Financial Statements & Reports
16 January 2026.Summary of Our 2025 Strategic Report
VSG LLP has submitted its financial statements for the year ending 31 December 2025 to Administration fiscale cantonale, AFC) (Geneva) and is publishing them today, 16 January 2026, on this website. The full strategic report can be read in our financial statements.
VSG is a private enterprise partnership wholly owned by Avelar Energy Panama. VSG LLP works with extractive (oil, gas, mining, metals) field services leaders around the world to position key revenue focussed executives for bid and tender success on large cap exploration and production projects (EP) . Our mission is to enable executive leaders to achieve more for their shareholders and deliver lasting impact. We do this by bringing world-class expertise to advise on commercial revenue generation, access and delivery, with proprietary relationships that observe risk and compliance protocols as the enabler across all three.
In 2025 our growth continued at a measured pace as we expanded our regional footprint where our partners facilitated market entry and stakeholder alignment across Azerbaijan, Kazakhstan, Georgia, Turkey, and Eastern Europe, with a presence in more than 6 countries at the end of the year. More than 70 per cent of our 42 active engagements in 2025 involved providing transformative support on commercial strategy, market entry, and delivery to the highest levels of OFS (Oilfield Service Providers). Our senior global experts worked hand in hand with clients embedded country teams and bid leaders, providing incisive, high-impact supporting assigning the key personnel necessary to augment local, in-country engagement early in the lifecycle of key ($1BN+) extractive projects over mid to long time horizons.
We had an average of 5 indirect employees and 21 fixed contract hires, bringing a wide range of expertise and experience; our international staff work in our headquarters in Geneva.
Financial Review
As a Limited Liability Partnership (LPP), we are able to work in the most challenging contexts and on the most transformative client projects. A core funding model is central to our long-term sustainability, strengthening our independence and resilience, while enabling us to invest flexibly in the areas of greatest need and opportunity.
At the consolidated level, turnover increased to CHF 1.3 million while consolidated operating expenses increased to CHF 422,000, with the largest driver of increased expenditure being professional fees.
With our growth ambition, we aimed to roughly break even in 2025 and are pleased to report a small deficit before tax of CHF 105,000 for the year 2025.