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Registered Number: SC264709 ENERGY RESOURCE TECHNOLOGY (UK) LTD DIRECTORS' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
ENERGY RESOURCE TECHNOLOGY (UK) LTD
COMPANY INFORMATION
Directors | O E Kratz
| K Neikirk
| C McCaul
Company secretary | Pinsent Masons Secretarial Limited
Registered number | SC264709
Registered office | 13 Queen's Road
| Aberdeen
| AB15 4YL
Independent auditors | AAB Audit & Accountancy Limited
| Kingshill View
| Prime Four Business Park
| Kingswells
| Aberdeen
| AB15 8PU
ENERGY RESOURCE TECHNOLOGY (UK) LTD
CONTENTS
| Page
Directors' Report | 1 - 2
Directors' Responsibilities Statement | 3
Independent Auditors' Report | 4 - 7
Statement of Comprehensive Income | 8
Statement of Financial Position | 9
Statement of Changes in Equity | 10
Notes to the Financial Statements | 11 - 18
ENERGY RESOURCE TECHNOLOGY (UK) LTD
DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors present their report and the financial statements for the year ended 31 December 2025.
Principal activity
The principal activity of the Company during the year was the ongoing completion of the remaining decommissioning activities required by the UK Government, before this obligation is removed.
Business review
The Company's key performance indicators during the year were as follows: 2025 2024 £000 £000 Operating Profit / (Loss) 131 (105) Profit / (Loss) for the financial year 52 (105) Shareholders deficit (25,659) (25,711)
Directors
The directors who served during the year were:
O E Kratz
K Neikirk
C McCaul
Future developments
There are no future developments for the Company as this installation was removed in July 2012. Remaining work left on site encompasses a final pipeline survey during 2027. Once approval is provided regarding the final pipeline survey, the decommissioning obligation will be removed.
Disclosure of information to auditors
Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information. Page 1
ENERGY RESOURCE TECHNOLOGY (UK) LTD
DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
Auditors
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
Small companies note
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 414B of the Companies Act 2006. This report was approved by the board and signed on its behalf.
C McCaul Director
Date: 9 July 2026
Page 2
ENERGY RESOURCE TECHNOLOGY (UK) LTD
DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations. Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the directors are required to: ∙select suitable accounting policies and then apply them consistently; ∙make judgments and accounting estimates that are reasonable and prudent; ∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business. The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 3
ENERGY RESOURCE TECHNOLOGY (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENERGY RESOURCE TECHNOLOGY (UK) LTD
Opinion
We have audited the financial statements of Energy Resource Technology (UK) Ltd (the 'Company') for the year ended 31 December 2025, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 ‘Reduced Disclosure Framework’ (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 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 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.
Emphasis of matter - financial statements prepared on a basis other than going concern
We draw attention to note 2.3 in the financial statements, which explains that the directors have commenced the orderly winding up of the company and therefore do not consider it to be appropriate to adopt the going concern basis of accounting in preparing these financial statements. Accordingly, these financial statements have been prepared on a basis other than going concern as described in note 2.3. Our opinion is not modified in respect of this matter.
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. Page 4
ENERGY RESOURCE TECHNOLOGY (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENERGY RESOURCE TECHNOLOGY (UK) LTD (CONTINUED)
Other information
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and ∙the Directors' Report 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 Directors' Report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: ∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or ∙the financial statements are not in agreement with the accounting records and returns; or ∙certain disclosures of directors' remuneration specified by law are not made; or ∙we have not received all the information and explanations we require for our audit; or ∙the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.
Responsibilities of directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Page 5
ENERGY RESOURCE TECHNOLOGY (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENERGY RESOURCE TECHNOLOGY (UK) LTD (CONTINUED)
Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: ∙compliance with relevant laws and regulations which may impact on the financial statements ∙management judgements applied in calculating provisions ∙management override of controls to manipulate the Company's key performance indicators to meet targets We discussed these risks with client management, designed audit procedures to address these risks including: ∙reviewed internal documentation and correspondence with regulators for evidence or irregularities ∙consideration of the assumptions applied whether the judgements applied in calculation of provisions were appropriate ∙reviewed areas of judgement and tested a sample of journal entries for indicators of management bias ∙performed analytical procedures to identify any unusual or unexpected relationships which may be an indication of material misstatement due to fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report. Page 6
ENERGY RESOURCE TECHNOLOGY (UK) LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF ENERGY RESOURCE TECHNOLOGY (UK) LTD (CONTINUED)
Use of our report
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed. Derek Mair (Senior Statutory Auditor) for and on behalf of AAB Audit & Accountancy Limited Statutory Auditor Kingshill View Prime Four Business Park Kingswells Aberdeen AB15 8PU 9 July 2026 Page 7
ENERGY RESOURCE TECHNOLOGY (UK) LTD
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £000 | £000
Cost of sales |  | (165) | -
Gross (loss)/profit |  | (165) | -
Administrative expenses |  | 296 | (105)
Operating profit/(loss) | 4 | 131 | (105)
Tax on profit/(loss) | 7 | (79) | -
Profit/(loss) for the financial year |  | 52 | (105)
Other comprehensive income: |  |  |
Other comprehensive income |  | - | -
Total comprehensive income for the year |  | 52 | (105)
There were no recognised gains and losses for 2025 or 2024 other than those included in the statement of comprehensive income.
The notes on pages 11 to 18 form part of these financial statements.
Page 8
ENERGY RESOURCE TECHNOLOGY (UK) LTD REGISTERED NUMBER:SC264709
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £000 |  | £000
Fixed assets |  |  |  |  |
Tangible assets | 9 |  | - |  | -
Investments | 10 |  | - |  | -
|  |  | - |  | -
Creditors: amounts falling due within one year | 11 | (25,543) |  | (25,637) |
Net current liabilities |  |  | (25,543) |  | (25,637)
Total assets less current liabilities |  |  | (25,543) |  | (25,637)
Provisions for liabilities |  |  |  |  |
Other provisions | 13 | (116) |  | (74) |
|  |  | (116) |  | (74)
Net liabilities |  |  | (25,659) |  | (25,711)
Capital and reserves |  |  |  |  |
Called up share capital | 14 |  | 5 |  | 5
Profit and loss account |  |  | (25,664) |  | (25,716)
|  |  | (25,659) |  | (25,711)
The Company's financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
C McCaul
Director
Date: 9 July 2026
The notes on pages 11 to 18 form part of these financial statements. Page 9
ENERGY RESOURCE TECHNOLOGY (UK) LTD
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £000 | £000 | £000
At 1 January 2024 | 5 | (25,611) | (25,606)
Loss for the year | - | (105) | (105)
At 1 January 2025 | 5 | (25,716) | (25,711)
Profit for the year | - | 52 | 52
At 31 December 2025 | 5 | (25,664) | (25,659)
| The notes on pages 11 to 18 form part of these financial statements.
Page 10
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Energy Resource Technology (UK) Limited (the “Company”) is a private company incorporated, domiciled and registered in Scotland in the UK. The registered number is SC264709 and the registered address is 13 Queen's Road, Aberdeen, AB15 4YL. The Company is exempt by virtue of section 401 of the Companies Act 2006 from the requirement to prepare group financial statements. These financial statements present information about the Company as an individual undertaking and not about its group. The financial statements are prepared in Sterling and are rounded to the nearest thousand pounds (£'000). 2.Accounting policies
| 2.1 | Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework' and the Companies Act 2006. The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | Financial Reporting Standard 101 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions under FRS 101: ∙the requirements of IFRS 7 Financial Instruments: Disclosures ∙the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement ∙the requirements of IAS 7 Statement of Cash Flows ∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures ∙the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member This information is included in the consolidated financial statements of Helix Energy Solutions Group, Inc. as at 31 December 2025 and these financial statements may be obtained from 400 N. Sam Houston Parkway E., Suite 400, Houston Texas, 77060 3500.
| 2.3 | Going concern
In 2019, the directors took the decision to cease trading once approval is provided regarding the final pipeline survey and the decommissioning obligation is removed. Accordingly the directors have not prepared the financial statements on a going concern basis. There is no effect on the measurement and presentation of this financial statements and no adjustments were recorded. Page 11
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the 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'.
| 2.5 | Taxation
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.6 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment. Page 12
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.7 | Decommissioning
Provision for decommissioning is recognised in full on the installation of oil and natural gas production facilities. The amount recognised is the present value of the estimated future expenditure determined in accordance with local conditions and requirements. A corresponding tangible fixed asset of an amount equivalent to the provision is also created. This is subsequently depreciated as part of the capital costs of the production and transportation facilities. Any change in estimated expenditure is reflected as an adjustment to the provision and the fixed asset.
| 2.8 | Creditors
Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.
3. | Judgments in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had the most significant effect on amounts recognised in the financial statements: Changes in existing decommissioning, restoration and similar liabilities As described in the decommissioning accounting policy, any change in estimated expenditure is reflected as an adjustment to both the provision and the related fixed asset. The provision of £74,000 was held at the prior year end. During the year, a detailed survey was undertaken which was £49,000 higher than expected. The provision has beeen increased by £116,000 to reflect a future survey cost. The decommissioning activities are expected to be undertaken during 2027 unless final approval is provided from the BEIS following the updated survery work completed in 2025. Upon approval by the Department for Business, Energy and Industrial Strategy (BEIS), this will extinguish any further obligation by the Company. The Directors do not believe there will be any additional future outlay following successful acceptance of the survey.
4. | Operating profit/(loss)
| The operating profit/(loss) is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Exchange differences | 313 | 105
| Abandonment expenditure | (165) | -
Page 13
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
5. | Auditors' remuneration
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 4 | 4
6. | Directors' remuneration
| The Company has no employees other than directors who are also directors of other group companies. The directors do not believe that it is practicable to apportion remuneration between their services as directors of the Company and their services as directors of other group companies.
7. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Corporation tax |  |
| Current tax on profits for the year | 79 | -
|  | 79 | -
| Total current tax | 79 | -
| Tax on profit/(loss) | 79 | -
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher than) the standard rate of corporation tax in the UK of 25% (2024 - 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Profit/(loss) on ordinary activities before tax | 131 | (105)
| Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 33 | (26)
| Effects of: |  |
| Group relief | - | 20
| Expenses not deductible | 46 | 6
| Total tax charge for the year | 79 | -
Page 14
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 7.Taxation (continued)
| Factors that may affect future tax charges
There were no factors that may affect future tax charges.
8. | Deferred tax
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Tax losses | (754) | (734)
| Deferred tax asset not recognised | 754 | 734
|  | - | -
| No deferred tax asset has been recognised as it is unlikely that there will be future taxable profits from which the future reversal of the underlying temporary differences can be deducted.
9. | Tangible fixed assets
|  | Oil and gas properties
|  | £000
| Cost or valuation |
| At 1 January 2025 | 18,802
| Additions | 165
| At 31 December 2025 | 18,967
| Depreciation |
| At 1 January 2025 | 18,802
| Impairment charge | 165
| At 31 December 2025 | 18,967
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
Page 15
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
10. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £000
| Cost or valuation |
| At 1 January 2025 | 5
| At 31 December 2025 | 5
| Impairment |
| At 1 January 2025 | 5
| At 31 December 2025 | 5
| Net book value |
| At 31 December 2025 | -
| At 31 December 2024 | -
| Subsidiary undertaking
| The following was a subsidiary undertaking of the Company:
| Name | Registered office | Class of shares | Holding
| ERT Camelot Limited | 13 Queen's Road, Aberdeen, Scotland | Ordinary | 100%
| The aggregate of the share capital and reserves as at 31 December 2025 and the profit or loss for the year ended on that date for the subsidiary undertaking were as follows:
| Name | Aggregate of share capital and reserves | Profit/(Loss)
| ERT Camelot Limited | (13,124,000) | (183,000)
Page 16
ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Amounts owed to group undertakings | 25,529 | 25,625
| Accruals and deferred income | 14 | 12
|  | 25,543 | 25,637
| Amounts owed from group undertakings are non-interest bearing and repayable on demand. The carrying amount is a reasonable approximation of the fair value.
12. | Financial instruments
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
| Financial liabilities |  |
| Financial liabilities measured at amortised cost | 25,543 | 25,637
| Other financial liabilities measured at fair value through profit or loss comprise amounts due to group undertakings and accruals.
13. | Abandonment provision
|  | Decommissioning provision
|  | £000
| At 1 January 2025 | 74
| Charged to profit or loss | 165
| Utilised in year | (123)
| At 31 December 2025 | 116
| During the year, £74,000 was released from the decommisioning provision following a survey being carried out in 2025. The actual cost of the survey was £49,000 more than the provision amount, and recorded in the year. A provision of £116,000 was established in relation to costs expected to be incurred relating to the final survey, which is required to satisfy the completion of the decommissioning actvities by the company. Upon approval by the Department of Business, Energy and Industrial Strategy (BEIS), this will extinguish any further obligation by the Company. The Directors do not believe there to be any future outlay upon successful acceptance of the survey.
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ENERGY RESOURCE TECHNOLOGY (UK) LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £000 | £000
|  | Allotted, called up and fully paid |  |
|  | 5,000 (2024 - 5,000) ordinary shares of £1.00 each | 5 | 5
15. | Contingent liabilities
An irrevocable letter of credit was issued by Helix Energy Solutions Group for $30,000,000 in May 2010 on behalf of ERT Camelot Limited and Energy Resource Technology UK Limited. This was reduced to $1,500,000 from 3 July 2014. The letter of credit was issued in favour of counter parties under agreements for the decommissioning of the Camelot Field.
16. | Related party transactions
| The Company has taken advantage of the exemption under paragraph 17 and 18(a) of IAS 24 not to disclose transactions with fellow wholly owned subsidiaries. There are no other related party transactions.
17. | Post balance sheet events
On 23 April 2026, Helix Energy Solutions Group, Inc and Hornbeck Offshore Services, Inc announced both parties entered into an agreement to establish a premier integrated offshore services company. Subject to shareholder approval, Hornbeck and Helix shareholders will own 55% and 45% of the company respectively. The transaction is expected to close later in 2026. The strategic combination will create a recognised leader in offshore operations through a diversified and expanded high specification fleet of specialised vessels, supported by subsea robotics, well intervention and technical service capabilities across several sectors.
18. | Controlling party
The Company’s immediate and ultimate parent company is Helix Energy Solutions Group Inc, a company incorporated in the United States. The largest and smallest group in which the results of the Company are consolidated is that headed by Helix Energy Solutions Group Inc. The consolidated accounts of this company are available to the public and may be obtained from 400 N. Sam Houston Parkway E., Suite 400, Houston Texas, 77060 3500.
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