ODFJELL DRILLING SHETLAND LTD
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Cash
—
Latest balance sheet
Net assets
£363M
USD 483,535,277
-3.3% lowest in 3 filed years
Employees
—
Average over period
Profit before tax
£31M
USD 41,797,162
+2.2% 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 directors acknowledge that there can be no certainty that this support [from the ultimate parent Odfjell Drilling Ltd. not seeking repayment] will continue although, at the date of approval of these financial statements, 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 and have prepared financial statements on a going concern basis.
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 | £62,749,947 | £62,516,332 | £67,001,821 | +7.2% | |
| Operating profit | £31,079,235 | £30,634,961 | £31,290,344 | +2.1% | |
| Profit before tax | £29,521,170 | £30,745,618 | £31,419,351 | +2.2% | |
| Net profit | £30,271,820 | £28,343,790 | £29,848,383 | +5.3% | |
| Cash | £198,903 | £2,187,015 | — | — | |
| Total assets less current liabilities | £402,292,086 | £378,063,694 | — | — | |
| Net assets | £399,786,384 | £376,037,077 | — | — | |
| Equity | £399,786,384 | £376,037,077 | £363,478,371 | -3.3% | |
| Average employees | — | — | — | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | £0 | £0 | — | — |
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 | 49.5% | 49.0% | 46.7% | |
| Net margin | 48.2% | 45.3% | 44.5% | |
| Return on capital employed | 7.7% | 8.1% | — | |
| Gearing (liabilities / total assets) | 1.3% | 3.1% | — | |
| Current ratio | 8.24x | 1.56x | — | |
| Interest cover | 19.17x | — | — |
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.
Name history
Renamed 2 times since incorporation
- ODFJELL DRILLING SHETLAND LTD 2011-12-15 → present
- ODFJELL DRILLING CASPIAN LIMITED 2010-01-05 → 2011-12-15
- PACIFIC SHELF 1598 LIMITED 2009-11-23 → 2010-01-05
Audit & accounting basis
- Accounting basis
- FRS 102
- Reporting scope
- Standalone (parent only)
- Auditor
- Crowe U.K. LLP
- Audit opinion
- Unqualified (clean)
- Going concern
- Material uncertainty disclosed
“The directors acknowledge that there can be no certainty that this support [from the ultimate parent Odfjell Drilling Ltd. not seeking repayment] will continue although, at the date of approval of these financial statements, 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 and have prepared financial statements on a going concern basis.”
Significant events
- “In December 2025 Equinor extended the contract with Deepsea Aberdeen for use of the unit to drill and unspecified scope in an interim period before moving to the Fram Sør project. The work will begin in Q4 2026, in direct continuation of Deepsea Aberdeen's current contract with Equinor and is estimated to continue to Q1 2029.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
3 active · 21 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 21 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 | 2013-04-12 | 2019-11-13 |
| MD SECRETARIES LIMITED | Corporate Secretary | 2009-11-23 | 2010-07-26 |
| PAULL & WILLIAMSONS LLP | Corporate Secretary | 2010-07-26 | 2013-04-12 |
| BRYCE, Jon Oliver Sinclair | Director | 2009-12-30 | 2010-06-01 |
| CONNON, Roger Gordon | Director | 2009-11-23 | 2009-12-30 |
| DAVIS, Kirk Lightbourn | Director | 2017-03-03 | 2018-12-10 |
| GJERSDAL, Kjetil | Director | 2022-03-29 | 2023-11-30 |
| GJERSDAL, Kjetil | Director | 2016-01-15 | 2017-03-03 |
| LIEUNGH, Simen | Director | 2010-10-25 | 2022-03-29 |
| LOGAN, Robert Bruce | Director | 2010-06-16 | 2013-01-03 |
| MANN, Lesley | Director | 2013-02-20 | 2017-03-03 |
| MARSONER, Thomas Wolfgang Sebastian | Director | 2018-12-10 | 2020-02-27 |
| ODFJELL, Helene | Director | 2017-03-03 | 2023-11-30 |
| RUTHERFORD, John Arthur Thomas | Director | 2009-11-23 | 2009-12-30 |
| SHIACH, Alasdair Geddes | Director | 2020-03-03 | 2022-03-29 |
| SOLTVEIT, Roald Egil | Director | 2010-06-16 | 2016-01-15 |
| 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 Ltd. | Corporate entity | Shares 25–50%, Voting 25–50%, Appoints directors | 2017-12-01 | Active |
Filing timeline
Last 20 of 138 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-05-13 | AA | accounts | Accounts with accounts type full | |
| 2026-03-04 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-12-19 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | MR01 | mortgage | Mortgage create with deed with charge number charge creation date | |
| 2025-12-16 | 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 | |
| 2025-08-05 | AA | accounts | Accounts with accounts type full | |
| 2025-03-04 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-06-13 | AA | accounts | Accounts with accounts type full | |
| 2024-03-18 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 17
- 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.