REGISTERED NUMBER: SC058774 (Scotland)

EDDA SUPPLY SHIPS (UK) LIMITED

REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2025

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Statement of Income and Retained Earnings

7

Balance Sheet

8

Notes to the Financial Statements

9

DIRECTORS:

Ms L J Vail

Ms I Kolbeinsen Lien

REGISTERED OFFICE:

Nautilus House

Waterloo Quay

Aberdeen

Aberdeenshire

AB11 5BS

REGISTERED NUMBER:

SC058774 (Scotland)

AUDITORS:

Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

BANKERS:

Royal Bank of Scotland

78 Union Street

Aberdeen

AB10 1HH

SOLICITORS:

Peterkins Solicitors

100 Union Street

Aberdeen

AB11 5PW

The directors present their report with the financial statements of the company for the year ended 31 December 2025.

PRINCIPAL ACTIVITY

The principal activity of the company has historically been the coordination and management of offshore tug and supply / service vessels owned by the Østensjø Group.The company is currently non-trading.

DIRECTORS

Ms L J Vail has held office during the whole of the period from 1 January 2025 to the date of this report.

Other changes in directors holding office are as follows:

Ms I Kolbeinsen Lien was appointed as a director after 31 December 2025 but prior to the date of this report.

H H Overlie ceased to be a director after 31 December 2025 but prior to the date of this report.

QUALIFYING THIRD PARTY INDEMNITY PROVISIONS

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the reporting date.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Report of the Directors 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Ms I Kolbeinsen Lien - Director

19 May 2026

Opinion

We have audited the financial statements of Edda Supply Ships (UK) Limited (the 'company') for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet and Notes to the Financial Statements, 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 Section 1A '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 2025 and of its loss 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of matter

We draw attention to note 2 of the financial statements which explains that the company is currently a non-trading

company and that it is the intention of the directors to strike off the company from the Companies Register. Therefore the directors do not consider it to be appropriate to adopt the going concern basis of accounting in preparing the financial statements. Accordingly, the financial statements have been prepared on a basis other than going concern as described in note 2.

Our opinion is not modified in respect of this matter.

Other information

The directors are responsible for the other information. The other information comprises the information in the Report of the Directors, but does not include the financial statements and our Report of the Auditors 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.

In connection with our audit of the financial statements, 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 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 the audit:

-	the information given in the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where 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 from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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 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.

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 a Report of the Auditors 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.

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 that are applicable to the company, and the

industry in which it operates. These include but are not limited to compliance with the Companies Act 2006, UK

Generally Accepted Accounting Principles and the relevant tax compliance regulations for the company.

- We obtained an understanding of how the company is complying with these frameworks through discussions with

management.

- We enquired with management whether there were any instances of non-compliance with laws and regulations or

whether they had knowledge of actual or suspected fraud. These enquiries are corroborated through follow-up audit

procedures including but not limited to a review of legal and professional costs and correspondence.

- We assessed the susceptibility of the company's financial statements to material misstatement, including the risk of

fraud and management override of controls. We designed our audit procedures to respond to this assessment,

including the identification and testing of any related party transactions and the testing of journal transactions that

arise from management estimates, that are determined to be of significant value or unusual in their nature.

- We assessed the appropriateness of the collective competence and capabilities of the engagement team, including consideration of the engagement team's knowledge and understanding of the industry in which the company operates in, and their practical experience through training and participation with audit engagements of a similar nature.

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 Report of the Auditors.

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 a Report of the Auditors 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.

G Brown FCCA ACA (Senior Statutory Auditor)

for and on behalf of Hopper Williams & Bell Limited

Statutory Auditor

Highland House

Mayflower Close

Chandler's Ford

Eastleigh

Hampshire

SO53 4AR

19 May 2026

TURNOVER

-

-

Administrative expenses

(13,712

)

(247,393

)

(13,712

)

(247,393

)

Other operating income

-

284,471

OPERATING (LOSS)/PROFIT

(13,712

)

37,078

Interest receivable and similar income

5,655

7,166

(LOSS)/PROFIT BEFORE TAXATION

(8,057

)

44,244

Tax on (loss)/profit

1,777

(11,267

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(6,280

)

32,977

Retained earnings at beginning of year

303,117

270,140

RETAINED EARNINGS AT END OF YEAR

296,837

303,117

FIXED ASSETS

Tangible assets

5

1,429

2,100

CURRENT ASSETS

Debtors

6

47,903

115,342

Cash at bank

258,994

215,794

306,897

331,136

CREDITORS

Amounts falling due within one year

7

(11,389

)

(30,019

)

NET CURRENT ASSETS

295,508

301,117

TOTAL ASSETS LESS CURRENT LIABILITIES

296,937

303,217

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

296,837

303,117

296,937

303,217

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

The financial statements were approved by the Board of Directors and authorised for issue on 19 May 2026 and were signed on its behalf by:

Ms I Kolbeinsen Lien - Director

Ms L J Vail - Director

1.	STATUTORY INFORMATION

Edda Supply Ships (UK) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary

amounts in these financial statements are rounded to the nearest £1.

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

The company has taken advantage of the small companies exemption not to prepare consolidated accounts.

Going Concern

The company is currently a non-trading company. The company meets its day to day working capital requirements through financial support received from its parent undertaking. The parent company has the intention to dispose of this company, after which the proposed new owners intend to apply for the company to be struck off. The accounts have therefore been prepared on a basis other than going concern.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand and deposits held at call with banks.

Financial instruments

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

Financial instruments are recognised 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 statement, 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 and loans to fellow group undertakings are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, include trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Equity instruments

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

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment 4 to 10 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Taxation

The tax expense represents the sum of of the current tax expense and deferred tax expenses. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to the profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transactions or event it related to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities are deferred tax assets and deferred tax liabilities are offset, it and only if there is a legal enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the assets and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting period.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have accrued at the balance sheet date.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Employee benefits

The costs of employee benefits are recognised as a liability and an expense.

The cost of any unused holiday entitlement is recognised in the period which the employee's services are received.

Retirement benefits

For defined contribution schemes the amount charged the profit or loss is the contributions payable in the year. Differences between the contributions payable and the contributions actually paid are shown as either accruals or prepayments.

Foreign exchange

Transactions in currencies other than the functional currency are initially recorded at the exchange rate prevailing on the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies re translated into sterling at the rates of exchange ruling at the balance sheet date. Non-monetary assets and liabilities and transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of the transaction.

Exchange differences are taken into account in arriving at the operating profit.

Leases

Where no rights or obligations are conferred in relation to leased assets, no legal costs or liabilities are recorded in the financial statements in line with the substance of the agreement.

Interest received in respect of the hire of vessels under finance lease arrangements is recognised in the profit and loss account over the term of the lease in proportion to the balance of future rentals receivable. Assets subject to these finance leases are not included in the fixed assets. The amounts due under such contracts, less provision for doubtful debts, are included in the balance sheet as debtors.

Operating lease arrangements

Rentals applicable to operating leases, where substantially all the benefits and risks of ownership remain with the lessor, are charged against profits on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2024 - 3 ).

4.	DIRECTORS' EMOLUMENTS

2025

2024

£

£

Directors' remuneration

-

60,631

Directors' pension contributions to money purchase schemes

-

3,280

5.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 January 2025

and 31 December 2025

4,884

DEPRECIATION

At 1 January 2025

2,784

Charge for year

671

At 31 December 2025

3,455

NET BOOK VALUE

At 31 December 2025

1,429

At 31 December 2024

2,100

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

-

77,640

Amounts owed by group undertakings

25,032

31,936

Other debtors

22,871

5,766

47,903

115,342

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

517

167

Amounts owed to group undertakings

2,108

2,875

Taxation and social security

-

14,072

Other creditors

8,764

12,905

11,389

30,019

8.	CONTINGENT LIABILITIES

Following the EU Commission's clarification on 2nd February 2023, the Spanish tax authorities may pursue the company to recover past benefits received in contravention of EU law. It is currently impracticable to estimate the financial effects, provide an indication on the amount or timing of outflows or provide an estimate on the possibility of any reimbursement.

9.	PARENT COMPANY

Electric AS is regarded by the directors as being the company's ultimate parent company, a company incorporated in Norway.

The smallest group for which consolidated accounts are drawn up of which the company is a member is Electric AS.

Electric AS is a private company. The largest investors are Geveran Trading Co. Limited, a company indirectly controlled by trusts established by Mr. John Fredriksen, Wilhelmsen New Energy AS, a company controlled by Wilh. Wilhelmsen Holding AS, and EPS Ventures Ltd, a subsidiary of the Quantum Pacific Shipping group associated with Mr. Idan Ofer.

The consolidated accounts can be obtained from the parent company's registered office of Spannavegen 152, Haugesund, Norway.