Cecil Street, #08-01 GB Building, 069542, Singapore	Ordinary	100%
Premier Oilfield Rentals (S) Pte Limited *	143 Cecil Street, #08-01 GB Building, 069542, Singapore	Ordinary	100%

The aggregate of the share capital and reserves as at 31 December 2024 and the profit or loss for the year ended on that date for the subsidiary undertakings were as follows:
Name	Aggregate of share capital and reserves	Profit/(Loss)
	$000	$000

Superior-Wild Well Energy Services Limited	3,793	976
Workstrings International Limited	20,900	11,986
Superior Energy Services Limited	482	1,746
Superior Energy Services (S) Pte Limited *	(96)	6,201
HB Rentals (Singapore) Pte Ltd *	-	10
Premier Oilfield Rentals (S) Pte Limited *	-	58

* Investments in these subsidiaries are held by other companies within the group rather than the parent undertaking.

Page 32

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

15.

Debtors

Group	Group	Company	Company
2024	2023	2024	2023
$000	$000	$000	$000


Trade debtors	9,719	14,902	-	-
Amounts owed by group undertakings	84,866	87,698	43,937	65,982
Other debtors	1,034	1,300	-	-
Prepayments and accrued income	42,048	439	-	-
Tax recoverable	6,380	4,295	560	565
Deferred taxation	-	607	-	-
	144,047	109,241	44,497	66,547

Included in amounts owed by group undertakings is a loan note receivable with interest charged of 5%. Remaining amounts owed by group undertakings are interest free and repayable on demand.

16.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		$000	$000	$000	$000

Cash at bank and in hand	6,378	8,120	492	224
	6,378	8,120	492	224

17.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		$000	$000	$000	$000

Trade creditors	2,568	763	16	17
Amounts owed to group undertakings	87,044	41,734	4,111	3,167
Corporation tax	7	16	-	-
Other taxation and social security	120	-	-	-
Other creditors	98	91	2	2
Accruals and deferred income	4,768	4,808	70	-
	94,605	47,412	4,199	3,186

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

Page 33

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Financial instruments
		Group	Group	Company	Company
		2024	2023	2024	2023
		$000	$000	$000	$000

Financial assets
Financial assets measured at fair value through profit or loss	6,378	8,120	492	224
Financial assets measured at amortised cost	137,667	108,172	43,934	66,545
	144,045	116,292	44,426	66,769

	Financial liabilities
	Financial liabilities measured at amortised cost	92,260	45,686	4,199	3,186

	Financial assets measured at fair value through profit or loss comprise cash and cash equivalents.
	Financial assets measured at amortised cost comprise trade and other debtors, amounts due from group companies and prepayments. Financial liabilities measured at amortised cost comprise trade and other creditors, accruals and amounts due to group companies.

19.	Deferred taxation
	Group

	2024	2023
	$000	$000

At beginning of year	607	1,326
Charged to profit or loss	(724)	(718)
Charged to other comprehensive income	14	(1)
At end of year	(103)	607

Page 34

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

19.Deferred taxation (continued)

The deferred taxation balance is made up as follows:
	Group	Group
	2024	2023
	$000	$000

	Accelerated capital allowances	(103)	607
		(103)	607

20.	Share capital
		2024	2023
		$000	$000

Allotted, called up and fully paid

101 (2023 - 101) Ordinary shares of £1.00 each	-	-

21.	Pension commitments

The company contributes to a defined contribution pension plan. The pension cost charge for the year represents contributions payable by the company to the scheme and amounted to $294,000 (2023: $232,000). Contributions of $496,000 (2023: $350,000) were outstanding at the year end.

22.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group
		2024	2023
		$000	$000

Not later than 1 year	666	598
Later than 1 year and not later than 5 years	2,212	2,262
Later than 5 years	14,486	14,970
	17,364	17,830

23.	Related party transactions
	The company has taken advantage of the exemption contained in section 33 of FRS 102 not to disclose transactions or balances with entities which are wholly owned.

Page 35

SUPERIOR ENERGY SERVICES (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

24.	Controlling party

The company is a subsidiary undertaking of Superior Energy International C.V., registered in the Netherlands. Its ultimate parent company and ultimate controlling party is Superior Energy Services Inc., incorporated in the United States of America.

The largest and smallest group in which the results of the company are consolidated is that headed by Superior Energy Services Inc.

Page 36