SUBSEA 7 LIMITED
Company Information
- Company Number
- 04316695
- Registered Address
- 40 Brighton Road, Sutton, Surrey, England, SM2 5BN
- Status
- Active
- Employee Count
- 0.0
- Turnover
- 281191000.0
- EBITDA
- 32383000.0
Additional Details
- Website
- https://subsea7.com
- Company Type
- Private limited Company
- Incorporated On
- 5 November 2001
- Nature of Business
- 09100 - Support activities for petroleum and natural gas extraction
- Industries
- Property,Infrastructure And Construction
- Region
- London
Company Location
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Financial Metrics
Time to Pay
Payment Timeline
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 | 30 Jan 2024 | 33 | 50% | 46% | 4% | 63% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Aug 2023 | 35 | 50% | 46% | 4% | 63% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 33 | 50% | 46% | 4% | 63% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 38 | 37% | 57% | 6% | 72% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 35 | 45% | 51% | 4% | 61% |
| 01 Jan 2021 - 30 Jun 2021 | 14 Jul 2021 | 28 | 77% | 19% | 4% | 24% |
| 01 Jul 2020 - 31 Dec 2020 | 26 Jan 2021 | 29 | 82% | 13% | 5% | 20% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 27 | 85% | 12% | 3% | 15% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 28 | 76% | 22% | 2% | 16% |
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 32 | 46% | 51% | 3% | 11% |
| 01 Jul 2018 - 31 Dec 2018 | 18 Jan 2019 | 34 | 38% | 59% | 3% | 12% |
| 01 Jan 2018 - 30 Jun 2018 | 09 Jul 2018 | 35 | 43% | 52% | 5% | 19% |
Company Summary
SUBSEA 7 LIMITED is a global leader in the offshore energy industry, providing engineering, construction, and project management services to the oil and gas sector
They are committed to sustainable practices and have implemented a comprehensive sustainability program to minimize their impact on the environment
Their sustainability program includes initiatives such as reducing carbon emissions, promoting biodiversity, and implementing responsible waste management practices
They also prioritize the health and safety of their employees and strive to create a diverse and inclusive workplace
The company's products and services include subsea construction, installation, and inspection, repair, and maintenance of pipelines and platforms
They also provide engineering and project management services for offshore projects
Key people at SUBSEA 7 LIMITED include the CEO, John Evans, and the Chairman, Kristian Siem
The company has a global presence with offices in over 30 countries, including their registered office address at 200 Hammersmith Road, London, W6 7DL, United Kingdom
Their website address is www.subsea7.com, where customers can learn more about their services, sustainability efforts, and contact information
SUBSEA 7 LIMITED is committed to delivering sustainable solutions and making a positive impact in the energy industry
Company Review
Trend Analysis
The trend for SUBSEA 7 LIMITED's average time to pay invoices has been relatively stable, with a slight decrease from 35 days in 2018 to 33 days in 2023. The company's percentage of invoices paid within 30 days has also remained consistent, ranging from 37% to 50% over the past three years. However, there has been a significant increase in the percentage of invoices paid later than 60 days, from 5% in 2018 to 46% in 2023.
Volatility Analysis
The volatility in SUBSEA 7 LIMITED's average time to pay invoices has been minimal, with only a 5 day difference between the highest and lowest periods. The percentage of invoices paid within 30 days has also shown low volatility, ranging from 38% to 46%. However, there has been a high level of volatility in the percentage of invoices paid later than 60 days, with a difference of 41% between the lowest and highest periods.
Summary Analysis
From the data, we can see that SUBSEA 7 LIMITED has maintained a relatively consistent average time to pay invoices over the past three years. However, there has been a significant increase in the percentage of invoices paid later than 60 days, which may indicate cash flow issues or a change in payment policies. The company has also shown a consistent trend in paying a larger percentage of invoices within 30 days, but there has been a high level of volatility in the percentage of invoices paid later than 60 days. It is worth noting that the company's shortest standard payment period is 10 days, and there is a noticeable decrease in the percentage of invoices paid within this period in 2023.
Invoice Payment Practices
This information is as reported by the business, and responses are in their own words.
Payment Terms
Standard payment terms
For all Subsea 7 UK entities the standard payment terms are 30 days from receipt of invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Any other information about payment terms
The Subsea 7 UK entities' standard payment terms are 30 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
60
Dispute Resolution Process
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 Ltd's Supply Chain Management team. Regular engagement sessions are also held between Subsea 7 Ltd's Supply Chain Management team and suppliers to discuss any issues/concerns including the invoicing and payment process.
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.
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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
