REGISTERED NUMBER: SC066717 (Scotland)

Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Semco Maritime Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

5

Statement of Directors' Responsibilities

9

Report of the Independent Auditors

10

Income Statement

13

Other Comprehensive Income

14

Balance Sheet

15

Statement of Changes in Equity

16

Notes to the Financial Statements

17

DIRECTORS:

D C Hutchinson

M Oehlenschlaeger

REGISTERED OFFICE:

37 Abercrombie Court Prospect Road

Arnhall Business Park

Westhill

AB32 6FE

REGISTERED NUMBER:

SC066717 (Scotland)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

The directors present their strategic report for the year ended 31 December 2025.

PRINCIPAL ACTIVITY AND REVIEW OF THE BUSINESS

The principal activities of the company are oriented towards the Oil & Gas and Renewables market in the UK. We provide services based on high quality, affordable, reliable and sustainable solutions, for the full energy life cycle, from FEED studies to EPCIC, operations and maintenance of offshore assets and decommissioning activities. The company's key financial performance indicators during the year were as follows:

2025

2024

Change

£

£

%

Turnover

46,091

48,497

-5%

Operating profit

2,501

2,109

19%

Profit after tax

2,097

1,822

15%

Shareholder's funds

16,758

14,661

14%

Average number of employees

299

325

-8%

Turnover has decreased by 5% from 2024 to 2025. Our operating profit increased by 19% from 2024 till 2025. This reduction in revenue is due to a reduction in activity from Operators in our Oil and Gas and Rig divisions as a result of the ongoing uncertainty in the industry. Our principal area of focus during 2025 revolved around the successful execution of the General Maintenance and Operations Contract for Total UK, with our PBS consortium partners, which has been extended yet again. Our Renewables division experienced an uptake in work due to new contract work outside of the UK.

Looking forward, we are experiencing a positive tendency in the markets centered around our business areas: Oil & Gas and Renewables, with significant increase in the levels of tender activity across all areas. This is also the situation with the Rig market also, however work in these area are expected to arise outside of the UK.

PRINCIPAL RISKS AND UNCERTAINTIES

Looking at the remainder of 2026 and 2027, due to the current conflict in Iran we expect the oil price to be uncertain in the short term, we do however believe that it will at least maintain or surpass its 2025 level. That said, the continuing impact of the current conflict in the Middle East and the war in Ukraine on macro-economic prices for oil has meant renewed demand for our services especially in the Rig Project and the Oil and Gas Sectors.

The uncertainty caused by the Windfall Tax and has brought uncertainty to all service companies in the transitional energies market. However this has also led increased focus from Oil and Gas customers to move towards Electrification offshore for which Semco Maritime is well placed in the market.

The rest of our business remains rooted in the production sector and specifically the mature basin of the UKCS, mainly related to the Maintenance and Engineering areas. This continues to recover under the sustained oil price are improved emphasis on energy security, with opportunities expected to increase through 2026 and beyond. Given the changing market conditions and drivers we also see a growing market outside the UK for our offshore mobile drilling units servicing and repair, as well as a long-term growth within Offshore Wind.

SECTION 172(1) STATEMENT

In discharging our section 172 duties we have regard to the matters set out above. In addition, we also have regard to other factors which we consider relevant to the decision being made. We set out below examples of how we have had regard to the matters set out in section 172(1)(a)-(f) when discharging our section 172 duties.

The directors have acted in a way that they consider to be most likely to promote the success of the Group for the benefits of all stakeholders, fostering high standards, good governance, an appropriate code of conduct and the need to act fairly for all members of the company. The directors consider that the company's key stakeholders are its customers, owners, employees, suppliers and the local community. It is considered vital that strong relationships are built with key stakeholders, which are both meaningful and mutually beneficial. Appropriate due diligence is done before entering into new relationships with any key supplier and customer to ensure the propriety of business operations, including considerations of environmental and social responsibilities.

How we engage and foster strong relationships with some of our key stakeholders:

Customers

- Customer events

- Satisfaction surveys after completion of work

- Global Customer brand tracking through the Semco Group

- Due diligence checks on potential new customers before tendering for work

Employees

- Annual employee survey

- Quarterly Townhalls

- Additional employee benefits added each year

Government and regulators

- Compliance with all governmental reporting

Shareholders

- Monthly reporting of performance to our headquarters in Denmark

- Regular collaboration with Semco leadership in Denmark

Suppliers

- Supplier workshops and training

- Attendance at industry events and memberships

- Due diligence checks on potential new suppliers before placing orders

Community

- Volunteering events to support local causes

- Financial donations to local charities

How the directors approach decision making:

Our company strategy is built from the Semco Group strategy which is to earn 65% of revenue from Renewables and 35% of revenue from Conventional Energy by 2027.

We also have the 7 drivers behind this which are:

Safety: Reducing number of work accidents to zero

People: Employer of choice within offshore energy

Sustainability: CO2 neutrality in own operations by 2030

Customers: Preferred partner and Top 3 in core market

Partners: Strong partnerships to support growth

Service: 40% from OPEX business

Execution: Affordable - Reliable - Sustainable

The decisions that the directors take are all driven by this strategy and these drivers. The main area in which this is embedded each year is through the Annual Business Planning cycle where the company's plans for the future are reviewed by Group leadership to ensure alignment with this strategy.

NON-FINANCIAL KEY PERFORMANCE INDICATORS

Safety KPI

Safety KPI

2025

2024

Number of Lost Time Accidents

0

0

Number of Restricted Work Injuries

0

0

Number of Medical Treatments Injuries

0

0

Number of First Aid Injuries

0

3

ON BEHALF OF THE BOARD:

D C Hutchinson - Director

30 April 2026

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

DIVIDENDS

The profit for the year, after taxation, amounted to £2,097k (2024: £1,822k). The directors recommend that no dividend be paid (2024 - £nil) and the profit be added to the reserves.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to the date of this report.

D C Hutchinson

M Oehlenschlaeger

FUTURE DEVELOPMENTS

No major investments are planned for 2026 and 2027, and the company will continue to focus on building and developing a strong market presence in the UK to expand our customer base and promote the diversification of Semco Maritime Limited with the Oil and Gas and Renewables Market, with a strong focus on sustainability.

GOING CONCERN

The Company management expects the positive market trends and the high level of activity within both Renewables and Oil & Gas to continue through 2026. Accordingly, Semco Maritime Ltd aims to generate growth based on the strong order book and sound business developments in the first quarter of the year.

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations until at least 30th April 2027. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The Management have confirmed that the transfer pricing agreement is valid at least a year after the signing date at the Financial Statements.

EVENTS SINCE THE BALANCE SHEET DATE

No events have occurred since the balance sheet date which are expected to have a material effect on an assessment of the Financial Statement for 2025.

ENGAGEMENT WITH EMPLOYEES

At Semco Maritime Ltd we are committed to creating an inclusive and accessible workplace. We welcome applications from individuals with disabilities and are dedicated to ensuring fair and equitable recruitment processes. Where required, we will make reasonable adjustments to support candidates through the application and interview stages, as well as throughout their employment. Our aim is to remove barriers and provide the necessary support to enable all employees to thrive and perform at their best.

Employee engagement remains a top priority. We regularly communicate with our workforce through team meetings, briefings, training sessions, and updates on our company intranet. We listen to our employees through both formal feedback channels and an employee survey carried out bi-annually, the results of which are reviewed at Leadership level and directly form part of our strategy and business objectives.

Semco Maritime Ltd UK Management maintains active communication with employees through a mix of formal and informal channels, including Townhalls, pitstops and toolbox talks, social events, team meetings, webinars, and intranet content. Our intranet serves as a central hub for sharing news, accessing company policies, learning about well-being initiatives, and exploring employee benefits. We also have a benefits portal and employee app.

Throughout the financial year, the directors of Semco Maritime UK Ltd have remained actively engaged with employees across all levels of the organisation. Engagement has been facilitated through a variety of formal and informal channels, including regular team meetings, town halls, MD communications, training sessions, and updates shared via our company intranet. Employees are encouraged to provide feedback and raise concerns, and their voices are further captured through participation in the Employee Engagement Survey. Results from this survey are reviewed at Board level and used to shape corporate strategy, inform key business unit objectives, and identify areas for improvement.

The directors have consistently demonstrated regard for the interests and wellbeing of employees when making principal decisions. This has been evident in the continued investment in leadership development, technical training, and the expansion of our apprenticeship schemes, aimed at ensuring long-term skills development and progression opportunities. The decision to prioritise internal recruitment for all vacancies reflects our commitment to career development and employee retention.

ENGAGEMENT WITH SUPPLIERS, CUSTOMERS AND OTHERS

The directors recognise that maintaining strong relationships with key stakeholders-particularly suppliers, customers, and other business partners-is essential to the company's long-term success.

Throughout the financial year, the Board has had regular oversight of stakeholder engagement and considered their interests in strategic and operational decisions. Engagement activities have included regular meetings with major suppliers to ensure continued alignment on quality, delivery, and sustainability objectives. We also conducted customer satisfaction surveys, hosted feedback sessions, and monitored customer retention and support metrics to assess service effectiveness and areas for improvement.

These interactions have directly influenced key decisions made during the year, including the appointment of a new Sales Director and further redesign of the sales team to enhance resilience to the changing market and has influenced our strategy for the UK going forward.

The directors believe that fostering collaborative and transparent relationships has strengthened the company's operational stability, supported innovation, and contributed to maintaining customer trust and loyalty.

STREAMLINED ENERGY AND CARBON REPORTING

Sustainability strategy

Since 2021, Semco Maritime has worked within an ambitious sustainability strategy centred on three key focus areas: Decarbonisation, Environmental Protection and Safe and Responsible Business. These areas continue to guide our long-term direction, but in 2025 the strategy was refined to reflect our strengthened data foundation, our organisational growth, the integration of Wind Multiplikator, and updated regulatory developments. We maintain a clear and consistent commitment to supporting the global energy transition, but our approach in 2025 places a stronger emphasis on ensuring that our climate ambitions remain both credible and focused on the areas where we can have the greatest real-world impact

Decarbonisation

Decarbonisation remains the highest priority in our sustainability strategy. Since setting our original roadmap in 2021, our operational footprint has changed significantly, particularly due to the expansion of offshore service activities. These developments increased our direct emissions, especially through vessel operations, and at the same time several expected technological enablers for near-term decarbonisation-such as sustainable aviation fuel and HVO-did not mature at the pace previously anticipated. In parallel, the improved quality and granularity of our carbon accounting revealed that our largest long-term climate impact lies within our value chain. For these reasons, we revised our climate roadmap in 2025. Our earlier goal of achieving net zero in Scope 1 and 2 by 2023 has been withdrawn and replaced by a new target year of 2030. We no longer prioritise achieving carbon neutrality in our "own operations" by 2030, as this would risk diverting efforts away from the parts of our footprint where the majority of emissions occur. Our target of reaching net zero across all Scope 3 categories by 2050 remains unchanged, as does our commitment to reducing emissions throughout our operations and supply chain. Environmental Protection continues to be an integrated part of our strategy, emphasising responsible resource use, waste management and supply chain sustainability.

In 2025, our understanding of waste streams improved significantly through enhanced supplier reporting, especially in Norway, where new data allowed for a more accurate assessment of treatment pathways. This insight led to the withdrawal of the earlier 2030 target of achieving a 100 percent recycling rate, which we now recognise as operationally unrealistic due to the inherent volatility in project-driven waste streams. Instead, we are focusing on facility-specific and data-driven targets, supported by improved waste segregation, supplier collaboration and clearer documentation. In addition, 2025 marked the establishment of a new partnership with the Wadden Sea National Park, which will commence in 2026 and connect our local presence in Esbjerg and Emden with meaningful biodiversity and community engagement initiatives. The third pillar, Safe and Responsible Business, remains deeply rooted in our culture. "Safety is part of our DNA" continues to be a guiding principle across all operations. In 2025, our safety performance improved significantly, with a reduction in our Total Recordable Incident Frequency from 3.5 to 1.7 and a Lost Time Accident Frequency of 0.7. Strong execution of our safety leadership programme played a central role, with more than 300 managers completing Safety Leadership Training and committing to specific behavioural actions within their daily work. We strengthened procedural elements of our HSEQ framework, including updated toolbox talk processes, new requirements for management site visits, the introduction of the Tripod Beta investigation method and the implementation of Synergi as our new incident and non-conformance reporting system. Together, these developments reinforced our safety culture and supported our ambition of continuous improvement.

The following report has been created in addition to the Sustainability Report 2025 (publicly available in April 2026 Semco Maritime Sustainability) and CDP 2024 Disclosure (publicly available through the CDP portal). The purpose of the following summary is to add easy access to carbon data of the Semco Maritime Ltd entity. In calculating carbon emissions, we adhere to the Greenhouse Gas Protocol. We prioritize the use of primary data, which includes activity and supplier data, and where necessary, we supplement this with average data from national authorities. Semco Maritime Ltd. follows the same accounting methodology used under the Semco Maritime Holding, described in the next section.

Boundary Conditions

Our organisational inventory in 2025 continues to be defined by the operational control approach, meaning that we report emissions from all activities where Semco Maritime has the authority to implement operational policies and influence environmental performance. As the company expanded during 2025-most notably with the inclusion of offshore service vessels through Wind Multiplikator-our operational boundary has evolved to reflect the true scope of activities under our control. This includes our established locations in Esbjerg Brygge and Staget in Denmark, Emden and Bremen in Germany, Hanøytangen in Norway, and our UK operations in Aberdeen, as well as the offshore vessels that form an increasingly important part of our service portfolio. Throughout 2025, our boundary conditions were refined to ensure that all relevant emissions are consistently captured. A significant update was the formal reclassification of emissions from our jack-up and service vessels, moving them from Scope 3 to Scope 1 in accordance with updated maritime sector guidance. This change reflects the operational reality that Semco Maritime is responsible for fuel procurement, vessel deployment and operational decision-making, thereby exercising direct control over these activities. Similarly, diesel consumption at our fabrication sites in Denmark has now been incorporated into our Scope 1 stationary combustion accounting to more accurately reflect energy use at these facilities. Our boundary also continues to include electricity and district heating consumption at all locations where we hold the energy contract and therefore have direct control over supply choices. By the end of 2025, all such sites operated under renewable electricity agreements, resulting in market-based Scope 2 emissions of zero. Waste generated at sites under our operational control is also included in our organisational boundary, with significantly improved data availability in 2025-particularly in Norway-leading to more accurate reporting of waste treatment pathways. These developments ensure that our organisational inventory aligns with our actual business activities and allows for clear, representative and transparent reporting of environmental impacts across all locations and operational units.

Accounting Policy

In calculating carbon emissions, we adhere to the Greenhouse Gas Protocol. We prioritize the use of primary data, which includes activity and supplier data, and where necessary, we supplement this with average data from national authorities. This report covers the carbon emissions for Semco Maritime A/S, using 2019 as our target base year and providing updates on an annual basis.

Recalculation Policy

As Semco Maritime continues to grow and evolve, structural changes, new activities and improvements in data quality may influence our emissions profile. Our recalculation policy ensures that our baseline and historical emissions remain meaningful, enabling consistent comparison across reporting years and maintaining the integrity of our long-term climate targets. In 2025, several developments prompted updates to earlier reported figures and methodologies. We only adjust our base year emissions when changes are significant enough to alter the overall emission profile, such as when new activities come under operational control or when methodological enhancements materially affect calculations.

Minor fluctuations in project activity or changes within existing boundaries do not trigger a recalculation. Instead, only structural adjustments that exceed the established 5-percent threshold or reflect essential methodological improvements warrant an update. In 2025, several such adjustments occurred. The most notable was the reclassification of emissions from offshore service vessels, which now fall under Scope 1 due to updated sector guidance. This change ensures that emissions data better reflects operational realities but also means that figures reported in previous years are no longer directly comparable without recalculation. Additionally, more accurate and supplier-specific district heating data became available for 2024, leading to updated figures for that year. The inclusion of diesel consumption at fabrication sites into the Scope 1 stationary combustion category also resulted in adjustments to our reporting structure, strengthening the completeness and representativeness of our emissions inventory. Waste reporting underwent refinements as well, particularly due to new supplier-provided treatment data from our Norwegian operations. These improvements allow for more accurate categorisation of waste treatment methods and therefore updated emission factors associated with these activities. Where earlier assumptions or proxy data were replaced with more precise information, historical figures were revisited to ensure methodological consistency. Our recalculation policy remains guided by the principles of transparency, accuracy and comparability. Recalculations are performed only when necessary and are always based on the best available data, ensuring that our progress towards long-term climate objectives is measured consistently and reliably over time.

Global Warming Potential Emissions in tCO2-eq for the Semco Maritime Ltd. Entity

tCO2-eq

2019

2020

2021

2022

2023

2024

2025

Scope 1

32

12

10

13

3

3

1

Mobile combustion

6

6

4

4

3

3

1

Stationary combustion

25

6

6

8

0

0

0

Scope 2

101

90

86

82

22

21

9

Electricity (location-based)

42

36

33

32

8

10

9

Electricity (market-based)

59

54

53

50

14

11

0

Scope 3

73

53

90

252

455

601

794

Cat. 3 Fuel and Energy related activities

13

10

10

11

2

3

3

Cat. 5 Waste generated in operations

0

0

0

0

0

0

0

Cat. 6 Business travel

31

14

24

183

385

522

721

Cat. 7 Employee commuting

29

29

57

58

68

76

70

Grand Total

205

155

187

347

480

626

804

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors, each director has taken all the steps that he is obliged to take as a director in order to make himself aware of any relevant audit information and to establish that the auditor is aware of that information.

AUDITORS

Krogh & Partners Limited, Chartered Accountants & Registered Auditors have signified their willingness to continue in office. A resolution to re-appoint them will be proposed at the Annual General Meeting.

ON BEHALF OF THE BOARD:

D C Hutchinson - Director

30 April 2026

The directors are responsible for preparing the Strategic Report, 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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

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

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and 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.

Opinion

We have audited the financial statements of Semco Maritime Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity 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 '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 profit for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the 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.

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 in the Strategic Report, the Report of the Directors and the Statement of Directors' Responsibilities, 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 Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

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

Responsibilities of directors

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

-

the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;

-

we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation;

-

we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-

identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

-

making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-

considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

-

performed analytical procedures to identify any unusual or unexpected relationships;

-

tested journal entries to identify unusual transactions;

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

-

agreeing financial statement disclosures to underlying supporting documentation;

-

enquiring of management as to actual and potential litigation and claims;

-

reviewing correspondence with HMRC and relevant regulators

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

30 April 2026

TURNOVER

3

46,091

48,497

Cost of sales

40,660

42,728

GROSS PROFIT

5,431

5,769

Administrative expenses

2,930

3,660

OPERATING PROFIT

6

2,501

2,109

Interest payable and similar expenses

7

(313

)

(329

)

PROFIT BEFORE TAXATION

2,814

2,438

Tax on profit

8

717

616

PROFIT FOR THE FINANCIAL YEAR

2,097

1,822

PROFIT FOR THE YEAR

2,097

1,822

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

2,097

1,822

FIXED ASSETS

Tangible assets

9

161

208

CURRENT ASSETS

Stocks

10

31

21

Debtors

11

20,067

18,567

Cash at bank

287

249

20,385

18,837

CREDITORS

Amounts falling due within one year

12

3,788

4,384

NET CURRENT ASSETS

16,597

14,453

TOTAL ASSETS LESS CURRENT LIABILITIES

16,758

14,661

CAPITAL AND RESERVES

Called up share capital

15

40

40

Share premium

982

982

Capital redemption reserve

25

25

Retained earnings

15,711

13,614

SHAREHOLDERS' FUNDS

16,758

14,661

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

D C Hutchinson - Director

M Oehlenschlaeger - Director

Called up

share

Retained

Share

capital

earnings

premium

£'000

£'000

£'000

Balance at 1 January 2024

40

11,621

982

Changes in equity

Total comprehensive income

-

1,993

-

Balance at 31 December 2024

40

13,614

982

Changes in equity

Total comprehensive income

-

2,097

-

Balance at 31 December 2025

40

15,711

982

Capital

Revaluation

redemption

Total

reserve

reserve

equity

£'000

£'000

£'000

Balance at 1 January 2024

171

25

12,839

Changes in equity

Total comprehensive income

(171

)

-

1,822

Balance at 31 December 2024

-

25

14,661

Changes in equity

Total comprehensive income

-

-

2,097

Balance at 31 December 2025

-

25

16,758

1.	STATUTORY INFORMATION

Semco Maritime 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

Semco Maritime Limited is a private company, limited by shares incorporated in Scotland. The registered office is 37 Abercrombie Court, Prospect Road, Arnhall Business Park, Westhill, AB32 6FE United Kingdom.

The financial statements are prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in Sterling which is the functional currency of the company and rounded to the nearest £   .

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

This information is included in the consolidated financial statements of Semco Maritime A/S as at 31 December 2025 and these financial statements may be obtained from Esbjerg Brygge 30, 6700 Esbjerg, Denmark.

Going concern

The Company management expects the positive market trends and the high level of activity within both Renewables and Oil & Gas to continue through 2026. Accordingly, Semco Maritime Ltd aims to generate growth based on the strong order book and sound business developments int he first quarter of the year.

The directors, having made due and careful enquiry and preparing forecasts, are of the opinion that the company has adequate working capital to execute its operations until at least 30th April 2027. The directors, therefore, have made an informed judgement, at the time of approving the financial statements, that there is a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The Management have confirmed that the transfer pricing agreement is valid at least a year after the signing date at the Financial Statements.

Revenue recognition

Turnover represents the amount received or receivable, excluding value added tax, for goods and services supplied by the company to its customers.

Turnover from fixed price contracts is recognised using the percentage-of-completion method, measured by reference to physical completion or the ratio of costs incurred to total estimated contract costs. If the outcome of a contract cannot be estimated reliably, as may be the case in the initial stages of completion of the contract, turnover is recognised only to the extent of the costs incurred that are expected to be recoverable. If a contract is expected to be loss-making, the expected amount of the loss is recognised immediately in the profit and loss account.

Revenue recognition (continued)

A variation is an instruction by the customer for a change in the scope of the work to be performed under the contract. Variations are included in contract turnover when it is probable that the customer will approve the variation and the related adjustment to the contract price can be measured reliably. The amounts recoverable on contracts included in debtors represent the costs incurred plus recognised profits, less provision for recognised losses and progress billings. Progress billings that have not been settled by customers (including retentions related to contracts in progress) are included in debtors where they are stated after allowance for any doubtful debts.

Payments on account in excess of the amounts recoverable under contracts are included in creditors and represent payments on account received from customers in excess of the amounts recoverable on contracts and advances. Advances are amounts received by the customer before the related work is performed.

In relation to the completion of construction contracts, from time to time the Group undertakes to make procurements on behalf of third parties. In situations where the Group does not assume significant rewards and risks relating to the goods, revenue is presented as net figures and measured at fair value of the agreed consideration for the service in question. Revenue is recognised as such when rewards and risks pass from the supplier to the third party, which is the time when the Group has earned the right to the consideration.

Tangible fixed assets

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Leasehold improvements

-

over lease term

Plant and machinery

-

3 - 5 years straight line

Fixtures, fittings, tools & equipment

-

10 years straight line

Motor vehicles

-

5 years straight line

Financial assets

Financial assets in other companies are stated at the Company's share of the vale of the underlying net assets less provisions. The positive revaluation from cost to underlying net assets value is recorded through the revaluation reserve. The negative revaluation is included in the profit and loss account.

Operating leases

Rentals under operating leases are charged to the Profit and Loss Account on a straight line basis over the lease term.

Taxation

Current tax, including UK corporation tax and foreign tax, is provided at amounts expected to be paid or received using the tax rates and laws that have been enacted by the balance sheet date.

Deferred taxation

Deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or right to pay less or to receive more, tax, with the following exception:

- Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.

Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Stock

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete or slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Short-term debtors and creditors

Short-term debtors and creditors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Foreign currencies

Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction.

Monetary assets and liabilities denominated in foreign currencies are retranslated into Sterling at the rates of exchange ruling at the balance sheet date.

All differences are taken to the profit and loss account.

Pensions

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.

Receivables

Receivables are measured at amortised cost. If there is objective evidence that a receivable or a portfolio of receivables is impaired, an impairment loss is recognised. If there is objective evidence that an individual receivable may be impaired, a write-down is made on an individual level.

In the event there is no objective evidence of individual impairment, receivables are tested for objective evidence of impairment on a portfolio level. Portfolios are primarily based on debtors’ registered office and credit ratings in accordance with the Company’s and the Group’s credit risk management policy. The objective indicators used for portfolios are determined based on historical loss experience.

Impairment losses are calculated as the difference between the carrying amount of receivables and the present value of expected future cash flows, including the realisable value of any collateral provided. The discount rate used is the effective interest rate for the individual receivables or portfolios.

Provisions

Provisions are recognised when the Company has a legal or constructive obligation that arises from past events and it is probable that an outflow of financial resources will be required to settle the obligation.

If the obligation is expected to be settled far into the future, the obligation is measured at fair value.

Judgements in applying accounting policies and key sources of estimation uncertainty

The Directors believe that the most significant areas of judgement and estimates arise from:

Revenue recognition and long-term contracts

A significant amount of the Company’s activity is undertaking long-term contracts. Management bases its judgements of contract costs and revenues on the latest available information, which includes detailed contract valuations. In many cases the results reflect the expected outcome of long-term contractual obligations which span more than one reporting period. Contract costs and revenues are affected by a variety of uncertainties that depend on the outcome of future events and often need to be revised as events unfold and uncertainties are resolved. The estimates of contract costs and revenues are updated regularly and significant changes are highlighted through established internal review procedures. In particular, the internal reviews focus on the timing and recognition of incentive payments and the age and recoverability of any unagreed income from variations to the contract scope or claims. The impact of the changes in accounting estimates is the reflected in the ongoing results.

Provisions

When accounting for provisions for litigation and other items, the Company has taken internal and external advice in considering known legal claims and actions made by or against the Company. It carefully assesses the likelihood of success of a claim or action. Appropriate provisions are made for legal claims against the Company on the basis of likely outcome, but no provisions are made for those which, in the view of management are unlikely to succeed.

3.

TURNOVER

Turnover comprises revenue recognised by the company in respect of its principal activity of providing process control, instrumentation and electrical services to the process industries and repairing and servicing of Mobile Offshore Drilling Units (MODUs), exclusive of value added tax and trade discounts.

4.	EMPLOYEES AND DIRECTORS

The average number of persons employed by the company (excluding directors) during the year, analysed by category, was as follows:

2025

2024

No.

No.

Salaried white collar

281

306

Administration

18

19

299

325

2025

2024

£

£

Wages and salaries

24,539

25,267

Social security costs

3,236

3,065

Other pension costs

3,926

3,814

31,701

32,146

5.	DIRECTORS' REMUNERATION

2025

2024

£

£

Aggregate remuneration in respect of qualifying services

236

225

Only one director has received remuneration directly by the company in the financial year. The other director has received remuneration from other non-UK companies within the Semco group.

It is the opinion of the directors that the company has no key management personnel other than the directors.