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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Sawafi Vulcan Newco Limited is a private company, limited by shares, incorporated in Scotland. The registered office is 1st Floor, Blenheim House, Fountainhall Road, Aberdeen, Scotland, AB15 4DT.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in Pounds Sterling (£) which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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

The financial statements of the company are consolidated in the financial statements of Khalid Ali Alturki and Sons Holding Company. These consolidated financial statements are available from its registered office, as disclosed in Note 9 of these financial statements.

The financial statements contain information about Sawafi Vulcan Newco Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 401 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as the company and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its ultimate parent, Khalid Ali Alturki and Sons Holding Company, a company based in the Kingdom of Saudi Arabia.

During the year, the wider Sawafi Group restructured aspects of its financing arrangements. As part of this restructure, Sawafi Vulcan Newco Limited was granted access to a $1true5m (USD) revolving line of credit facility as part of a wider group facility entered into by the ultimate parent company, Khalid Ali Alturki and Sons Holding Company.

The original facility ran to 31 October 2025 and has subsequently been extended under the same initially agreed terms to 28 February 2027. At the date of approval of these financial statements, an amount of $4.11m has been drawn under the facility. This amount is consistent with the amounts drawn down at the balance sheet date.

The facility operates through a series of short-term drawdowns, typically with maturities ranging up to six months. These drawdowns are repaid and renewed on an ongoing basis, resulting in the facility operating as a revolving source of liquidity.

The directors expect that the facility will continue to be renewed in line with past practice. However, there is no legally binding agreement in place at the date of approval of these financial statements confirming renewal beyond 28 February 2027.

The directors have obtained written confirmation from the ultimate parent undertaking of its ability and intention to provide financial support to the company for a period of at least 12 months from the date of approval of these financial statements, including in the event that the facility is not renewed.

While this support is not legally binding, the directors have no reason to believe that it will not be provided. Based on the above, the directors are satisfied that the company will have sufficient funds to meet its liabilities as they fall due for a period of at least twelve months from the date of approval of these financial statements.

Accordingly, the financial statements have been prepared on a going concern basis.

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of profit and loss.

At each reporting period end date, the company reviews the carrying amounts of its investment to determine whether there is any indication that the investment has suffered an impairment loss. If any such indication exists, the recoverable amount of the investment is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the investment for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of the investment is estimated to be less than its carrying amount, the carrying amount of the investment is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the investment is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the investment in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. At the end of each reporting period, assets are assessed for objective evidence of impairment. If objective evidence is found, an impairment loss is recognised in the profit and loss account.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

The company participates in a short-term revolving Murabaha facility with Kuwait Finance House B.S.C. Although the facility is legally structured as a commodity purchase and resale arrangement, the directors have concluded that the economic substance of the arrangement is that of a financing transaction.

Accordingly, amounts drawn under the facility are recognised as financial liabilities. The associated profit margin is recognised as finance costs over the term of the borrowing using the effective interest method.

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

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

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

The tax expense represents the sum of the tax currently payable and deferred tax.

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Assessing indicators of impairment

The key judgement in the current period was assessing whether there have been any indicators of impairment of the investment held. This is done annually by the directors. The directors have considered both external and internal sources of information such as market conditions, technological changes, asset performance against forecasts, and evidence of obsolescence.

Where an indication of impairment does exist, the directors will carry out an impairment review to determine the recoverable amount, which is the value in use. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the fixed asset investment and a suitable discount rate in order to calculate present value.

There have been no indicators of impairment identified during the current financial year.

The average monthly number of persons (including directors) employed by the company during the year was:

Details of the company's subsidiaries at 31 December 2025 are as follows:

Amounts owed by subsidiary undertakings are interest free, unsecured, and repayable on demand.

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its loss for the year then ended;

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

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

At 31 December 2025, the company had a bank guarantee outstanding of £14,868 ($20,000) issued by its bank on behalf of the company. The guarantee is not included in the balance sheet. No provision has been recognised in respect of the guarantee as the directors do not consider that an outflow of economic benefits is probable. The company would be liable to reimburse the bank in the event that the guarantee is called.

The immediate parent undertaking is Sawafi Al Jazeera Oilfield Products and Services Co. Limited, a company incorporated in the Kingdom of Saudi Arabia.

The ultimate parent undertaking and controlling party is Khalid Ali Alturki and Sons Holding Company, a company incorporated in the Kingdom of Saudi Arabia.

Khalid Ali Alturki and Sons Holding Company is the largest group for which consolidated financial statements are prepared which include these results. A copy of the consolidated financial statements may be obtained from the registered office:

Alturki Business Park,

12 & 13th Floors,

Prince Faisal Bin Fahad Rd.,

P.O.Box 31775,

Alkhobar,

31952

Kingdom of Saudi Arabia