ODFJELL RIG V LTD

Figures converted to GBP from USD at 0.748 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. About these numbers

• Turnover

  -5.7%

  £52,025,557 → £49,054,379

• Cash

  -46.9%

  £9,965,534 → £5,294,736

• Net assets

  +3.1%

  £203,590,281 → £209,968,451

• Employees

  —

  Not reported

• Operating profit

  +14.6%

  £16,704,959 → £19,148,685

• Profit before tax

  -1.8%

  £6,797,231 → £6,672,244

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

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 102

Reporting scope

Standalone (parent only)

Auditor

Crowe U.K. LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“Notwithstanding net current assets of $0.9M as of 31 December 2024 and a profit for the year then ended of $8M, the financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. The company meets it day to day working capital requirements from a term loan (see note 11), bank overdraft, together with operational cash flows, intercompany loans and trading balances with the group headed by Odfjell Drilling Limited, the ultimate parent company. The company also has a frame loan agreement with parent company Odfjell Drilling Malta Ltd, and the parent company have issued a Parent Company Letter of Support stating that the financial support will include not seeking the repayment of amounts advanced to the Company by the Parent and/or other members of the Parent group unless adequate alternative financing has been secured by the Company. The directors have prepared cash flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably possible downsides, the company will have sufficient funds, to meet its liabilities as they fall due for that period. Those forecasts are dependent on the company's ultimate parent Odfjell Drilling Ltd. not seeking repayment of the amounts currently due to the group. Odfjell Drilling Ltd. has indicated that it does not intend to seek repayment of these amounts for the period covered by the forecasts. The external loan detailed in notes 10 and 11 was extended in May 2023 when the Company completed a successful refinancing, and the new replacement term loan now falls due in 2029.”

Significant events

• “1 December 2023 the rig owning subsidiaries together with their immediate parent companies completed a tax relocation from the United Kingdom to Malta. Later in December 2023 the mobile offshore rigs were transferred from the Dubai branches to the Malta taxable companies. Consequently, the company is no longer taxable to the United Kingdom.”
• “The external loan detailed in notes 10 and 11 was extended in May 2023 when the Company completed a successful refinancing, and the new replacement term loan now falls due in 2029.”
• “In 2023 the company successfully completed a refinancing which included extension and amendment of the loan established at delivery of Deepsea Nordkapp on 7 January 2019, with Odfjell Rig V Ltd, as borrower and DNB Bank ASA as Agent on behalf of the lenders. As per 31 December 2024, the facility has a remaining amount of $145M maturing in January 2029 with a commercial tranche and an export credit agency tranche.”

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

Filings

20

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.