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Registered Number:
FOR THE YEAR ENDED 31 DECEMBER 2025
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors present their Strategic Report for the year ended 31 December 2025.
Turnover has decreased by £6,209,000 to £66,929,000 (2024 - £73,138,000) during the year due to the decrease in demand for crewing services provided by the Company to its related parties.
The Company has an operating profit of £361,000 for the year (2024 - £695,000). The decrease is due to reduced group vessel utilisation. No dividends have been paid and shareholder’s funds have increased by £273,000 (2024 - £533,000). The key financial and other performance indicators during the year are presented below:
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
As a subsidiary company the principal risks and uncertainties of the Company are those that the parent undertaking is exposed to.
The parent undertaking undertakes an annual management review of its performance and identifies those risks and issues that require to be mitigated and resolved to meet or exceed the Company’s year end qualitative and quantitative targets. The review sets performance indicators and objectives for the following year to mitigate risks that have threatened or have affected the Company performance across the previous year. The parent undertaking categorises risks into four main areas – Commercial, Technical, Contract and Financial. Commercial risk Commercial risk is loss of reputation from contract performance failure or negative publicity. These are documented within the parent undertaking management systems, and are updated as new risks are identified or market factors enable risks to be mitigated further. Technical risk Technical risk is probability of loss incurred through the execution of a technical process in which the outcome is uncertain. These are identified and assessed through a rigorous management programme and control measures are applied to reduce those risks to as low a level as reasonably practicable. The parent undertaking continually reviews standards, policies and operating practices to reduce risks further. Contract risk Contract risk is the probability of loss from contract performance, either by cancellation or substandard performance. This is mitigated through negotiation against standards for risk levels which are defined from industry best practice and many years of contracting experience. A formal internal process exists where only the senior management in the parent group has the right to authorise a departure from those standards. Financial risk Financial risk is the probability of loss through credit, liquidity and currency risks. Financial risk is monitored through comprehensive accounting practices and cash management, and through implementation of a structured empowerment matrix detailing the levels of authority within the tiers of the group organisation. Energy use and greenhouse gas emissions The company did not consume more than 40,000 kilowatt hours (kWh) of energy in the financial reporting year; and therefore it has not met the criteria to disclose information related to Energy use and Greenhouse gas emissions.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
The Directors recognise their duty to act in a way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole in accordance with section 172 of the UK Companies Act 2006. The Directors’ section 172 duties are part of Board discussions. The Directors continue to have regard to the interest of the Company’s key stakeholders and, throughout the year, the Board and management engage with key stakeholders on items relevant to them. We set out below our key stakeholder groups, their material issues and how the Company engages with and considers the interest of each stakeholder group.
Investors and lenders The key areas of focus with regards to this stakeholder group is financial performance, strategy and capital allocation. Helix Offshore Crewing Services Limited commits to maximising long term shareholder value through clearly identifying risks, thorough planning and having effective internal controls in place. It is imperative that risks are understood and effectively managed to ensure that objectives are achieved. Although the Company has no external shareholders, the financial results are consolidated in the group results of the ultimate parent Company, Helix Energy Solutions Group, Inc. The group results are disclosed quarterly to the wider investor market, followed by a conference call with representatives from institutional shareholders to discuss group financial performance and strategy. Changes to the Company’s capital structure in order to optimise group liquidity or capital is ratified by the Company’s board of directors. Employees The key areas of focus with regards to this stakeholder group is engagement and work culture, training and development, diversity and inclusion and remuneration. The Company holds employee forums to communicate Company policy and initiatives. This provides an opportunity for senior management to engage with employees and answer questions that employees may have. The Company distributes employee satisfaction surveys and conducts exit interviews of employees leaving the organisation, all to gather feedback to further engagement with employees on work culture. The Company provides competitive compensation and benefit packages in addition to offering developmental opportunities based on individual performance and identified potential. The Company promotes a ‘speak up’ culture in the event ethical dilemmas arise. The Company has a zero tolerance policy for retaliation against employees who raise such concerns to senior management. Annual compliance training with regards to the UK Bribery Act (2010) and the US Foreign and Corrupt Practices Act (FCPA) is a mandatory requirement. The Company actively seeks to promote diversity and inclusion throughout its workforce.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
Suppliers The key areas of focus with regards to this stakeholder group is efficiency, expertise and enhancing relationships. The material element of cost of sales relates to employee’s who provide offshore services for the group companies, Helix Well Ops (U.K.) Limited and Helix Robotics Solutions Limited. External suppliers are used for the provision of logistical services, albeit an immaterial element of cost of sales. In accordance with the group anti corruption compliance policy, the Company embraces the highest standards of honesty, ethics and integrity as core business values, and will do business only by lawful and ethical means. We carefully select our external business partners through the application of rigorous due diligence processes, ensuring such business partners share our values and our commitment to safety and integrity. The Company strives to comply with its external supplier contracts, which in turn helps us create and maintain long term supplier relationships. Customers The key areas of focus with regards to this stakeholder group is efficiency, expertise and responsiveness. Customers are limited to internal group companies only, being Helix Well Ops (U.K.) Limited and Helix Robotics Solutions Limited. As there is no external customer base, there is no requirement for performance metrics to be reported regularly to the senior management and the Board. In addition, there is no requirement to conduct an extensive financial review on new clients.
This report was approved by the board and signed on its behalf.
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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.
The profit for the year, after taxation, amounted to £273,000 (2024 - £533,000).
During the year, the directors declared and distributed ordinary share dividends of £NIL (2024 - £NIL).
The directors who served during the year were:
The auditors, AAB Audit & Accountancy Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
The directors are responsible for preparing the Strategic Report, 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;
∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIX OFFSHORE CREWING SERVICES LIMITED
We have audited the financial statements of Helix Offshore Crewing Services Limited (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).
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.
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIX OFFSHORE CREWING SERVICES LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIX OFFSHORE CREWING SERVICES LIMITED (CONTINUED)
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:
∙timing and completeness of revenue recognition;
∙completeness and accuracy of payroll costs;
∙compliance with relevant laws and regulations which may impact on the financial statements and those that the company needs to comply with for the purpose of trading;
∙management judgements applied in calculating provisions; and
∙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:
∙testing a sample of sales transactions to source documents and vouching recognition is in the correct period;
∙testing a sample of employee costs to source documentation and verifying existence of employees;
∙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; and
∙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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HELIX OFFSHORE CREWING SERVICES LIMITED (CONTINUED)
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.
for and on behalf of
Statutory Auditor
Kingshill View
Prime Four Business Park
Kingswells
AB15 8PU
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
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STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 25 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
Helix Offshore Crewing Services Limited (the “Company”) is a private company incorporated, domiciled and registered in Scotland in the UK. The registered number is SC266314 and the registered address is 13 Queen's Road, Aberdeen, AB15 4YL.
The financial statements are presented in Sterling, which is the functional currency, and are rounded to the nearest thousand pounds (£'000).
2.Accounting policies
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:
The Company has taken advantage of the following disclosure exemptions under FRS 101:
∙the requirements of IFRS 7 Financial Instruments: Disclosures
∙the requirements of IAS 7 Statement of Cash Flows
∙the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
∙the requirements of paragraphs 130(f)(ii), 130(f)(iii), 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The financial statements have been prepared on a going concern basis which the Directors consider to be appropriate for the following reasons.
At the financial year end, the Company had net current assets of £1,596,000 (2024 - £1,323,000), cash balance of £849,000 (2024 - £819,000) and profit for the year then ended of £273,000 (2024 - £533,000). The Company has no external borrowings. The Company’s only customers are fellow group companies and it has, throughout this period, continued to offer HR, logistics and personnel services in line with its service agreements. As a result, the directors consider that the significant factor affecting their going concern assessment is that the Company does not have any external customers and it is dependent on the trading of its immediate parent company, Helix Well Ops (U.K.) Limited, and other fellow group subsidiaries within the Helix Energy Solutions Group, Inc ("the group"). These group subsidiaries trade with third party customers. The directors have considered the group subsidiaries' forecasts and projections for a period of at least 12 months from the date of these financial statements. These forecasts include severe but plausible downsides, in which revenues are restricted through lower levels of asset utilisation throughout the forecasted period. This assessment is dependent on the Company’s parent, Helix Energy Solutions Group Inc and its other subsidiary entities not seeking repayment of the amounts currently due to the group, which at 31 December 2025 amounted to £271,983. Helix Energy Solutions Group Inc has indicated that it does not intend to seek repayment of the amounts due at the balance sheet date, for the period covered by the forecasts. The directors have considered the financial position of the group and parent company, and they have considered that the parent company has the ability and intent to continue with this support. Consequently, the directors are confident that the Company will have sufficient funds to continue to meet its liabilities as they fall due for at least twelve months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.
Functional and presentation currency
Transactions and balances
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:
Financial assets and financial liabilities are initially measured at fair value.
Financial assets
All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Fair value through profit or loss
Impairment of financial assets
Financial liabilities
Fair value through profit or loss
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
2.Accounting policies (continued)
At amortised cost
The following judgements apart from those involving estimates have had the most significant effect on amounts recognised in the financial statements: Recognition of service being rendered As described in the revenue recognition accounting policy, revenue is recognised when the significant risks and rewards of ownership have been transferred to the customer, it is probable that the economic benefits associated with a transaction will flow to the Company and the amount of revenue can be measured reliably. Informed judgement is required as and when logistical services take place, thus the timing of services being rendered.
The whole of the turnover is attributable to the rendering of services.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
10.Taxation (continued)
There are no expected future factors that would have a material impact on future tax charges at the time of preparing these financial statements.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
The Company operates a Group Personal Pension plan with Standard Life on a defined contribution basis. The Company’s commitment is expressed as a percentage of the employee’s pensionable salary. Amounts accrued at 31 December 2025 were £453,000 (2024 – £346,000).
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.
Helix Offshore Crewing Services Limited is a wholly owned subsidiary of Helix Well Ops (U.K.) Limited incorporated in United Kingdom.
The ultimate parent company is Helix Energy Solutions Group, Inc., a company incorporated in the US. 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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