2024-12-31-accounts

Docusign Envelope ID. 111 D261A_79614AEF-82C7QAF2A2ED869C TRUSTEES, ANNUAL REPORT & FINANCIAL STATEMENTS 2024 INTERNATIONAL WELL CONTROL FORUM CHARITY NUMBER: SC045842

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C CONTENTS TRUSTEES. ANNUAL REPORT- INTRODUCTION.......-..........--.................-..-.............-........-................... OBJECTIVES AND AcTIV￿lEs UNDERTAKEN.-.....................-.............-........-.....................--.................- ACHIEVEMENTS AND PERFORMANCE.............-.....................-.............-........-.....................--.................- FINANCIAL REVIEW....................-.........-........-..-.....................--...........--......-.....................--.................14 STRUCTURE GOVERNANCE AND MANAGEMENT.................--.............-......-.....................--.................16 LEGAL AND ADMINISTRATIVE INFORMATION ......................-.............--......-.....................--.................22 GOING CONCERN........................-.......................-.....................--.................-..-.................-....-.............-..23 TRUSTEES. RESPONSIBIUTIES STATEMENT..-.................-..-...............-......-.............-......--.................24 INDEPENDENT AUDrroR'S REPORT TO THE TRUSTEES OF INTERNATIONAL WELL CONTROL FORUM...............-.........................-.........-........-..-.................-..-...............-......-.............-......--.................25 CONSOUDATED STATEMENT OF FINANCIAL ACTMTIES...-.............-........-.......................-.................29 STATEMENT OF FINANCIAL ACTMTIES..........-.............-......-.......................-.................-....-.............-..30 CONSOUDATED BALANCE SHEET...................-.....................-.......................-.............-........-.................31 BALANCE SHEET........................-.............-........-.........-..........--.................-..-.................-....-.............-..32 CONSOUDATED CASH FLOW STATEMENT.....-.....................-...................-..-.................-....-.............-..33 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS................-......-.....................--................. MISSION WHAT WE ARE DDIMG Define. deliver and maintain the highest possible standards in well control training. accreditatic￿ and certification. Provide competency assurance and continuous development gbbally. VISION WHAT WE ARE AIMING FOR No risk to life. thè p)atural environment or assets through wèll contiol inciden CORE VALUES MOW WE ARE GOIIIG TO DO IT Care, Integrrty, Courage, Innovatr'on

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C INTERNATIONAL WELL CONTROL FORUM The Trustees present their annual report together with the financial statements of Inlernatlonal Well Control Forum {"IWCF°) for the year ended 31 December 2024. The Trustees confim that the annual report and financial ststements of the Group comply wtth the current ststutory requirements, the requirements of the Chartty's goveming document and the provisions of the Statement of Recommended Practice I'SORP"), applicable lo charities preparing their accounts in accordance with the Fin8nci81 Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) {effectiv8 1 January 2019). The Charity is a Public Benefrt Entity as defined by FRS 102. WELCOME FROM THE CHIEF EXECUTIVE OFFICER The Charity has over the past couple of year5 focused on wel control statlstic5 during the yearly workshop and AGM. The Norwegian regulator. Havtil (The Norwegian Ocean Industry Authority) ha5 published well incident data since 2005 from the Norwegian Continentsl Shelf. The data shows that well inadent frequency has stayed relatively stable while all other incident parameters have shown a decreasing trend over the last 20 years. Wild Well Control have shown that blowout incident frequency on a global scale has increased since the pandemi There may be many reasons for this. bul during the pandemic many experienced people left the industry and recruitment lo fill the gaps has proved difficult. This situation accentU8tes the importance of high qualty wel control courses. The Charity is working to 81ign course offerings. syllabi and training materials such th81 both experienced and inexperienced personnel get the appropriate training neeéed. Several changes will be introduced in 2025. 2024 was a year of substantial strategic achievements. These are well documented in this report. A lot of hard woth went into this. the stsff deserves praise. There was also increased accent given to integrity of assessments and enhancements to certificate verification. An improved membership value proposition and membership prcKess will be introduced in 2025. Together with better branch support this should enhance the total membership experience. 2025 will be a busy and exciting year with no shortage of challenges. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C OBJECTIVES AND ACTIVITIES UNDERTAKEN What we do To fulfil ils charitable purpose, the Charity is dedicated to: Establishing and upholding the highest global standards in well control competency assurance and accreditation, thereby safeguarding lives, assets, and the natural environmenL Continuously enhancing industry well control competency standards by18veraging technology, human factors, and promoting ongoing leaming. Actively collaborating and engaging with relevant stakeholders to drive improvements in well control practices. Thgse objectives align with the Charity's mission to define, deliver, and maintain the highest possible standards in well control training, accreditation, and certrfication, providing Com￿lencY assurance and continuous development globally. By focusing on these goals, the Chanty aims to contribute lo a reduction in wel contrcl incidents. CERTIFICATIONS ACCREDITATION QUALITY MEMBERSHIP INTEGRITY INDUSTRY COMMITTEE PARTICIPATION WORKSHOP CONFERENCES TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C ACHIEVEMENTS AND PERFORMANCE Membership Individuals and companies in the oil and gas industry who are interested in advancing well control knovledge and skills are encouraged to become members of the Charity. Members have a voice within the industry and can activety participate in shaping the future of wel control standards and practices. 236 MEIIBERS 12 68 AFFILIATED CIUMTRIES BRAIICMES In 2024, the Charity retained 211 existing members and welcomad 25 new members. taking the total membership to 236. Companies seeking accreditation are required to hold and maintain an active membership with the Charity and this leads to the training provider sector having a high proportion of members. Of th8 25 new m8mbers, 15 were training providers. Membership in all other sectors remained steady. with only minor changes compared to 2023. 146 TRAINING PROVIDERS 31 DRILLING CDMTRACTORS 236 PIEMBERS 23 OPERATORS 27 OTHERS WELL SERVICES PROVIDERS MeM￿rS can join their regional affiliated branch where they can attend meetings, contribute ideas and discuss concerns to help drive continuous improvement within the industry. Branch meetings serve as a valuabl8 forum for affiliated branches and their members to participate in the Charity's purpose and offer feedback to the Charity which plays a crucial role in shaping the Charity's strategic direclion. The meetings also provide members with regular updates on topics of interest, issues discussed, and decisions made by the Trustees during board meetings. Branch meetings have concentrated on addressing key industy issues, with discussions centred around the following acts'vities and Iheir associated challenges- SYLLABI & CANDIDATE FEEDBACK PROGRAMME & COURSE DEVELOPMENT CONTINUOUS IMPROVEMENT TRANSLATIONS PRACTICAL ASSESSMENTS TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Th8 Charity is continuing ils efftirts to gradually restructure the affiliated branches to better seNe members in their respective regions. It is anticipated the following affiliated branches will gradually replace the existing structure.. Westem Europe: UK. Netherlands. Ireland Soulhem Europe." France. Greece. Italy, Malla, Spain Central Europe.. Austria, Croatia, Hungary. Poland, Romanla. Ukraine Northern Europe: Denmark, Germany, Norway Caspian Sea Region: Azert)aijan, Kazakhstan, Turkey Eastern Asia.. China, India Middle East Africa Australia & Oceania North America.. USA, Canada South America.. Argentina, Brazil, Columbia, Ecuador, Mexico In 2024, the establishment of the Caspian Sea 8ran¢h was fomialised and a chairperson eleded. Efforts to estsblish an affiliated branch in Africa were supp)rted throughout 2024 and will continue in 2025. Meetings and administrative support are being organised to facil1L￿e progres5 toward achieving formal branch Status and conducting election5. The Trustees are committed to supports.ng the r&invigoration of the Middle East Branch. with ongoing sUPPOrt for a functioning branch being a locus. Accreditation NEW CEIITRESACCRED17ED IN ZQ24 Member companies that wish to deliver IWCF training must meet the accreditation standards set by the Charity. In 2024, the number of accreditation applications from members remained steady. and 8 members were newly accredited. New Primary Centres Among the newly accredited cenlres. the Charity expanded into Guyana for the first lime. and the Asian region experienced growih with four new centres in both India and Malaysia. New associate cenlres were established across various locations, induding China, Canada. Denmark, Nigeria. Tunisia. and the Middle East. Additionally. the first barge IC￿li0n received accredilalion in the Democratic Republic of the Congo. 15 New Associate Centre Locations Two centres were approved for the Well Control in Design and Lrfecyde Management {WCDLM) programme. based on the Charity's newly developed guidelines, which are designed lo align training standards with the evolving needs of the industry. 23 Total New Accredited Centres This programme is designed for well engineers, project managers, and operational personnel who are responsible for planning and managing well op&ralions, equipping them with the knowledge to enhance safely, reduc& risks, and maintain control at every phase of a wel's lifecycle. It focuses on integraling well conlrc principles throughout the entire well lifecycle from initial design lo final abandonment and aims to enhance safety and operational efficiency by ensuring that well control considerations are a core part of planning, execution, and decommissioning processes. Key features of the programme: 1. Lifecycle Approach.. Emphasises the importance of incorporating well contrcl measures at every stage, including design, Gonstruction. produGb'on, intervention, and abandonment. 2. Rlsk Management: Participants are trained to identsfy, assess, and mitigate risks assoGiated with wel control throughout the wdfs lifecycle. 3. Competency Development: Ensures Ihal personnel inVo￿ed in well design and operations possess TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C the necessary knowledge and skills to prevent and manage well control incidents effectively. 4. Advanced Methodologies: Introduces cutting*dge technologies and praCt￿eS for designing wells that minimise the risk of well control issues, while improving efficiency. 5. Global Standards Alignment: Aligned with internationalty recognised standards and best praCtI￿s, including International Association of Oil and Gas Producers IIOGP) Report 476, ensuring consistency and high18vels of safety across the industry. Buikjing on the progress made in 2023. in 2024 the Charity continued its comprehensive review of the current training course portfolio across the well lifecycle. This ongoing review incorporated feedback and recommendations from technical working groups on how the Charity can enhance the accessibility of the WCDLM and the Enhanced Well Control (EWC) programmes. A key focus has been to identify opportunities on expanding the number of training providers offering these courses. Train the Trainer (rrT) & Assessor Course To help

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entr&s maintain and deliver the highest standards in well control training, the Charity offers a Train the Trainer ITfT) and Assgssor course aimed at enhancing the technical and instructional skills of assessors and instructors. TRAIN TrIETRAINER COURSE IN ZQZ4 All instru¢tor apF4iGants are required have teachingAraining qualification but, for those who do not hold the relevant qualrfication. the Charfty offers a TTT ¢ourse. A four-day. highly interactive and immersive course designed to teach participants how lo effectively and confidently instruct in the classrwm, it incorporates the recommendations from IOGP Report 476. with the focus on improving the quality of leaming in well control training. Vlrtual Courses Delivered New InStru¢torsA¢¢redited %SESSOkTAAININC COURSE IN 2024 Vtrtual C•yws D¢livsr4 N•wAss•sstys A¢¢mdts Uwn successfvl completion of the course candidates are eligible to 8p for Institute of Leadership and Management IILMI Level 4 certification. The assessor training course was created and developed in response to the recommendations in IOGP Report 476 and is compulsory for all new practical assessors. They must complete the course and meet the learning outcomes before becoming an approved assessor. The course is designed to provide assessors with the knowledge and understanding necessary to conduct practical assessments. 11 evaluates their ability lo assess Drilling Well Control (DWC) Level 3 or Level 4 candidates and ensure the practical assessment aligns with the Charity's standards. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Audit & Monitoring To support compliance with the Charity's standards, the Charity maintains a comprehensive audit programme and all accredited centres must undergo audits, with new training cenlr8s requiring an audit to obtain fvll accreditation. Additionally, accredited centres are subject to regular surveilance audits throughouttheiraccreditalion period. In 2024, a total of94 audits were conducted, which was at a similar level to 2023193 audits). 94 The Charity engages regional auditors who speak English and several other languages such as Chinese, Russian, Azeri, Spanish, Arabic, and Hindi. This improves communication and ensures auditees have a clear understanding of audit requirements and any follow-up actions needed. Audits Feedback on the aGcrediled ￿ntre$ audrt programme helps identify potential areas for improvement and assists in the evaluation of the effectivenes5 of the audit pro¢ess. The abilty to conduct audits remotely enables the Charity to operate in locations classified by a leading insurance and securty specialist as high or extremely high-risk. Candldate Certlflcatlons Candidates seeking certification must attend training that is provided by an ac¢rediled centre and that follows 0 syllabus sgt by the Charity. To ensure candidate skills and knowledge remain ¢u￿ent and aligned with industy standards, rAndidate$ are ￿quired to r&4erbfy every two years for both DWC and Well InleNention Pressu￿ Contr¢4 {wipcI programme$. The candidate regislratlons are being affected by the residual Impact of Covld-19 restrldong and, as a result of the lower candidate reglstrations in 2020, the Charity is experienclng lower numberg in years direcuy linked to 2020 on the iwo-year cycle. In 2024. a total of 22.876 candidates ￿gIStered and that was a reduction of 11% compared to 2023. The percentage of candidates achieving certification in 2024 was marginally higher than 2023 at 84.1Yo {2023. 83.9Y.l. Ahhough over8Jl candidate registrations were lower than in 2023. when Iwking at the individual programmes IDWC and WIPCI. the DWC programme conb'nues to experience the highs and lows of the year cycle but in 2024. the WIPC candidate registrations were higher than they had been in 2023. The higher WIPC numbers refiect that within the industry. there is an increase in demand for WIPC as more operators are now focusing C￿ this technical serwce. Compared lo 2022, the Charity has observed WIPC candidates in countries where there weren't any and some countries have seen double the amount of WIPC candidates seen in 2022. When comparing 2024 candidate registrations to registrations in 2020 and 2022. growth in year-on-year candidate numbers is obseNed. Candidates have the option lo take their l￿ficatIon assessment virtually and, as part of the continuous improvement process multi-mode monitoring was introduced in 2023 to strengthen the security and integrity virtual assessments. A major athievemenl in 2024 was the successfvl implementation of 5eGur*y Up9rade5 mult￿Mode monitoring at all assessment k)calions using virtual solutions. No Outage50r Downtime mu￿1-￿Ode Monrtorin9 Security enhancements were made to the ecert wallet cards, and the new features will be released to candidates in 2025. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Digital Transition In 2024, 93% of candidates comrA8ted their assessment online, a 5Yo increase trom 2023. The shfft from paper-based to online assessments has improved security, efficiency, and ffexiblity while reducing environmenlaj impact. Benefits for candidates include instant marking, immediate re-sits, real-time feedback, and enhanced reporting. At the end of 2024, 92Yo of active centres had made the transition to C￿line assessments. Although there continues to be connectivity challenges in some regions, the Charity remains committed to supporting training providers and further advancing digital adoption in 2025. Question Bank Management Candidate feedback is a vitsl resource for the Charity, serving as a critical input ft)r continuous improvement and measure of assessment quality. This feedback helps identify potential areas for improvement and assists in evaluating question performance. The Charity actively encourages candidates lo provide feedback after assessrnents, and in 2024, the Charity reviewed just under 1900 feedback tickets related either to technical conlenl or translation. That was a reduction of 52% compared to 2023. 1900 Reviewed just under1900 feedback tickets in 202 Increase in active question5 for DWC and WIPC programrne5 In 202 The Charity has made progres5 in addre55ing the issues highlighted in candidate feedback and. as a percentage of the total candidates. there has been a reduction in the number of candidates providing feedback Beiween 2022 and 2023, there was a reduction of 21Yo and between 2023 and 2024. there was a reduction of 430/.. Since 2022. the Charity has fully replaced the WIPC question bank and uses Industy best practice for reviewing and Iranslaling content which has led to improvements in question qualty. +9% Oevelowd tbvo new gauge que*lon cèse Studies fDr DWC a55e55m2nt& The ongoing analysis of question performance across al languages remains a cnJci81 focus for the Charity, offering valuable insights into overall performance and highlighting opportunities for improvement. This an8tysis enables the identifulion of patterns and trends. and the root causes for SUL￿optiMal performance, which are addressed proactivety. Key feedback categorles In 2024 InCI￿￿ed. Que8tlon amblgulty: Comments hlghlighted i8sues such as unclear phraslng. questions open to multiple interpretationg or multiple correct answers. 32% of ¢omment$ re¢eived related to this category. an increase of 1¥0 compared to 2023. Translation quality: Feedback identified instances of incorrect terminology or pcor translations. This aGGgunted for 9'h of Gomments. reflecting a 2% decrease Compared to 2023. Expandlng the question bank remains a key priority for ensuring the validty and reliabillty of assessments. In 2024, the Charity developed new questions for both the DWC and WIPC programmes, resulting in a 9￿￿ increase in the number of active questions in each programme. As p8rt of the continuous improvement of DWC assessments and to assist with the growth ofthe question bank. the Charity developed contenl for two new gauge question case studies in 2024. This content is currently being Ir8nslaled and will be re￿aSed abngside the updated kill sheet and the new surface and subsea Level 3 and 4 Case studies in 2025. To support these processes. as well as the review of technical documentation and training provider materials. the Charity engages technical experts with diverse skills, knowledge, and exFerience. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Translations In 2024, 71 % of DWC candidates and 82Yo of WIPC candidates took their assessments in English but the Charity recognises that individuals can demonstrate their knowledge and skills more effectivety when assessments are available in their native languages. In 2024, the Charity enhanced language accessibility by introducing a Modern Standard Arabic IMSAI option and launching a Dual Language Assist feature for the DWC Level 2, 3 and 4 assessments. With the addition of MSA, the total number of languages available for assessments has increased to 19. The Dual Language Assist feature allows candidates to view assessment questions in both English and Arabic simultaneousty. This fvnctionality supports native Arabic speakers by enabling cross-referencing of languages, enhancing comprehension, clarifying complex terminology, and improving the overall assessmenl experience. sin￿ it was launched, 600 candidates have use¢J the Dual Language Assist feature during their assessments and, overtime. the Charity intends to in¢lude the featu for other languages. IntfOLJu¢ed Moderrs Standard Ar•bi¢ Total Languag•S Dual Languago Aisst IMSA) Through(xrt 2024, the Charity has continued to make improvements to translation qualty. knlively seeking feedback from members and candidates to identify and address any translation issues, with the goal of providing the best quality translations. Programme Development & Continuous Improvement Offering training programmes that are ￿leVant. ut(Fdate. and 81igned with industry ne8d$ ￿MaInS a co priority for the Charity. The Charity remains committed to making ongoing updates and improvements to its course portfolio. ensuring it$ effectiveness and alignment with evolving industry needs. Following 8 comprehensive review of the practical assessmenl process in 2023. the Trustees approved the replacement of the practical assessment with the single role practical assessment to assess all DWC Level 3 and Level 4 candidates. The new method of assessment was rc41ed out to all accredited centres in 2024 via the instructor nelwork. In 2024. the initial devebpment and intemal discussions took place for potential new programmes and frameworks. These outcomes wil be further refined and shared for broader industry feedback in 2025. incorporating insights from the Charty's branch and instructor netsvorks. Instructor Network In 2023. the Charity launched the Instructor Netsvork, a new initiative designed lo foster wllaboration among subject matter experts in well control. These instructors bring diverse backgrounds, extensive knowledge. regional and cultural insights. and a range of experiences to the nefvdork. To enhance engagement, the Charity facilitates structured discussions, providing a plattomi for inslruclors to exchange insights. generate ideas, and contribute lo the shared mission. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 10

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C In 2024, the Charity held its first instructor nthork sessions. successfully using this initiative to deliver 18 sessions across multiple time zones to implement changes lo the practical assessment for the DWC programme. The sessions helped lo ensure that all assessors fijlly und8rslood th8 new requirements and procedures before conducting training or ass&ssments. 18 Fdlowing the sessions. a comprehensive FAQ document was developed, and a recording of a training session and all supporting documentation were made available through the Instructor Hub, an online resource centre hosted on the Charity's website. Instructor Network Sessions In 2024, inslruclors from the netsvork also contributed to the review of the new gauge case studies developed for the DWC programme. Level 1 Awareness Course Launthed in 2016. the Level 1 well control awareness course is a free online Gourse developed by the Charity. The course comprises 7 modules covering the foll¢)wing topics.. Overview of oil and gas Lrfe cycl8 of a well Drilling rigs Well control during drilling operations Well intervention and workover Pressure control during wel intervention Since its launch in 201 127,231 ¢andidate5 have ellrol￿ in the level I well control &w•r•n•ss cvJrx•. 112% In 2024, 27?85 use gnrollvd, a 112% Increase cornpared IQ 11878 Sn 2023. 420 501 Candl¢Yat¢s ¢ompleteLI the cour5ein Mc¢Jern Standard Arable in 202 Candldates ¢omplete£l the course In 8razillan Pr*rtugUo￿a in 2024. 11,856 candidates achieved Cert￿tatIOn In 202 In 2024, the Level 1 course was successfully released in MSA and Brazilian Portuguese. A member of the Charity funded the translation into Brazilian Portuguese, with the agreement that the Charity would maintain its quality. ensuring accessibility for other members. This initiative enabled the Charity lo effectively address industry needs. Offering the course in multiple languages gives more users the opportunity io complete the course in their native language, aligning with the Charity's mission to improve competency globally. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 11

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Well Operations Crew Resource Management (WOCRM) IWCF launched the WOCRM course in 2018. This free online course aims to improve the non-technical skills of all personnel involved in well operations and focuses on the six WOCRM competenci8S Outlined in the IOGP Reports 501 and 502: Situational awareness Decision making Leadership Communication Teamwork Performance factors Since 201& 55,346 candidates have enrolled in the WOCRM course. +63% In 2024, 17530 new users enrolled, a 63% increase from 10,767 in 2023. 6,067 Candidates achieved certification in 2024. Well Control and Pressure Control Calculatlons e-learnlng resource Launched in 2021, th& Charity maintains an e-￿arnIng resource for Well Control and Pressure Contrc4 Calculations. This free, online e-leaming resource is for students who want lo gain understanding. knowledge, practice and confidence in making well control and pressure controi calculations. Well Control Workshop & Annual General Meeting (AGM) The Charity held a Well Control Workshop for members followed by the Annual General Meetlng {AGMI In November 2024. In The Hague. Nethertands, brfnging together global Industry professlon8ls to collaborate on well control tralning, stsndards. and future advancements. 2024 IWCF WELL CONTROL WORKSHOP AND AGM 58 Workshop Attendees 55 AGM Atiendees In Person LOCATION: 16 The Ha9ue, Netherlands AGM Atten*Jees Onllne The workshop focused on Industry challenges, advancements, and opportunities. featuring a variety of panel discussions and presentations from industy experts. The keynote addressed the importance of strengthening well control industry stsndards through effective training and highlighted the role of the Charity in addressing key industry challenges and fostering safety and operational excellence through comprehensive training programmes. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 12

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C The AGM was attended by 71 members partiapaling Ix)th via in person and remolelvideoconference. On completion of the AGM formal￿eS a keynote presentation was delivered by a representative from the Dutch Regulator on well control incidents and the critscal importance of well integrity. Interath've Q&A sessions were also hebd, and the topics of the updated practical assessments, virtual audits, and the impact of Managed Pressure Driling on curriculum development were discussed. Stakeholder Engagement In 2024, the Charity expanded its global reach by attending and contributing lo key industry events, providing attendees with opportunities to ne￿Ork, gain exposure, and enhance their knowledge. Key aims of the stakeholder engagement is to drive membership growth and relenlion, raise the Charity's profile, strengthen stakeholder relationships, and improve knowledge sharing. To support those aims, the participation in prominent industy event5 will Continue throughout 2025. STAKEHOLDEfi ENGAGEMENT Conferences Attended Countries Visited Continents Covered The Charity's focus on digital engagement and streamlined communications has resulted in substantial growth and improvemont in this area in 2024- Social Media Growth: The Charity's online p￿ence grew swJnificantly. with a year-on-year ine￿ase of 19QA, adding over 13,171 followers across the platforms (Linkedln, X. Facebook, and Instagram). Content Diversification- Enhanced use of technical posts. interactive content. and announcements has broadened engagement and visibility. Improv•d Procoss•s- Infomation notices and newsletters have been refined to deliver timely, relevant updates tailored to stakeholder groups. Regular updates to the website ensure it remains a comprehensive and current resource for members and stakehokjers. The9raph below5huw5 thp di5trTbutivn oTrf 5orial followin9 foi 2024. +19% ISB68 Online presence grew signifl¢aniiy, wlth a year.trTryear irn¢rease of l9%,adding over13,I71 ft>llcwer5 acTtsS the plat￿rmS. In513giarn 1.127 3OWO 40,QQO 5aouo 6qLW 7QWD TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 13

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C FINANCIAL REVIEW The Charity generated income from membership fees, bank interesl, and trading actiwlies in ils subsidiary IWCF Operations Limited. Income was 11% kjwer in 2024 compared to 2023. Group income for the year was £4,383,542 {2023: £4,941,395). The income from candidates makes up the largest proportion of incorne in the trading subsidiary. and most candidates are on a 2-year recertification cycle. The residual impad of Covid-19 restrictions is impacting the candidate levels depending on whether the recertification cyde is linked lo 2020.. In 2024, which was on the recertification cycle from 2020, there was a drop in candidate numbers compared to 2023. The number of candidates was similar to 2022, but slightly higher. Pricing within the Group had remained mostly unchanged be￿eeTr 2017 and 2023 but due to inflationary cost pressures and redU￿d income generating activity within normal business operations the Trustees approved Pri￿ increases effective from 1 January 2023. There were no further price increases in 2024 but the increase in 2023 has helped the Charity to ensure revenues are al sufficient levels despite inflationary pressures on costs and the reduction in candidates compared to pr&Covid. Expenditure on raising funds and charitable activities wa5 lower than 2023 by 2%. Group expenditure for the year was £4.336,329 (2023.. £4.414,728). Overall spending on charitable activities increased from £567.496 in 2023 10 £622.431 in 2024. During 2024. there was an increase in 8ttend8nce at events lo promote the work of the Charity and in November. the Charity hosted a workshop for Its members in The Hague. Technical support costs reduced by 12(A* in 2024 to £87.452 {2023'. £99,783). Translallon wsts also decreased. with costs In 2024 belng £75.81412023'. £86,889). A donat1￿ from IWCF Operations Llmited Is the main source of Income for the Charfty. thereby enabllng the Charity to meet its objectives. A donatlon of £1.158.515 was paid by IWCF Operations Llmited to the parent Chartty in September 2024. The Charity has a strong cash poshlon and in the year steps were taken to maximlse interest income from available funds. Reserves Policy At 31 December 2024. the Group's unrestricted free rese￿es. exduding fixed assets, were £5,486.178. The Charity does r￿t hold any restricted funds. The policy and level of reseNes considers the likelihood of an unfavourable evenl ￿curring and the expected financial effect on the Charity. The policy considers Ihe reliance on the donation of profits from IWCF Operations Limited and has consideration for external factors that may impact the ability of IWCF Operations Limited to maintsin its income al a sufficient level to make the donation. The wlicy is reviewed annualty in line with the budget cycle and, for the Charity, is set as 24 months business as usual costs plus a 25% contingency. The Charity's onty known source of income in future years, except for membership fees, will be the annual donation from IWCF Operations Limited. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 14

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Investment Policy The Charity's investment policy sets out the principles for investment of non-operating fvnds. The funds are to be invested prudenljy, retaining a high level of security and minimising risks. Investments are made in reputable established and proven financial institutions. Investments are made in alignment with thg chantable purpose of the IWCF. Investments are made in alignment with the Risk App&tite Statement. IWCF will have access lo cash to cover current liabilities. The administration will seek professional advice on the selection of the investments. The admlnislratlon will provlde updates to the board with an Investment ststement quarterly. Strategic Focus Area. short term (1 to 3 years) The Trustees and CEO have defined the Charty's strategic goals under the four strategic focus areas: REDUCING THE RISK OF WELL CONTROL EVENTS HIGHLY RELEVANTTO A DIVERSE GLOBAL INDUSTRY HIGHEST STANDARDOFWELL CONTROL LEARNING TRAINING EXCELLENCE AND INTECRIIY STAKEHOLDEr ENGAGEMENT AND COMMUNICATrON TECHNOLOGY INNOVATION AND DEVELOPMENr FINANCIAL SUSTAINABIUTY AND GOVERNANCE Int•grityof als•8r4nd y4•rtfye> T•thrdogy nancbl D￿lId1 nvironrnentel and pol￿01 Strwtryi05 nnln9lor Cpowth Con51dDratlon" Cvvrx R•hv4rKyfor ￿p￿T5P fj￿b?I Industry M•mb•rV4lu Pri)FKWgn Tran51(YThallon Hi4h•rtQua15ty Putfolw CoTht•nt•n m￿n￿knIn￿ tonWlbnc• ofChwry• N•two TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 15

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C STRUCTURE GOVERNANCE AND MANAGEMENT Nature of Governing Document IWCF is a registered Scottish Charitable Incorporated Organisation ISCIO Chartty number SC0458421. governed by its constitution. The goveming document is reviewed annualty, and in 2024 was updated lo create an additional membership category, that of Honorary Member. This alows the Board lo appoint key stakeholders and industry influencers as honorary members. The changes to the constitution were agreed and approved by the members al the AGM in November. Purposes The SCIO'S purposes, as set out in the constitLrtion, are.. To a(fvance education within the oil and gas exploration and production industy, advance environmgnlal protection through minimising the risk of pollution through oil or gas leakage or similar incidents, and minimise the inadence of death and injury among those working in the oil and gas exploration and production industry {in each case, in any part of the worldl through.. 1. improving competency globalty to prevent the occurrence of major incKlents by: a. promoting and promulgating well control knowledge, and b. establishing unifomi training, assessment and certification programmes which are accepted globalty by operators, contractors, and regulatory bodies. 2. encouraging a continuous improvement globalty in the comp8tence and behaviours of personnel throughout the oil and gas exploration and production industry via developing enhanGed practical wel control training. Organisational Structure The structure of the SCIO consists ot. a) the ORDINARY MEMBERS - who have the rvJhl to attend members, meelings linGluding any annual members. meeting) and have important powers under the ¢onslitution. b) the AFFILIATED BRANCHES which provide a geographiG or regional based organisation of members. Each Affiliated 8ranch is fomied by members of a county or region reflecting the distribution of members globalty. The Chairpersons of the Affiliated Branches may serve on the Board as Charity Trustees. cl the BOARD - which govems the activities of the SCIO. The Board is responsible for detemining the strategy and strategic goa15 lon both a technical and financial level) for the SCIO as well as the Group strategy and strategic goals applying lo the SCIO and all subsidiary companies of the SCIO. This includes monitoring and ￿ntrollIng the financial position of the SCIO, as well as exercising oversight in relation to the financial position of the over811 Group. In addltlon.. d) the ADMINISTRATION is resp)nsible for runnlng the day-t(>day business of the SCIO, for the delivery of the strategy set by the Board and for the implementation of all other decisions made by the Board. The Adminislralion may consist of a management team land other staff members) employed by one or several subsidiary companies, the principal subsiéiary being IWCF Operations Limited (registered number SC5687311. e) the HONORARY MEMBERS who shall have access to certain member benefits and shall be pemiitted to attend members, meetings but shall not be pemiitted to vote at such meetings. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 16

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Decision-making Al decisions made by Trustees al board meetings are made by majority vote and minutes of the meetings are kept. The Trustees meet at least four times per year. The Board is currenlty made up of nine Branch Chairpersons and an independent trustee who elect a Chairperson, an Executive Committee and four subcommitt89s'. B?AFtD CHAIAPEftSON BOARD VI£É tHAIAPEPSOI4 EXE¢uTivÈ CQMMITTFE AUDIT. R15 GOVERMANeÈ CHAIAPERSON TECHHICAL ASSURAF4ce CHAIAPERSOII ORANC IIAFIAGEMEtIT ¢HAIRPERSOM BOARD CHAIRPERSON AUDIT. HISK a GOVERNANCE TECHNICAL A55URANCE BRANCH MAMACEMENT EMVNERATION c0￿mITTEE etsmmltt•• •• ch IrpArL Eup¢p• ranch Ch4iip*r$4n-North Frars2 ranch Br4nc Drway arway Citsplan Sea The Chairperson of gach subcommittee and the Chairperson of the Board make up the members of the Executive Committee. The Branch Management Committee IBMC) assists the Board to assure commonality in affiliated branch activity and reporting by- Monitoring branch activty. Monitoring branch elections. Creating and maintaining branch govemance documentation. The Audit, Risk and Govemance Committee IARGI assists the Board in meeting its oversight requirements regarding the Charity's risk management system and pclicies for monitoring: Complianc8 with applicable laws. regulations. and standards in all relevantjurisdictions. Govefflan¢e structures with respeGt to the exerGise of due ¢are. diligen¢e. and skill by Trustees and th& managemenl of IWCF subsidiaries. including the governance tharter, Gonstitulion, and other goveming documents. Financial management. including application of accounting pjlicies, intemal finanGial control system, reporting of financial inft)rmation and extemal audit services. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 17

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C The Technical Assurance Committee ITAC) provide technical advice and assists the Board with assuring. Course content requirements for IWCF accredited and IWCF required training. Assessment requirements and criteria for IWCF accredited and IWCF required training. The adequacy of reviewing and developing of training and guidance materials. Training effectiveness and make recommendations for training improvements. Acceptance criteria for IWCF instructors, assessors, and training materials. Accredttalion criteria to support high standards of well contrcA training. During the year, a Remungration Committeg (Remcol was establi5hgd. The Remco reviews and recommends thg salary of the CEO and Independent trustee. The CEO and the execu and senior managers are resp)nsible for the daY-t(￿daY leadership of the Charity alegy and pclicies decided by the Charity Tnjstees. iono Recruitment and Appointment of Charity Trustees ("Trustees") The Charity's constitution outlines the proGess for recruiting and appointing TTUStees. The Trustees serve as Chairpersons of the regional affiliated branches and conlribute diverse culiural perspectives and experbse from various sectors within the oil and gas industry. The Board recognises that specffic capabilities, technical skills, and person81 qualib.es are imporLgnl for its Trustees. When appointing Trustees, efforts are made to ensure. Whe￿ possible. equal ￿presentation across different seGtors of the Oil and Gas (O&G} and ExrAoration and Produdion IE&PI industry (Operators. Wel Services providers, Driling Contractors, Training & Technology providers) maintaining an appropriate balance between drilling and wel intervention activities. There have been three trustee appointments and one trustee retirement since 1 January 2024. The Ghairper5on of the newly e5tsblished Caspian Sea Branth joined the IWCF Board as a trustee in September 2024. In November 2024, the chairperson of the Gem)any Branch retired from the IWCF Board. and in February 2025, the new chairperson was appointed to the Board. Trustees (Chairperson & Independent Trustee) (Vice Chairperson) (retired 27 November 2024) lappoinled 7 February 2024} (appointed 18 September 2024} lappoinled 18 February 20251 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 18

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Induction and training of Trustees The Chairperson. with SUPF4)rt from the Board Secretary, conducts inductions for new Tnjslees. Each new trustee receives an orientation pack that includes the governing documents, decision-making processes, business plan, and financial reports for the Charity. Additionally. they are given information about the board committees and their r8spectNe charters and introduced lo the other Trustees. Remuneration - key management personnel Salaries of the senior staff are reviewed annualy on 1 January with no guaranteg of an increase. AJI roles are benchmarked against the market as follows.. Assessed against similar job descriptions. Assessed utilising national salary surveys. Assessed against bcal salary data such as job adverts. The CEO'S and Independent Trustee remuneration is sel by the Trustees with input from the Remco. In setting the remuneration the Tnjstees consider criteria such as the comparable salary level in the host country, competence. experience and performance. Risk and Control Effective risk management and o)nlinuous improvement are integral to the Charity's compliance framework and essential for achieving its strategy. Strategic and operational risks are identified through comprehensive risk management activities across the organisalion, ensuring that risks are systematicalty recognised and effectively managed as the Charity evolves. Risk data and insights are incorporated into decision-making at all levels. Supporbng frameworks and policy owners ensuie that both internal and extemal compliance requirements are meL The Trustees and senior management regularly assess the key strategic and operational risks. Both preventative and mitigative control measures are put in place lo reduce the Charty's exwsure to these risk& In 2024, the Charity successfvlly maintained ils ISO accreditation under the ISO 9001.2015 Quality Management Systems standard and continues lo work towards retaining this accreditation. Throughout 2024, the Charity continued enhancing its cyber processes and controls while maintaining its Cyber Essents'als accreditation. Key risks and uncertainties The Charity complies with UK and other relevanl trade and financial sanctions regimes. It, along with ils trading subsidiary, Stays informed about the lalesl international sanGtions developments through regular updates that may impad its business a¢livities. The Charity adhe￿$ lo estsbli$hed protowL8 to minimise risks and ensure ongoing wmplian¢e. For several years, due to restrictions imposed by intemational banks on dire¢t and indired finanGial transa¢tions with Iran, the Charity's trading subsidiary has been unable to operate in the ¢ounlry. In 2024, there were no significant changes to these restrictions. and the Trustees decided that the Charity and its gubsiéiaries would ¢ontinue to refrain from engaging in any activities in Iran. The Middle East's geopolitical landscape remains vclatile. posing significant risks to the global oil and gas industy. which in the long term may impact the Charity and its trading activities. The Charity continues to monitor the situation and ¢onsider measures to navigate thi5 complex landscape-, thi5 is a key uncertainty. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 19

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C As a result of financial and trade sanctions. along with reslriclions imposed by inlemational banks on Russia, the Charity's trading subsidiary has been unable to operate in the county. In 2024. further restrictions under these sanctions were introduced, leading the Trustees to decide that the Charity and its subsidiaries would continue to refrain from all activitses in Russia. The trading performance of IWCF Operations Limited is affected by the residual impact of COVID-19 restrictions, leading to lower carsdidate numbers, particularly in the years on the direct ts¥￿year cycle from 2020. The primary revenue source for IWCF Operations Limited is candidate registration fees. and the long4emi impact on candidate numbers remains uncertain. The Trustees closely monrtor industy performance to ensure the Charity's actNits'es are managed in a way that aligns income with expenses. The Charity relies primarity on donations from IWCF Operations Limited for its income and fluctuations in candidate numbers could adversely affect the profitsbility of IWCF Operations Limited, thereby reducing the fvjnds available for donation. To miligale this risk, the Charity actively explored alternative income streams throughout 2024, and these efforts wil continue into 2025. Related Parties IWCF Operations Limited wa5 set up as a subsidiary trading ￿rnPany of the Charity and donates its profits to the Charity. The wmpany's objedivgs are lo deliver accreditation, assessment and certrficalion programmes (including the setting and marking of examinations by or on behalf of the Charity, and issue of certficatesl for well control within the O&G E&P industy. working within the strategic framework set from time to lime by the Charity and applying the s￿l#bi, recommended practice, technical standards, assessment methodologies, award criteria, policies and qualtty standards endorsed from time lo time by the Charity. Al th& Trustoes of tho Charity are diwlors of IWCF Operations Limited. Intematlonal Well Control Forum (Australial Pty Llmited {IWCFAI Is a stsbsldiary company of the Charity Incorporated and domioled in Australi8. The company is a nol-for-profit entity with revenue arising from the provision of seNices to support Auslralasia IWCF centres and members. IWCFA coordinates the scheduling and certffi¢atlon pro¢ess for Australasla, as well as $upporUng the members and a¢¢redited training ¢entre$ In the ￿gIon. IWCF Operations Limited 18 registered in Norway to enable Norwegian payrol to function. Volunteers The Charity beneffts from a global neI￿Ork of volunteers with diverse experience in the O&G industry. These volunteers play a crucial role in ensuring that the technical content and overall quality of assessments are linguistically accurate in their specrfied language. Their contributions enable the Charity to maintain high standards of clarity and precision across its mullilingual assessments. In 2024, the number of volunteers supporting the review and updating of assessment questions remained consistent with 2023. with six dedicated individuals contributing to this tas Environmental, Social & Govemance In 2024, the Charity enlisted specialised support to foThalise tts Environmental, Social, and Govemance {ESGI reporting and strategic planning efforts, wth this work sel to continue throughout 2025. The Charity aims lo integrate ESG consideratsons into ts operations, reflecting a commitment to sustainable and responsible practices that meet stakeholder expectations and regulatory standards. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 20

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C The Charity is dedicated lo minimising ils environmental impact by implementing sustainable practices focused on reducing. reusing. and recyding. In 2024. key initiatives included.. Digital Transition: Accelerating the shfft to digital platforms to decrease relance on physical resources. Virtual Course Delivery.. Offering Assessor and Train the Trainer courses onllne to reduce the need for travel and printed materl81s. Remote Audits= Conducting audits of accredited centres virtualy, minimising travekrelated carbon emisslons. Hybrid Meetings.. Combining faGtrltrfaGe and virtual board meelings to lessen travel and accommodation impaGIs. Paper ReduCt￿n- Striving to go paperless by minimising general printing wherever feasit4e. These efforts align with global sustainability trends, Whe￿ organisalions aTr in¢rga$ingty adopting digital solutions and ￿rnOte operations to reduce their environmental footprint. With the adoption of remote audits, the Charity ha$ grea￿Y decreased its ￿rbon footprint, and the travel expensès linked to the audit programme. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 21

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C LEGAL AND ADMINISTRATIVE INFORMATION PRINCIPAL OFFICE Inchbraoch House South auay MONTROSE Angus DD10 gUA AUDrroR French Duncan LLP Iradlng as AAB 133 Finnieslon Street GLASGOW G3 8HB BANKERS Bank of Scotland The Mound EDINBURGH EH1 1YZ SOLICITORS 8urness Paull LLP 2 Marischal Square Broad Street A8ERDEEN A810 1DQ Addleshaw Goddard LLP 1st Fk)or North Kingshill View Prime Four Business Park Kingswelb ABERDEEN AB158PU TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS (CHARITY NUMBER.. SC0458421 22

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C GOING CONCERN The Trustees have reviewed the organisations forecasts and projections to ensure Ihe Charity remains financially viable. Some of the charitabl8 activities are conducted through IWCF Operations Limited and the Trusts8s, who are also the Directors of IWCF Operations Limited. have been monitoring the performance. forecasts. and projections to ensure the subsidiary can remain finanaally viable. The Directors of IWCF Op8rations Limited have taken steps lo mitigate negative impacts on the company's income streams in the future by using technok)gy to ensure the continued delivery of services. The Group has a strong reserves position and al 31 December 2024. the unrestricted reseNes were £5.520.015 of which £3.621.664 was held in cash and £1.500.000 in short-lenn deposits. The Trustees are of the opinion that the Charity will have sufficient resources to meet f(s liabilities and continue operating for a period of at least 12 months from the dale of approval of these financial statements and the financial ststements have been prepared on that basis. Auditor A resolulion lo appoint AAB Audit & Accountancy Limited as auditor of the Charty and Group will be proposed at the next general meeting. Provision of infonnation to auditor Each of the persons who are Truslees al the time when this Trustegs, repryt is approved has confirmed that: so far as thattrustee is awar8. there is no relevant audit information of which the Charty and the Group's auditor is unaware, and that each trustee has taken all the steps that ought to have been taken as a trustee in order lo be aware of any infomiation needed by the Charity and the Group's auditors in connection with preparing their report and to establish that the Charity and the Group's auditor is aware of that information. The Trustees, Report was apprDved by the Board of Trustees and signed on its behalf. Oate TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 23

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C TRUSTEES, RESPONSIBILITIES STATEMENT The Trustees are responsible for preparing the Trustees. report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Gener8Jty Accepted Accounting Practice). Charty law requires the Trustees to prepare financial statements for @ach financial year. Under Charity law the Trustees must not approve the financial ststemenls unless they are satisfied that they give a true and fair view of the stste of affairs of the Charity and the Group and of the incoming resources and application of resources, induding the income and expenditure. for that period. In preparing these financial ststements, the Trustees are required to.. select suitable accounting policies and then apply them consistently.. observe the methods and principles of the Charitie5 SORP- make judgements and accounting estimates that are reasonable and prudent., prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable Group will continue in tsperalion. The Trustees are responsible for keeping adequate accounting records that are sufficient to shi)w and explain the Charity and the Group's transactions and disclose with reasonaLle accuracy at any time the financial position of the Charity and the Group and enable them to ensure that the financial statements comply with the Charities and Trustee Investment Iscotlandl Act 2005 and the Charities Accounts (Scotlandl Regulations 20C￿ {as amended). They are also responsible for safeguarding the assets of the Charity and the Group and hence for taking ￿*SOnable Steps for the pTrvention and deteGtion of fraud and other irregularitse$. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 24

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF INTERNATIONAL WELL CONTROL FORUM Opinion We have audited the financial 5tatement5 of Intemalional Well Control Forum for the year ended 31 December 2024 which comprise the Consolidated Statement of Financial Activities. the Statement of Financial Activities. the Consdidated Balance Sheet, the Balance Sheet, the Consolidated Cash Flow Stslemenl and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financlal Reportlng Standard 102 The Financial Reporting Standard 8ppllcable In the UK and Republlc of Ireland (United Kingdom Generalty Accepted A¢￿Unting Practice). In our opinlon the financial statements: give a true and fair view of the Slate of the group s and of the parent Charty's affairs as at 31 December 2024 and the group's incomlng resources and apkllcation of resources, for the year then ended have been properly prepared in accordance with United Kingdom Generaly Accepted Accounting Prarti¢e and have been prepared in accordance with the requirements of the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accolbnts {Scotlandl Regulations 2￿6. Basls for oplnlon We conducted our audit in a¢¢ordanc& with International Standards on Auditing (UK) IISAS (UKII and applicable law. Our responsibilities underthose standards are furtherdescribed in thè Auditor's responsibilrf(ies forthé audit of the financial statements section of our report. We are independent of the group In accordance wlth the ethical requlrements that ar& relevant to our audlt of the financial statements in the UK, induding the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audtt evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial 8ts1emnts, we have ts)ncluded that the Trustees. use of the going concem basis of acts)unting in the preparation of the financial statements is appropriate. Based on the work we have perfonned. we have not identified any material uncertainties relating to events or condttions that, individualty or collectively. may cast signfficant doubt on the group's or parent Charity ability to conts'nue as a going ￿ncern for 8 period of at least tsvelve months from when the financial statements are authorised for issue. Our responsibilities and the respjnsibilities of the Trustees with respect to going concem are described in the relevant sections of this ￿pOrt. Other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other infomialion and, TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 25

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C exceptto the extent otherwise explicitly ststed in our report, we do not express any form of assurance conclusion Ihereon. Our responsibility is to read the other information and, in doing so, consider whether the other infomiation is materially inconsistent with the financial statements, or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we ar& required to detemiine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfomied, we conclude that ther8 is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing lo report in respect of the following matters in relation to which the Chaiitses Accounls {Scollandl RegulatK)ns 2006 (as amended) require us to report to you if, in our opinion.. the information given in the financial ststemenls is inconsistent in any material respect with the Trustees, report., or sufficient and proper ac￿untIng records have not been kept by the parent Charity.. or the financial statements are not in agre&ment with the accounb'ng records and r&turns: or we have not received all the infomation and explanations we require for our audit. Responsibilities of Trustees As explained more fully in the Trustees. responsibilities statement, set out on page 24. the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and falr view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from matsrtal mlsstatement. whether due to fraud or error. In preparing the financial statements. the Truste88 are responsible for assessing the group's and the parent Chartty's ability to continue as a going concem, dI￿lOSIng. as applicable, matters related to going wncem and using the going concem basis of accounting unless the Trustees either intend to liquidate the Charty or to cease operations. or have no realisb'c alternative but lo do 80. Auditor's responsibilities for the audit of the financial statements We have been appointed as auditor under section 44(1 Ilc} of the Charilies and Tnjslee Investment Iscolland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and lo issue an Audrf(of s Report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS (UK} will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individualy or in the aggregal8, th8y coukj reasonabty be expected to influence the economic decisions of users taken on the basis of these group financial statements. Irregularities, induding fraud, are instances of norpcomplianc8 Wlth laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misstatements in respect of irregularities, induding fraud. The 8Xtenl to which our procedures are capable of detecting irregularities, including fraud is detailed below. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 26

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C We obtained an understsnding ofthe legal and regulatory frameworkswilhin which the Group and parent Charity operates. focusing on those laws and regulations that have a direct effect on the d8lerminalion of material amounts and disclosures in the financial statements. The laws and regulations we considered in this context was the Charities and Trustee Investment {S(thland) Act 2005. We identified the greatest risk of material impact on the financial statements from irregularities including fraud Management override of controls to manipulate the GrcyJp and Parent charitys key performance indicators to meet targets. Timing and completeness of revenue re￿gnition. and Compliance with relevant laws and regulatlons which directly impact the flnancial 8tat&ments. Our audil procedures to respond to these risks included: Testing of joumal entries and other adjustrnents for approprialeness.. Testing a sample of revenue transactions lo ensure entitlement lo in￿rne and re￿)gnItion in the ￿rrect period., Enquiries of management as to actual and potential litgation and ¢laims- Reviewing legal and professional fees to identify indications of actual or potential litigation, claims and any non-comrAiance with laws and regulations- Perfomiing a discbsure checklist on the financial statements to ensure Charities and Tnjstee Investment {Scotland) Act 2cKJ5 requirements are satisfied,. Analytical procedures to idents'fy any unusual or unexpected trends or relalionship,. and Reviewing minutes of meetings of those charged with governance to identify any matters indicating actual or potential fraud. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularitses, including those leading to a material misslatemenl in the financial statements or non-compliance with regulation. This risk increases Ihe more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of nonwcompliance. The risk is also greater regarding irregular((ies occurring due to fraud rather than error, as fraud invofves intentional concealment, forgery, collusion, omission or misrepresentation. A further descripts'on of our responsibilities for the audit of the financial statements is located on the Financiaj Reporting Council's website al- www.frc.org.ukJauditorsresponsibiliti8s. This description fonns part of our Auditorfs Report. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 27

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C Use of our report This report is made solely to the Charity's Trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotlandl Regulations 2006. Our aud(( work has been undertaken so that we might stale to the Charity's Trustees those matters we are required lo stale to them in an audilorfs report and for no other purpose. To the fullest extent permitte(I by law, we do not accept or assume responsibility lo anyone other than the Charity and the Charity's Trustees as a body, for our audit work, ts this report, or for the opinions we have fomied Statutory Auditor 133 Finnieslon Street GLASGOW G3 8HB Date:................... Fr8nch Duncan LLP trading as AAB are eligible to act as auditors in t8m)s of section 1212 of the Companies Act 2006. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMENTS ICHARITY NUM8ER'. SC0458421 28

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDtruRE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Unrestricted funds Total Funds Total Funds INCOME AND ENDOWMENTS FROM: Charitable aGtivities Other trading activities 152,151 4,231,391 152,151 4,231,391 103,720 4,837,675 TOTAL INCOME 4,383.542 4.383.542 4,941.395 EXPENDITURE ON: Raising funds Charitable activrties 3,713.898 622.431 3.713,898 622,431 3,847.232 567.496 TOTAL RESOURCES EXPENDED 4,336,329 4.336.329 4,414.728 NET INCOME 47.213 47,213 526.667 NET MOVEMENT IN FUNDS 47,213 47,213 526,667 Total funds brought fO￿ard 5,472.802 5,472,802 4.946,135 Totsl funds ¢arried forward 5,520,015 5.520.015 5,472.802 The notes on pages 34 to 48 fom part of these financial statements. The ststement of financial activities includes all gains and losses recognised in the year. All Income and exPend￿Ure derlve from contlnulng actIv￿es. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 29

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDrruRE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2024 2024 Total Funds 2023 Total Funds Unrestricted funds Note INCOME AND ENDOWMENTS FROM.. Charitable activities Other trading activities Investment income 305,166 305,166 279,038 1,158.515 1.158.515 338.458 TOTAL INCOME 1,463.681 1.463.681 617.496 EXPENDITURE ON.. Charitable activities 981,093 981,093 903,463 TOTAL RESOURCES EXPENDED 981,093 981,093 903,463 NET INCOME I {EXPENDITUREI 482.588 482.588 1285.967) NET MOVEMENT IN FUNDS 482,588 482,588 1285,9671 Total funds brought forward 3,207,549 3,207,549 3,493,516 Totsl funds carried forward 3.690.137 3,690,137 3,207,549 The notes on pages 34 to 48 form part of these financial statements. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activibes. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 30

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C CONSOLIDATED BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Intsngible assets Tangible fixed assets 11 12 111.791 37.495 33.837 33.837 149.286 CURRENT ASSETS Debtors Investments Cash al bank and in hand 14 15 16 8.401 1,500.000 3,621.664 1.041.449 1.000.000 3,876.076 6,030.065 5.917.525 CREDITORS.. amounts Yalling due within one year 17 543.887 594.009 NET CURRENT ASSETS 5,486.178 5,323.516 NET ASSETS 5,520.015 5,472.802 FUNDS Unrestricted 5,520.015 5,472.802 TOTAL CHARrrY FUNDS 5,520,015 5,472,802 tees and aulhorised for issue on: The notes on pages 34 to 48 fomi part of these financial statements. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 31

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Note FIXED ASSETS Intangible assets Tangible fixed assets Investments 11 12 13 111,791 35,689 106 33,222 106 33,328 147,586 CURRENT ASSETS Debtors Investments Cash al bank and in hand 14 15 16 76,238 1.000,000 2.736,060 82,770 500,000 2,599,808 3.812,298 3.182,578 CREDITORS.. amounts falling due within one year 17 155.489 122.615 NET CURRENT ASSETS 3,656.809 3,059.963 NET ASSETS 3.690.137 3.207.549 FUNDS Unrestricted 3.690,137 3,207,549 TOTAL CHARrrY FUNDS 3,690,137 3,207,549 The financial statements were approved by the Trustees and aulhorised for issue on: The notes on pages 34 10 48 fomi part of these financial slalements. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 32

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Cash flow from operatlng actlvltles Net income for Ihe year Depreciation of tangible fixed assets Amortisation of intangible fixed assets L￿S on sale of tangible assets Loss on disposal of intangible assets 47,213 33,545 111,135 244 656 626,667 33,288 91.761 2,320 Movements In worklng ￿pItal Decreasellincreasel in debiors Decrease in creditors 133,048 50.122 190,514} 2.652 Ngt cash flow from opgratlng actlvltles 275,719 560,870 Cash flows from Investlng act￿ltIeS Purchase of tangible fixed assets Purchase of intangible fixed assets Purchase of current asset investments (30,131) 138,106) 16,055} (1,000,000} 1500,000) Net cash flow used in investing activilies 1530.131) (1.044.161 } Net ¢a$h flow u$¢d in finan¢ing a¢tiviti¢$ Net decrease in cash and cash equivalents 1254.412) {483.291 } Cash and cash equivalents at 310ecember 2023 3,876,076 4,359,367 Cash and rAsh equivalents at 31 December 2024 3,621,664 3,876,076 Cash and cash equlvalents comprlse: Cash al bank and in hand 3,621,664 3,876,076 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 33

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 ACCOUNTING POLICIES Charity infomiation Internalional Well Control Forum is a Scottish Charitable Incorporated Organisation ISCIO) with a registered office of Inchbraoch House, South Quay, Monlrose, Angus, DD10 9UA. The nature of the SCIO'S operats'ons and principal activities are set out within the Trustees. Report. 8a8is ofpTrparation offinan¢￿1 stat&ments The finanGial stslements have been p￿Pared in a¢¢ordan¢e with A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice appliGable to Gharilies preparing their aGcounts in aGGordanGe with the Financi81 Reporting Stand8rd applicable in the UK and Republic of Ireland {FRS 1021 (second edition- October 20191- (Charities SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. the Charity's Constitution and the Charities and Trustee Investment {Scotland} Act 2005. Intemalion81 Well Control Forum meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at hi5toriGal cost or transaGtion value unless otherwise stsled in the relevant accounting poljcy. The Statement of Financial Activities {SOFAI and Balance Sheet consc4id8te the financial ststements of the SCIO and its subsidiary undertakings. The results of the subsidiaries are consolidated on 8 line by line basis. The Charity's functional and presenlational currency is GBP rounded to the nearest £ Going concem The Trustees, having made due and careful enquiry, and having considered the impact. risks and uncertsinlies of the environment in which the Group operates are of the opinion that the Group has adequate working capital to execute its operations over the next 12 months. The Trustees have reviewed forecasts and cash flow projections including different scenarios as part of this assessment. The Trustees, therefore, have made an informed judgement, al the ts'me of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources lo continue in operational existence for the foreseeable future. As a result, the Trustees have continued to adopt a going concem basis of accounting in preparing the annual financial slatements. Foreign currency translabon Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dales of the transactions. At each period end foreign cU￿encY monglary items are translated using the dosing rate. Non-monetary items measure¢J al historical cost are translated using the exchange rale al the dale of the transaction and non- monetsry items measured at fair value are measured using the exchange rate when fair value was deterniined. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 ACCOUNTING POLICIES {contsnued) Foreign exchange gains and losses resulting from the settlement of transactions and from the translation al PgriCMI-&nd exchange rates of monetary assets and liabilities denominated in fOr8￿Jn currencies are T￿OgnISed in the Statement of Financial Activities within within income from other trading activities or expenditure on Charitab￿ activities and raising funds. Consolidation These financial statements consolidate the accounts of Intemational Well Control Forum and its subsidiary undertakings, IWCF Operations Limited and International Well Control Forum (Australia) Pty Limited. Uniform accounting policies are adopted throughout the Group and intra-Group transactions or balances are eliminated on consolidation. Income AJI in￿rne is recognised once the SCIO has entitlement to the income, it is probable that the income wil be received, and the amount of income receivable can be measured reliably. Donations are recognised when the SCIO has control over the item, any conditions associated with the donation have been met, Ihe receipt of economiG benefit from the use of the item is probable and Ihal economiG benefit can be measured reliabty. Income from other trading activities indudes income eamed from trading activities to raise funds for the Charity. Income is received in exchange for sup ￿YIng goods and services in order lo raise funds and is recognised when enlillement has occurred. Interest income is recogni5ed in the Ststement of Finan¢ial Activities when ￿elV8b1e. Expenditure Expenditure is recognised once there is a legal or constwctive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in settlement 8nd the amount of the obligation can be measured reliabty- Expenditure is classified by activty. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Cost of raising funds comprises the costs of commercial trading through subsidiary undertakings. Govemance costs are those Incurred In connectlon w￿h admlnlstrallon of the SCIO and Complian￿ w constltutional and statutory requirements. Support costs are those funclknns that asslst the work of the charftable group bul do not directly undertake charitatrle activities. Tax Tax is recognised in the Statement of Financial Activities. except that a charge attributable to an item of income and expense recognised as other comprehensive income or an item recognised directly in equity is also recognised in other comprehensive income or directly in equty respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantivety enacted by the balance sheet date in the countries where the Group operates and generates income. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 35

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 ACCOUNTING POLICIES {conlinuedl Investments in subsidiaries Invèstments in subsidiaries are valued at cost less provision for Impalm￿nL Inlarwible assets Intangitle assets comprise soflware development wsts whiGh are carried at cost, net of amortisation and any provision for impairment. The net book value of the assets donated by Stichting International Well Control Forum on 31 August 2017 has been accounted for as the cost to the SCIO. Amortisation is provided based on the remaining useful lrfe al date of transfer from the Stichting. Amortisation is provided at rates calculated to wrrte off the cost, less their estimated residual value, over their expected useful lives on the following bases= Development co$1$ 10% straight Ilne Additlons to the system are amortised over the remalning useful life of the system. T8ngibla fix8d ass8ts and depreciation Tanglble fixed assets are cathed at cost. net of depreclatlon and any provislon for Impalm)ent. The net book value of the assets donated by Stschling Intemational Well Control Forum on 31 August 2017 has been accounted for as the cost to the SCIO. Depreciation is provided on the following bases.. Plant and machinery Fixture and fittings Office equipment 25% straight line 25¥0 straight line 330A straight line Fund accounting Unrestricted funds are available to spend on activities which further any of the purposes of the SCIO. Restricted funds are funds which the donor has specified are to be used for particular purposes. Debtors Trade and other debtors are recconised atthe settlement amount after any trade dis￿Unt offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Current asset investments Current asset investments indude cash deposits held for investment purposes with a maturity date more than 3 months after the dale of acquisition. Cash at bank and in hand Cash al bank and in hand includes cash and short term hwJhly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or simlar account. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 36

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 ACCOUNTING POLICIES {conlinuedl abilrfies and provisions Liabilitiès are recognisèd when tha￿ 1$ an obligation at the Balance sheet date as a result of a past evert it is probable that a transfer of economie benefrt will be required in settlement, and the amount of the settlernent can be eslimaled reliabty- Liabilities are recognised al the amount that the SCIO anticipates it wil pay to sethe the debt or the amount it has received as advanced payments for the goods or services it musl provide. Provisions are measured at the best estimate of the amounts requI￿d to setlle the obligation. Where the effed of the time value of money is material, the provision is based on the present value of those amounts. discounted at the pr&tax discount rate that refiects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges. Flnanci81 Instrumants The SCIO only has financial assets and financl81 Ilabilities of a kind that qualrfy as basic flnancial Instruments. Basic financial instruments are inilialy recognised al transaction value and subsequently measured at their Settlement value with the exception of bank loans which are subsequenlly measured at amortised cost using the effectsve interest method. Penslons Defined contribution p8nsion plan The Group operates a defined contribution plan for its empk)yees. A defined contribution plan is 8 pension plan under which the Group pays fixed contributions into a separate enb'ty- Once the contributions have been paid. the Group has no further payment obligations. The contributions are recognis8d as an expens8 in the Statement of Financial Acb'vities when they fall due. Amounts not paid are shown in accnjals as a liability in the Balance sheet. The assets of the ￿an are held separately from the Group in independently administered funds. Operating leases Rentsls paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. Employee ben8Thts The costs of short-lemi employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the pericfvd in which the employee's services are receNed. Termination benefits are expensed when the Group can no longer withdraw the offer of those benefits. If benefits are not expected lo be settled wholly within 12 months of the reporting date, then they are discounted. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 37

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY Eslmates and Judgements are ￿ntInUallY evaluated and are based on hlstorlcal experience and other factors. Includlng expectatlons of future &vents that are belleved to be reasonable under th& clrcumstsnces. Critical a¢￿UntIng estimates and assumpllong.. The SCIO make8 estimates and assumptions concerning the fLrture. The resulting aC￿unting estimates and assumptions will seldom equal the relateé actual results. The estimates and assumptions that have a signfficant risk of causing a material adjustment lo the carrying amcwjnts of assets and liabilities wrthin the next finanaal year are discussed below. Useful econom￿ life ofintangible fixed assets The annual amortisalion charge for intangible fixed assets is sensitive to changes in the useful economic lives and residual values of the assets. Useful lives and residual values ar8 reassessed annually. They are assessed ere necessary to reflect current ests'males based on economic utilisation and physical ¢c￿dition. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 38

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 INCOME FROM CHARITABLE ACTIVITIES Group Charlty 2024 2023 2024 2023 Charge for us8 of assets Charge for use of prem￿e8 Administration fees Membership fee renewals Bank interest received 132.441 55,343 2.708 52,489 62,185 127.383 52,778 7.408 53,614 37,855 52,489 99,662 53,614 50,106 Totsl 152.151 103,720 305,166 279,038 All income relates to unrestricted fun(ts. OTHER TRADING ACTIVITIES Group Charty 2024 2023 2024 2023 Trading income from subsidiaries 4,231.391 4.837,675 Totsl 4,231,391 4,837,675 Ail income relates to unrestricted funds. INVESTMENT INCOME Group Charlty 2024 2023 2024 2023 Income from subsidiary 1,158,515 338,458 All income relates lo unrestricted funds. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 39

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 FiAISING FUNDS Group Charlty 2024 2023 2024 2023 IWCF Operations Limited 3.604.504 3,715.061 International Well Control Forum IAustr81ia) Pty Limited 109.394 132,171 3,713,898 3,847,232 EXPENDITURE ON CHARITABLE ACTIVrnES Group 2024 Charity 2023 2024 2023 Direct costs Membership charge Member events Taskforcertechnical expense5 1,895 65,837 87.452 198 30,613 99,783 6.726 65.837 87.452 5.458 30.613 99.783 155,184 130,594 160,015 135,854 Support costs Office expenses Professional fees Entertainment Trustee remuneratlon Board travel and a¢¢ommodation Translations Amortisalion Depreciation 8ank charges Administration charges Use of personnel 100,233 38,492 22,690 39.999 44,741 75,814 111,135 33,545 598 97,963 32.224 57.652 77.666 38.492 22.690 39.999 76,512 75.814 111,135 32.355 76.672 32.224 57,652 35.778 86.889 91,761 33.288 1.347 34.882 86.889 91.761 31.954 1.317 33.202 321.056 767,609 26,244 319,573 821.078 467.247 436,902 Total unrostrl¢lod 822,431 567,496 981,093 9)3,463 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 40

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 EXPENDITURE ON CHARITABLE AcTIV￿lEs Icontinued) Governance costs induded above were: Group Charity 2024 2023 2024 2023 Board travel and accommodation Trustee remunerats'on Audit fees 44.741 39,999 8,583 35.778 76,512 39,999 8,583 34.882 7,598 7,598 93,323 43,376 125,094 42,480 NET MOVEMENT IN TOTAL FUNDS FOR THE YEAR is stated aftercharging.. Group Charty 2024 2024 2023 2023 Depreciation Operating lease rentals Amortisation Auditor's remuneration Audit fees Non-audlt servlces 33.545 45.030 111.135 33.288 42.863 91,761 32.355 45.030 111.135 31.954 42.863 91.761 21.795 1.375 19,586 8.583 7.598 STAFF COSTS AND NUMBERS The average number of persons empbyed by the Group during the year was as follows: Group 2024 2023 Average number of employees during the year by department.. Support activities for oil and gas industry 25 Group Staff wsts: Wages and salaries Social security costs Pension costs Other employee benefrts 1,136,851 98,594 86,781 46,458 948,789 104.542 89,757 59,263 1.368,684 1.202.351 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 41

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 STAFF COSTS AND NUMBERS {continuedl There are no staff directly employed by the Charity. The number of higher paid em ￿0yeeS was: 2024 No. 2023 No. In the band £6O,OOC￿£70,o00 In the band £70,000-£80,000 In the band £80,000-£90,000 In the band £210,o0￿220,000 The key management personnel of the Group comprise the Truslees (who are also Directors of the wholly owned subsidiary IWCF Operations Limiledl, the Chief Executive, the Head of Compliance and the Head of Operations. Key management personnel received remuneration, including employerfs national insurance contributions for their services as folows- 2024 2023 Key management personnel 451,245 389,013 Amounts paid to key management personnel in the year indudg £39,999 paid via a trustee sgrvus agreement {2023: £195,000 paid via a consultancy agreement). 10. TRUSTEE REMUNERATION AND EXPENSES One Trustee, Jamie Wilson, received remuneration in the year lolalling £39,999. This payment was madg on the basis of responsibilities relating lo his rcle as an Independent Trustee of International Wel Control Forum, as defined in ané aulhorised by the Charity's constitution. No pension contributions or other benefits were paid in relation lo this arrangement. Eight Trustees received reimbursement for expenses totalling £39,00812023.. four Trustees re¢eived expenses totaling £33,103} ￿lating to travel expenses for meeting attendan¢es. TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 42

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 11. INTANGIBLE ASSETS Group and CharAy Software Development Costs At 1 January 2024 Disposals At 31 December 2024 684,656 1,967 646.689 Amortl$atlon At 1 January 2024 Charge for the year Relating to dispos71s At 31 December 2024 1536,865) 1111,135) 646,689 Not Book Valu• At 31 December 2024 At 31 December 2023 111.791 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 43

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 12. TANGIBLE FIXED ASSETS Group Plant and machinery Fixtures & fittings Office equipment Total Cost Al 1 January 2024 Addits'ons Disposals Al 31 December 2024 4.742 19.475 1,244 862 170,141 28,887 30,768 168,260 194,358 30,131 31,630 4,742 19,857 192,859 Depreclatlon Al 1 January 2024 Charge Relating to disposals Al 31 De¢&mber 2024 {4,742) (15,263) 11,722) 620 1136,858) {31,823) 30,766 1156,863) 133.5451 {4.7421 {16,365} 1137.915) 1159,0221 Net book value al 31 December 2024 3.492 30,345 33,837 Net book value at 31 December 2023 4.212 33,283 37.495 Charfty Plant and machinery Fixtures & fittings Office equipment Tolal Cost Al 1 January 2024 Additions Disposals Al 31 December 2024 4,742 13,850 1,244 862 154,353 28,887 30,768 152,472 172,945 30,131 31,630 171,446 4,742 14.232 Depreciation Al 1 January 2024 Charge Relating to disposals Al 31 December 2024 {4,742) {10,135) 11,569} 621 1122,379) {30,786) 30,766 (137,256) 132.3551 31,387 {4.7421 (11,083) 1122,399) 1138,2241 Net book value at 31 December 2024 3.149 30,073 33,222 Net book value al 31 December 2023 3,715 31,974 35,689 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 13. FIXED ASSET INVESTMENTS Group 2024 Charfty 2024 2023 2023 Investment in subsidiary undertakings 106 106 The Charity owns 100VA of the issued ordinary share capital 1100 ordinary shares of £1 each) of IWCF Operations Limited I"IWCF Ops"), a company incorwrated and registered in Scotland (company number SC5687311, having its registered office at Inchbraoch House, South Quay, Montrose, Angus. The company was incorporated on 14 June 2017. The company delivers accreditation, assessment and cerbficalion programmes for well controls within the oil and gas exploration and production industy. The Charity also owns 100% of the iSsL￿1 ordinary shares110 ordinary shares of 1 AUD each} of Inlemational Well Control Forum (Australia) Pty Limrted {IVVCF IA)}, a company incorporated and registered in Australia {A.C.N. 606 106 218}. having its registered office clo Level 11. 1 Constitution Avenue. Canberra City, ACT, 2601. This shareholding was acquired by donation of the shares from Slichling International Well Control Forum in the perKJd ended 31 December 2017. IWCF Ops 2024 IWCF IA) 2024 AUS$ Income Cost of sales Administration expenses Profit for year 4,619,067 (1,622,870) 2 271 872 211,969 1211,171) 724.325 798 IWCF Ops 2024 IWCF IA) 2024 AUS$ The assets and liabilities of the subsidiaries al 31 December were= Fixed assets Current assets Creditors.. amounts falling due within one year 754 70,190 (30,750) 2,268,602 1458,708) Total net assets 1,809,894 40,194 Aggregate share capltal and reserves 1,809.894 40,194 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 45

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 14. DEBTORS Group 2024 Charfty 2024 2023 2023 Trade debtors Amounts owed by group undertakings Prepayments and accrued income Other debtors 727.575 841.767 46,337 20,771 9,130 37,925 31,416 13,429 90,202 90,624 108.347 91,335 908,401 1,041,449 76,238 82,770 15. CURRENT ASSET INVESTMENTS Group Charity 2024 2024 2023 2023 Short temi cash depos￿8 1.500,000 1.000.000 1.WO.000 500,000 16. CASH AT BANKAND IN HAND Group Charfty 2024 2024 2023 2023 Cash at bank 3,621,664 3,876,076 2,738,060 2,599,808 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 46

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 17. CREDITORS.. amounts falling due within one ye8r Group 2024 Charfty 2024 2023 2023 Trade creditors Other creditors Taxation and social security Accruajs Deferred income Amounts due to group undertakings 163,526 3,430 22,896 138,042 215,993 216.263 8.419 46,249 90,893 232,185 16.481 25.576 62,214 38,636 17,575 44,070 38,158 35.394 543.887 594.009 155,489 122.615 Deferred income relates to assessment fees paid in advance and memtership fees, centre renewal fees and course fees invoiced in advance. AJI income deferred in the prior year was rel8ased to the SOFA and the amount8 beh)w were deferred: Group Charlty 2024 2023 2024 2023 New members Renewing members Accreditation- renewal Customer prepayments 2,476 36,160 120,805 56,552 2,476 36,160 44,070 149,150 38,965 44,070 215,993 232,185 38,636 44,070 TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 47

Docusign Envelope ID". 111 D261A_79614AEF-82C7QAF2A2ED869C NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2024 18. FUNDS All income and expenditure in the current and prior financial year was attributable to unrestricted fund8. Movements during the year are shown in the Statement of Financial Activities. 19. PENSION COMMITMENTS The Group conlribules to a defined contribution pension scheme and also makes discretionary contributions to personal pension plans. The assets of the scheme ar8 held separately from those of the Charity in an independently administered fund. Payments were made to the fvjnd of £86,781 in the year 12023= £89,757) representing contributions payable by the Group lo the ftjnd. At 31 December 2024 there was £11,099 {2023- £10,742) included within Group accruals due in respect of unpaid pension contribulicms. 20. COMMITMENTS UNDER OPERATING LEASES At 31 December 2024 the Group and Charity had future minimum lease payments under non-cancelable operating leases as ft)Ilows- Group and Charlty 2024 2023 Within one year Bel￿een 1 and S year5 45.030 67.545 45,030 112,575 Total 112.575 157.605 21. RELATED PARTY TRANSACTIONS Throughout the year the Group was controlled by the Board of Truslees. The Charity has taken advantage of the exemption conlained in Financial Reporting Standard 102 from disdosing transactions with parties wholy owned within the same group. During the year the Charity mad £271 {2023= £2711 lo Drilling Systems {UK) Limited. company Trustee and Vice Chair as signific8nt influence over. At 31 December 2024 the amount due by Drilling Systems lu 271 {2023: £2711. There were sales during the ygar lotalling £34.68612023'. £32,399) by one ofthe subsidia Training Solutions Limited (formerly Well Training & Finan￿ Ltd), a compan director of the subsidiary and a Truslge of the SCIO, has a controlling in eres ese sa es were standard services offered by the subsidiary and were made in the normal course of business at the standard rates set out in their schedule of fees. At 31 December 2024, the amount due by Well Training Solutions Limited was £3,556 {2023- £3,643). was com anies to Well TRUSTEES. ANNUAL REPORT AND FINANCIAL STATEMEpirs ICHARrfY NUMBER.. SC0458421 48

Docusign Envelope ID. 111 D261A_79614AEF-82C7QAF2A2ED869C International Well Control Forum Inchbraoch House South Quay Montrose Angus DDIO 9UA United Kingdom )) [phone] a [e-mail] WWW.IWCF.ORG