BW PIONEER (UK) LIMITED

• ⚠

  Material uncertainty over going concern

  In previous years, the financial statements have been prepared on a going concern basis. The principal activity of the Company is leasing out FPSO BW Pioneer for which the contract is going to expire on 25 March 2025 as per the current contract terms. The 5-year option period of the contract is not going to be exercised, the FPSO will be sold on 25 March 2025, and the Company does not have any realistic opportunities but to cease its operations and all assets and liabilities will be settled at the end of the contract. The Company has sufficient assets to settle its obligations in full. At 31 December 2024, net current assets were USD 22,651,000 (2023 USD 60,208,000).

1. BW PIONEER (UK) LIMITED 2014-08-29 → present
2. LISTHOPE LIMITED 2007-07-02 → 2014-08-29

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Standalone (parent only)

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“In previous years, the financial statements have been prepared on a going concern basis. The principal activity of the Company is leasing out FPSO BW Pioneer for which the contract is going to expire on 25 March 2025 as per the current contract terms. The 5-year option period of the contract is not going to be exercised, the FPSO will be sold on 25 March 2025, and the Company does not have any realistic opportunities but to cease its operations and all assets and liabilities will be settled at the end of the contract. The Company has sufficient assets to settle its obligations in full. At 31 December 2024, net current assets were USD 22,651,000 (2023 USD 60,208,000).”

Significant events

• “On 25 March 2025, the FPSO BW Pioneer including inventory was sold for a consideration of USD 125,000,000.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

12

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -12.9%

  £40,914,752 → £35,633,803

• Cash

  -59.4%

  £44,661,972 → £18,122,313

• Net assets

  -42%

  £131,438,844 → £76,283,914

• Employees

  —

  Not reported

• Operating profit

  -59.1%

  £9,120,830 → £3,730,170

• Profit before tax

  -47.2%

  £10,474,426 → £5,529,281

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers