HELIX WELL OPS (U.K.) LIMITED

1. HELIX WELL OPS (U.K.) LIMITED 2008-07-11 → present
2. WELL OPS (U.K.) LIMITED 2006-03-06 → 2008-07-11
3. CAL DIVE INTERNATIONAL LIMITED 2004-11-18 → 2006-03-06
4. WELL OPS (U.K.) LIMITED 2002-06-24 → 2004-11-18
5. LEDGE 651 LIMITED 2002-05-09 → 2002-06-24

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

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Anderson Anderson & Brown Audit LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Notwithstanding net current liabilities of £69,975,000, the financial statements have been prepared on a going concern basis, which the directors consider to be appropriate for the following reasons. Included within amounts owed to group undertakings is a loan note payable to the Company's immediate parent entity for £113,965,000. The immediate parent company has provided the expectation this loan will not be recalled to the detriment of the company's working capital requirements. In exception of this loan note, the Company carries net current assets of £43,991,000 and a profit for the year then ended of £23,364,000 as at 31 December 2024. At the financial year-end, the Company had net assets of £99,828,000 and a positive cash balance of £68,214,000. The Company has no external borrowings. The directors have prepared projected cash flow information for the twelve months from the date of approval of these financial statements which includes an additional prudent but reasonably plausible downside scenario in which revenues are restricted through lower levels of asset utilisation throughout the forecasted period. This assessment is dependent on the Company's ultimate parent company, Helix Energy Solutions Group, Inc not seeking repayment of the amounts currently due to the group within 12 months from the date of approval of these financial statements, which at 31 December 2024 amounted to £160,928,000 and the severe downside forecast demonstrates that no additional financial support should be required. Helix Energy Solutions Group, Inc has indicated its intention to continue to make available such funds as are needed by the Company, and 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 to continue with this support. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statement, they have no reason to believe that it will not do so. 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.”

Group structure

1. HELIX WELL OPS (U.K.) LIMITED · parent
   1. Helix Offshore Crewing Services Limited 100% · Scotland
   2. Helix Offshore Crewing Services Pte Limited 100% · Singapore
   3. Subsea Technologies Group Limited 100% · Scotland
   4. Helix Offshore Energy Services (Australia) Pty Limited 100% · Australia

Significant events

• “2024 combined utilisation was 553 days compared to 693 days in 2023. Revenue increased by 29%. The vessel mode, diver requirements and third party services provided contributed to revenue variations. Comparative revenue is calculated as total revenue divided by utilised days.”
• “The Seawell achieved 315 days utilisation in comparison to 340 days in 2023. The vessel has a stronger year beginning with a continuation of a work programme in Spain that commenced in Q4 2023 until June 2024. The vessel then returned to UK waters and remained fully utilised into Q4 2024, before being laid up ahead of a regulatory dry-dock planned for early 2025.”
• “The Well Enhancer achieved 239 days in comparison to 353 days in 2023. The vessel began the year beginning with a continuations of a work programme that commenced in Q4 2023, before undergoing a regulatory dry-dock. The vessel returned to service in March working through to Q4 2024.”
• “In December 2023 Helix WOUK returned to a Green Gas contract for the Helix House business headquarters. In addition, in December 2023 Helix WOUK commenced (with the support of independent 3rd Party Mabbett) the process for the Energy Savings Opportunity Scheme (ESOS) mandatory energy assessment Phase 3 as required to comply with ESOS, having completed Phase 1 in 2015 and Phase 2 in 2019. In April 2024 the company moved from the Blackdog facility to a larger office/workshop/yard called The Arc.”

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

Filings

3

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

  +3%

  £161,947,000 → £166,802,000

• Cash

  +216.4%

  £21,557,000 → £68,214,000

• Net assets

  +30.6%

  £76,464,000 → £99,828,000

• Employees

  +7.4%

  94 → 101

• Operating profit

  +20.1%

  £25,895,000 → £31,099,000

• Profit before tax

  +20.1%

  £25,973,000 → £31,190,000

• Wages

  +18.3%

  £8,253,000 → £9,766,000

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