ONESUBSEA UK LIMITED
Company Details
Registration Number
00400176
Registered Address
280 Bishopsgate London EC2M 4RB
Company Status
Active
Employee Count
689
Turnover
£342,267,000
EBITDA
£24,939,000
Additional Information
Website
www.onesubsea.com/Company Type
Private limited Company
Incorporated on
7 November 1945
Nature of Business (SIC)
28990 - Manufacture of other special-purpose machinery not elsewhere classified
Industries
Oil and gas
Region
LondonCompany Location
Financial Overview
£788,388
£186,327,323
Last Reporting Period
Filed
31 Jan 2024
Period
01 Jul 2023 - 31 Dec 2023
Payment Timing
Average Time to Pay
29 days
Payment Periods
Shortest
30 days
Longest
70 days
Max Contractual
180 days
Payment Timeline
Not Paid Within Terms
78%
Payment Features
Payment Time Trends
Payment Distribution Trends
Performance Reports History
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 31 Jan 2024 | 29 | 66% | 27% | 6% | 78% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 24 | 76% | 18% | 6% | 22% |
| 01 Jul 2022 - 31 Dec 2022 | 31 Jan 2023 | 35 | 52% | 37% | 11% | 49% |
| 01 Jan 2022 - 30 Jun 2022 | 15 Jul 2022 | 31 | 65% | 26% | 9% | 26% |
| 01 Jul 2021 - 31 Dec 2021 | 06 Jan 2022 | 31 | 68% | 23% | 9% | 35% |
| 01 Jan 2021 - 30 Jun 2021 | 23 Jul 2021 | 28 | 67% | 25% | 8% | 34% |
| 01 Jul 2020 - 31 Dec 2020 | 29 Jan 2021 | 65 | 56% | 27% | 16% | 35% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 39 | 53% | 35% | 12% | 42% |
| 01 Jul 2019 - 31 Dec 2019 | 30 Jan 2020 | 40 | 50% | 40% | 10% | 44% |
| 01 Jan 2019 - 30 Jun 2019 | 31 Jul 2019 | 41 | 45% | 35% | 20% | 57% |
| 01 Jul 2018 - 31 Dec 2018 | 17 Jan 2019 | 52 | 48% | 35% | 17% | 54% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 34 | 56% | 34% | 10% | 49% |
Company Summary
ONESUBSEA UK LIMITED is a leading provider of subsea production systems and services for the oil and gas industry
Founded in 2013, the company is headquartered in Aberdeen, United Kingdom
The company offers a range of sustainable solutions, including subsea trees, manifolds, wellhead systems, and control systems, to optimize production and minimize environmental impact
They also provide innovative digital technologies to enhance safety and efficiency in subsea operations
ONESUBSEA UK LIMITED is committed to sustainability and has implemented a comprehensive sustainability program
This includes reducing carbon emissions, promoting responsible sourcing, and investing in renewable energy projects
They also prioritize the health and safety of their employees and the protection of the environment in all their operations
The key people at ONESUBSEA UK LIMITED include their CEO, Kevin Taylor, and their Vice President of Operations, Simon Luffrum
Together, they bring years of industry experience and expertise to the company
For more information on their products, services, and sustainability efforts, you can visit their website at www.onesubsea.com
Their registered office address is 9 Altens Farm Road, Altens Industrial Estate, Aberdeen, AB12 3FY, United Kingdom
Company Review
Trend Analysis
The data shows a general trend of improvement in ONESUBSEA UK LIMITED's time to pay invoices, with a peak of 65 days in the second half of 2020 and a low of 24 days in the first half of 2023. This indicates that the company has been making efforts to pay invoices more promptly over the past three years.
Volatility Analysis
The data also shows some volatility in ONESUBSEA UK LIMITED's payment patterns, with fluctuations in the percentage of invoices paid within 30 days and the percentage of invoices paid later than 60 days. However, overall there is a downward trend in the percentage of invoices paid later than 60 days, indicating that the company is becoming more consistent in paying invoices on time.
Summary Analysis
Looking at the past three periods, ONESUBSEA UK LIMITED has shown improvement in its average time to pay invoices. In the first half of 2023, the company paid invoices in an average of 24 days, which is a significant improvement from the 39 days in the first half of 2020. This improvement is also reflected in the percentage of invoices paid within 30 days, which increased from 53% in the first half of 2020 to 76% in the first half of 2023.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
Our company is part of the Schlumberger group of companies and based on its group policies and processes, there are a range of payment terms being followed depending on the suppliers and terms negotiated. In this reporting period, the most frequent payment terms are 50-70 days.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
N/A
Maximum contractual payment period agreed
180
Dispute Resolution Process
: 3rd party: Although dispute resolution provisions are contained in most of our supplier contracts, our company seeks to resolve all supplier disputes amicably. In most cases, in the event of a supplier dispute, an email is sent to our central AP help desk and is prioritized by an AP business partner for resolution. Disputes are generally resolved within 4 to 7 working days. The AP business partner communicates with both parties (external and internal) in order to collate the required information to help resolve the dispute. Intercompany : A large proportion of the supplier payments this company makes are intercompany payments. Any reconciliation differences are identified by the intercompany team, which are then directed to the Procurement department/Sales department/General Accounting team in the financial hub in order to be resolved. If necessary, disputes are escalated to the relevant finance controllers. The aim is to resolve the dispute by the next intercompany settlement date.
Other Payment Information
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
❌
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
✅
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
✅
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
❌
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
❌
