FJORDS PROCESSING LIMITED

1. Risk Rating

HIGH – Fjords Processing Limited has been formally dissolved (struck off on 6 October 2026). At the date of its final accounts (31 December 2024) it held net assets of only £1, had ceased all operational activity, and the directors had already stated their intention to strike the company off. The dissolution is consistent with a deliberate exit of an inactive corporate shell. An investment in or exposure to this entity is effectively irrecoverable.

2. Key Concerns

1. Terminal dissolution and cessation of operations
   The company is dissolved and no longer exists as a legal entity. The last filed accounts explicitly state that “the Company has ceased all operational existence” and that the directors intended to formally strike it off. There is no going concern, and therefore no prospect of future business or returns.

2. Negligible asset base
   The most recent balance sheet shows total assets of £1, represented solely by an amount owed by the parent company. There is no cash, no fixed assets, no trading debtors, and no working capital. The company appears to have been a non-trading holding or administrative entity with no economic substance.

3. Limited transparency on historical operations
   Although the SIC code indicates research and development in natural sciences and engineering, and the accounts describe a prior principal activity in the oil and gas supply sector, the financial history shows only dormant filings with £1 net assets for 2022–2024. There is no clear record of how the company reached its dormant state or whether any historical operations created contingent liabilities that could still emerge.

3. Positive Indicators

• No evidence of insolvency proceedings
  The company was not placed into liquidation, administration, or receivership. The dissolution appears to have been a voluntary strike-off of an inactive subsidiary, rather than a creditor-driven failure.

• Filing compliance was maintained
  The latest accounts and confirmation statement were not shown as overdue. The accounts were approved in September 2025 and filed within the regulatory framework, suggesting the directors met administrative obligations up to the point of dissolution.

• Parent company support
  The company was wholly owned by NOV Inc. through National Oilwell Varco UK Limited. The only asset was an intercompany receivable from the parent, which implies that external debt was negligible or absent. The company likely relied on group resources rather than independent financing.

4. Due Diligence Notes

• Verify the dissolution record
  Confirm the strike-off date of 6 October 2026 and check Companies House for any applications to restore the company. If any creditors or interested parties object, restoration could reopen liabilities. This should be checked before assuming finality.

• Investigate legacy liabilities
  Given the company’s former activity in the oil and gas supply chain, consider whether historical contracts, warranties, environmental obligations, or product liabilities could re-emerge. Even if the company is dissolved, group companies may have provided guarantees or indemnities, and claims could theoretically be pursued against the parent – legal advice should be sought.

• Clarify the share capital discrepancy
  The company overview shows share capital of £80,000, while the filed accounts report only £1 of allotted, called-up, and fully paid share capital. This could relate to authorised share capital or a data field issue, but it is worth confirming with the registry to understand the share structure and any unpaid capital obligations.

• Review group accounts and restructuring arrangements
  The ultimate parent, NOV Inc., would hold consolidated accounts. Review these to understand whether assets or liabilities of the former subsidiary were transferred before dissolution, and whether any indemnities were provided to the directors or third parties.