| 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 2025 - 31 Dec 2025 | 28 Jan 2026 | 38 | 35% | 59% | 6% | 66% |
| 01 Jan 2025 - 30 Jun 2025 | 30 Jul 2025 | 43 | 37% | 56% | 7% | 65% |
| 01 Jul 2024 - 31 Dec 2024 | 28 Jan 2025 | 39 | 34% | 60% | 6% | 68% |
| 01 Jan 2024 - 30 Jun 2024 | 30 Jul 2024 | 37 | 43% | 52% | 5% | 60% |
| 01 Jul 2023 - 31 Dec 2023 | 30 Jan 2024 | 37 | 39% | 56% | 5% | 63% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Aug 2023 | 36 | 41% | 54% | 5% | 61% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 39 | 38% | 53% | 9% | 63% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 39 | 32% | 62% | 6% | 69% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 39 | 34% | 59% | 7% | 66% |
| 01 Jan 2021 - 30 Jun 2021 | 14 Jul 2021 | 33 | 67% | 27% | 6% | 30% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 36 | 61% | 29% | 10% | 34% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 35 | 59% | 35% | 6% | 25% |
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 43 | 24% | 66% | 10% | 29% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 42 | 23% | 69% | 8% | 23% |
| 01 Jan 2018 - 30 Jun 2018 | 09 Jul 2018 | 44 | 28% | 63% | 9% | 22% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
The Subsea 7 Group's standard payment terms are 45 days from receipt of invoice.
Were there any changes to the standard payment terms in the reporting period?
Subsea 7's UK entities are moving from standard payment terms of 30 days from receipt of invoice to 45 days from receipt. This brings Subsea 7's UK entities in line with the rest of the Group.
Any other information about payment terms
The Subsea 7 Group's standard payment terms are 45 days from receipt of invoice however there are deviations from these standard terms. For example the supply of travel booking services, agency personnel and sub-contracted labour and corporate professional services (e.g. legal and tax fees) are on shorter payment terms.
Maximum contractual payment period agreed
75
The first point of contact for disputes is the Subsea 7 Accounts Payable department in Aberdeen. If there is a fundamental error on the invoice e.g. incorrect legal entity or incorrect/no purchase order number quoted on the invoice the supplier will receive an automated e-mail advising them the invoice has been rejected and the reason why. To resolve the dispute the supplier must submit a revised invoice. All other disputes are resolved in conjunction with the supplier and Subsea 7 International Contracting Ltd's Supply Chain Management team. Regular engagement sessions are also held between the Subsea 7 International Contracting Ltd's Supply Chain Management team and suppliers to discuss any issues/concerns including the invoicing and payment process.
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.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
Subsea 7 International Contracting Limited is a global leader in providing engineering, construction, and offshore installation services to the energy industry. They specialize in deepwater oil and gas projects, as well as renewable energy projects.
Sustainability is at the core of Subsea 7's operations, and they are committed to minimizing their environmental impact and promoting social responsibility. They have implemented a robust sustainability program that focuses on reducing carbon emissions, promoting diversity and inclusion, and ensuring the health and safety of their employees.
The company's products and services include subsea construction, pipeline installation, and subsea engineering. They also provide maintenance and repair services for existing offshore installations. Their state-of-the-art vessels and equipment allow them to efficiently and safely deliver projects for their clients.
Subsea 7 is led by a team of experienced and highly skilled individuals, including John Evans as the CEO and Ricardo Rosa as the CFO. They are supported by a team of experts in engineering, project management, and operations.
To learn more about Subsea 7 and their services, you can visit their website at www.subsea7.com. Their registered office address is at 200 Hammersmith Road, London, W6 7DN, United Kingdom.
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