ODFJELL RIG V LTD
A subsidiary of the Bermuda-registered Odfjell Drilling Ltd group, providing support activities for petroleum and natural gas extraction.
Get an alert when ODFJELL RIG V LTD files next
Leroy will email you the moment a new filing lands at Companies House — one short note per filing, nothing else.
Cash
£121K
USD 160,632
-97.7% lowest in 3 filed years
Net assets
£244M
USD 324,029,110
+15.4% highest in 3 filed years
Employees
—
Average over period
Profit before tax
£34M
USD 45,613,003
+411% highest in 3 filed years
Net assets
3-year trend · vs Energy median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £52,314,958 | £49,327,252 | £73,619,354 | +49.2% | |
| Operating profit | £16,797,882 | £19,255,203 | £44,443,470 | +130.8% | |
| Profit before tax | £6,835,042 | £6,709,360 | £34,287,757 | +411% | |
| Net profit | £8,339,951 | £6,279,815 | £32,573,369 | +418.7% | |
| Cash | £10,020,969 | £5,324,189 | £120,749 | -97.7% | |
| Total assets less current liabilities | £326,548,239 | £362,529,342 | £352,948,603 | -2.6% | |
| Net assets | £204,722,784 | £211,136,433 | £243,575,968 | +15.4% | |
| Equity | £204,722,784 | £211,136,433 | £243,575,968 | +15.4% | |
| Average employees | — | — | — | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | £0 | £0 | £6,091 | — |
Figures converted to GBP from USD at 0.752 per USD (Frankfurter spot rate) — hover any figure for the original. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | 32.1% | 39.0% | 60.4% | |
| Net margin | 15.9% | 12.7% | 44.2% | |
| Return on capital employed | 5.1% | 5.3% | 12.6% | |
| Gearing (liabilities / total assets) | 49.0% | 45.5% | 32.6% | |
| Current ratio | 0.30x | 1.02x | 1.71x | |
| Interest cover | 1.69x | 1.51x | 4.26x |
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.
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Crowe U.K. LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Affirmed
“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 12 months from the date of approval of the financial statements and therefore have prepared the financial statements on a going concern basis.”
Significant events
- “The current firm contract runs up to the end of 2027. The contract extension by one year was announced in November 2025.”
- “During 2025, the Company noticed a notable increase in interest amongst its clients to increase drilling to arrest production declines from their maturing assets.”
- “As part of the Odfjell Drilling Ltd Group's refinancing in the last quarter of 2025, the external loan was repaid in full 9 December 2025.”
- “The company's forward exchange contracts to hedge some of the residual currency exposure was terminated 3 December 2025, and no other hedging arrangements are put in place as of 31 December 2025.”
- “A new frame loan agreement for up to $250M with Odfjell Rig III Ltd was entered into 9 December 2025. The loan is available until 31 March 2031. The loan had a balance of $152M as of 31 December 2025.”
- “As part of the reorganisation and refinancing of Odfjell Drilling Ltd Group, all shares in the company was sold from Odfjell Drilling Malta Ltd to Odfjell Rig III Ltd in December 2025.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 13 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| ASKVIK, Erik | Director | 2023-11-30 | Apr 1962 | Norwegian |
| CARBONE, John | Director | 2023-11-30 | Nov 1975 | Maltese |
| HARALDSEN, Øivind | Director | 2023-11-30 | Mar 1960 | Norwegian |
Show 13 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ARTHUR, Heather | Secretary | 2023-04-03 | 2023-06-27 |
| BASSON, Gillian | Secretary | 2023-06-27 | 2023-11-30 |
| BASSON, Gillian Alina | Secretary | 2021-03-29 | 2023-04-03 |
| WEBSTER, Patricia Lynne | Secretary | 2019-11-27 | 2021-03-19 |
| BURNESS PAULL LLP | Corporate Secretary | 2018-01-23 | 2019-11-13 |
| DAVIS, Kirk Lightbourn | Director | 2018-05-09 | 2018-12-10 |
| GJERSDAL, Kjetil | Director | 2022-03-29 | 2023-11-30 |
| LIEUNGH, Simen | Director | 2018-05-09 | 2022-03-29 |
| MARSONER, Thomas Wolfgang Sebastian | Director | 2018-12-10 | 2020-02-27 |
| ODFJELL, Helene | Director | 2018-05-09 | 2023-11-30 |
| SAEBO, Atle | Director | 2018-01-23 | 2018-05-09 |
| SHIACH, Alasdair Geddes | Director | 2020-03-03 | 2022-03-29 |
| STEPHEN, Diane Elizabeth Macdonald | Director | 2022-03-29 | 2023-11-30 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Odfjell Drilling Malta Ltd | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2023-12-11 | Ceased 2023-12-11 |
| Odfjell Drilling Ltd | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2018-01-23 | Ceased 2018-01-23 |
| Odfjell Drilling Ltd | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2018-01-23 | Active |
Filing timeline
Last 20 of 86 total filings
Material constitutional events — rename, articles re-file, resolution
- 2025-12-08 MA Memorandum articles
- 2025-12-08 RESOLUTIONS Resolution
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-15 | AA | accounts | Accounts with accounts type full | |
| 2026-02-17 | ANNOTATION | miscellaneous | Legacy | |
| 2026-02-17 | ANNOTATION | miscellaneous | Legacy | |
| 2026-02-17 | ANNOTATION | miscellaneous | Legacy | |
| 2026-01-28 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2025-12-12 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-12 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR04 | mortgage | Mortgage satisfy charge full | |
| 2025-12-09 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-09 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-09 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-08 | MA | incorporation | Memorandum articles | |
| 2025-12-08 | RESOLUTIONS | resolution | Resolution |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 20
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.