| 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 | 36 | 42% | 54% | 4% | 60% |
| 01 Jan 2025 - 30 Jun 2025 | 28 Jul 2025 | 34 | 44% | 54% | 2% | 58% |
| 01 Jul 2024 - 31 Dec 2024 | 28 Jan 2025 | 39 | 44% | 51% | 5% | 59% |
| 01 Jan 2024 - 30 Jun 2024 | 29 Jul 2024 | 45 | 41% | 52% | 7% | 61% |
| 01 Jul 2023 - 31 Dec 2023 | 29 Jan 2024 | 36 | 48% | 47% | 5% | 54% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Aug 2023 | 35 | 45% | 51% | 4% | 59% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 35 | 38% | 58% | 4% | 65% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 36 | 42% | 54% | 4% | 64% |
| 01 Jan 2021 - 30 Jun 2021 | 14 Jul 2021 | 31 | 71% | 23% | 6% | 29% |
| 01 Jul 2020 - 31 Dec 2020 | 26 Jan 2021 | 28 | 79% | 19% | 2% | 19% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 29 | 81% | 16% | 3% | 20% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 32 | 70% | 24% | 6% | 18% |
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 40 | 25% | 68% | 7% | 22% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 42 | 27% | 65% | 8% | 23% |
| 01 Jan 2018 - 30 Jun 2018 | 09 Jul 2018 | 39 | 31% | 62% | 7% | 18% |
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
45
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 Offshore Resources (UK) Ltd's Supply Chain Management team. Regular engagement sessions are also held between Subsea 7 Offshore Resources (UK) 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 OFFSHORE RESOURCES (UK) LIMITED is a leading company in the offshore energy industry, providing engineering, construction, and project management services to clients worldwide. The company is committed to sustainability and has a strong focus on environmental protection, social responsibility, and ethical business practices.
Their sustainability program includes initiatives to reduce their carbon footprint, promote diversity and inclusion, and support local communities. They also have a dedicated team focused on developing and implementing sustainable solutions for their projects.
The company's main products and services include subsea engineering, construction, and installation of pipelines and infrastructure for the oil and gas industry. They also offer inspection, maintenance, and repair services for existing offshore assets.
Key people in the company include Chief Executive Officer John Evans and Chief Operating Officer Phil Simons, who both have extensive experience in the energy sector.
For more information on their products and services, interested parties can visit their website at www.subsea7.com. The registered office address for SUBSEA 7 OFFSHORE RESOURCES (UK) LIMITED is 1st Floor, 1 Cobham Road, Ferndown Industrial Estate, Wimborne, Dorset, BH21 7PE, United Kingdom.
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