STENA EVOLUTION DRILLING LIMITED
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Cash
£66m
USD 88,321,000
-50% vs 2024
Net assets
£5.9m
USD 7,908,000
+56.4% highest in 3 filed years
Employees
0
Average over period
Profit before tax
£5.7m
USD 7,618,000
+13.4% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Material uncertainty over going concern
The financial statements have been prepared on a going concern basis notwithstanding the company has net current liabilities of $7,238,000 (2024: net current assets). The company's immediate parent company, Stena Drilling (Holdings) Limited has provided the company with an undertaking that for at least a year from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to allow it to meet its working capital requirements and to enable it to pay its liabilities as and when they fall due for payment.
-
Going-concern uncertainty disclosed
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 | — | £83,494,110 | £117,299,443 | +40.5% | |
| Operating profit | — | £1,348,297 | £6,413,358 | +375.7% | |
| Profit before tax | £18,826 | £4,984,082 | £5,653,432 | +13.4% | |
| Net profit | £14,120 | £3,737,663 | £2,370,315 | -36.6% | |
| Cash | £17,983,997 | £131,089,621 | £65,544,341 | -50% | |
| Total assets less current liabilities | £86,284,123 | £291,739,892 | £249,884,972 | -14.3% | |
| Net assets | £14,120 | £3,751,990 | £5,868,646 | +56.4% | |
| Equity | £14,120 | £3,751,990 | £5,868,646 | +56.4% | |
| Average employees | 0 | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — |
Figures converted to GBP from USD at 0.742 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 | — | 1.6% | 5.5% | |
| Net margin | — | 4.5% | 2.0% | |
| Return on capital employed | — | 0.5% | 2.6% | |
| Gearing (liabilities / total assets) | 100.0% | 99.2% | 98.3% | |
| Current ratio | 8.89x | 1.14x | 0.95x | |
| Interest cover | — | 0.52x | 1.48x |
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 101
- Reporting scope
- Standalone (parent only)
- Auditor
- PricewaterhouseCoopers LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“The financial statements have been prepared on a going concern basis notwithstanding the company has net current liabilities of $7,238,000 (2024: net current assets). The company's immediate parent company, Stena Drilling (Holdings) Limited has provided the company with an undertaking that for at least a year from the date of approval of these financial statements, it will continue to make available such funds as are needed by the company to allow it to meet its working capital requirements and to enable it to pay its liabilities as and when they fall due for payment.”
Significant events
- “With a long term contract secured for work through to 2031, management are optimistic about the company's future.”
- “The current ongoing conflict in the Middle East has had no major consequence on the company's operations to date. The long-term effects are expected to be largely limited as long as the conflict is geographically contained.”
- “However, the conflict has resulted in increases in energy prices and in particular the closure of the Strait of Hormuz has intensified the need for exploration in other areas to meet global demands for energy.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 2 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| WYNESS, Stuart Maxwell | Secretary | 2022-12-20 | — | — |
| RONSBERG, Erik Bergsvein | Director | 2022-12-20 | Nov 1972 | British |
| WYNESS, Stuart Maxwell | Director | 2022-12-20 | Jul 1971 | British |
Show 2 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| NOROSE COMPANY SECRETARIAL SERVICES LIMITED | Corporate Secretary | 2022-12-20 | 2022-12-20 |
| VINCE, Thomas James | Director | 2022-12-20 | 2022-12-20 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Norose Company Secretarial Services Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2022-12-20 | Ceased 2022-12-20 |
| Stena Drilling (Holdings) Limited | Corporate entity | Shares 75–100%, Voting 75–100%, Appoints directors | 2022-12-20 | Active |
Filing timeline
Last 18 of 18 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-08-06 | AA | accounts | Accounts with accounts type full | |
| 2025-11-03 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-07-22 | AA | accounts | Accounts with accounts type full | |
| 2024-11-18 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2024-07-11 | AA | accounts | Accounts with accounts type full | |
| 2024-02-07 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-02-07 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2024-01-29 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-12-20 | CH01 | officers | Change person director company with change date | |
| 2022-12-20 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2022-12-20 | AD01 | address | Change registered office address company with date old address new address | |
| 2022-12-20 | TM01 | officers | Termination director company with name termination date | |
| 2022-12-20 | TM02 | officers | Termination secretary company with name termination date | |
| 2022-12-20 | AP03 | officers | Appoint person secretary company with name date | |
| 2022-12-20 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2022-12-20 | AP01 | officers | Appoint person director company with name date | |
| 2022-12-20 | AP01 | officers | Appoint person director company with name date | |
| 2022-12-20 | NEWINC | incorporation | Incorporation company |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 2
- 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.