SUBSEA 7 UK SERVICE COMPANY LIMITED
Company Information
- Company Number
- SC228749
- Registered Address
- East Campus Prospect Road, Arnhall Business Park, Westhill, Aberdeenshire, AB32 6FE
- Status
- Active
- Employee Count
- 1739.0
- Turnover
- 224604000.0
- EBITDA
- 12949000.0
Additional Details
- Website
- https://subsea7.com
- Company Type
- Private limited Company
- Incorporated On
- 5 March 2002
- Nature of Business
- 82990 - Other business support service activities not elsewhere classified
- Industries
- 0
- Region
- Aberdeen
Company Location
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 | 31 | 63% | 32% | 5% | 68% |
| 01 Jan 2023 - 30 Jun 2023 | 17 Aug 2023 | 31 | 69% | 26% | 5% | 66% |
| 01 Jul 2022 - 31 Dec 2022 | 30 Jan 2023 | 30 | 65% | 29% | 6% | 62% |
| 01 Jan 2022 - 30 Jun 2022 | 28 Jul 2022 | 38 | 49% | 40% | 11% | 79% |
| 01 Jul 2021 - 31 Dec 2021 | 26 Jan 2022 | 39 | 56% | 34% | 10% | 67% |
| 01 Jan 2021 - 30 Jun 2021 | 14 Jul 2021 | 42 | 66% | 21% | 13% | 45% |
| 01 Jul 2020 - 31 Dec 2020 | 27 Jan 2021 | 42 | 68% | 16% | 16% | 38% |
| 01 Jan 2020 - 30 Jun 2020 | 29 Jul 2020 | 30 | 78% | 16% | 6% | 24% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 26 | 83% | 14% | 3% | 30% |
| 01 Jan 2019 - 30 Jun 2019 | 25 Jul 2019 | 25 | 76% | 21% | 3% | 16% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 27 | 74% | 22% | 4% | 23% |
| 01 Jan 2018 - 30 Jun 2018 | 10 Jul 2018 | 27 | 73% | 20% | 7% | 31% |
Company Summary
SUBSEA 7 (UK SERVICE COMPANY) LIMITED is a leading global provider of offshore energy services, specializing in the design, engineering, procurement, construction, and installation of subsea infrastructure
The company is committed to sustainability and has implemented various initiatives to reduce its environmental impact
Their sustainability program includes measures such as reducing energy consumption, minimizing waste generation, and promoting sustainable procurement practices
They also have a dedicated team that works towards developing innovative and eco-friendly solutions for their clients
The company offers a wide range of products and services, including subsea construction, pipeline installation, and inspection, repair, and maintenance services for the oil and gas industry
They also provide engineering and project management services for renewable energy projects
The key people at SUBSEA 7 (UK SERVICE COMPANY) LIMITED include Jean Cahuzac, the CEO, and John Evans, the CFO
Both of them have extensive experience in the offshore energy industry
To contact the company, their website address is www.subsea7.com, and their registered office address is 200 Hammersmith Road, London, W6 7DL, United Kingdom
As a responsible and sustainable company, SUBSEA 7 (UK SERVICE COMPANY) LIMITED continues to strive towards providing efficient and environmentally friendly solutions for the offshore energy industry
Company Review
Trend Analysis
The trend for SUBSEA 7 (UK SERVICE COMPANY) LIMITED's average time to pay invoices has been relatively stable over the past three periods, with a slight decrease in 2019 and a slight increase in 2020. However, there has been a significant increase in 2021 and 2022, with a slight decrease in 2023.
Volatility Analysis
There has been some volatility in SUBSEA 7 (UK SERVICE COMPANY) LIMITED's percentage of invoices paid within 30 days, with a decrease in 2019 and 2021, and an increase in 2020 and 2023. The company's percentage of invoices paid between 31 and 60 days has remained relatively stable, with a slight increase in 2022. However, there has been a significant increase in the percentage of invoices paid later than 60 days, with a peak in 2021 and a slight decrease in 2023. The percentage of invoices not paid within agreed terms has also shown volatility, with a peak in 2021 and a decrease in 2023.
Summary Analysis
In the past three periods, from 2021 to 2023, there has been a significant increase in SUBSEA 7 (UK SERVICE COMPANY) LIMITED's average time to pay invoices, with a peak of 42 days in 2021 and a slight decrease to 31 days in 2023. The percentage of invoices paid within 30 days has decreased from 66% in 2021 to 63% in 2023, while the percentage of invoices paid between 31 and 60 days has increased from 21% in 2021 to 32% in 2023. The company's worst period for invoices paid later than 60 days was in 2021, with 34% of invoices being paid late. However, there has been a slight improvement in 2023 with only 26% of invoices being paid late. Overall, the trend for SUBSEA 7 (UK SERVICE COMPANY) LIMITED's invoice payments has been a steady increase in the time taken to pay invoices and a decrease in the percentage of invoices paid within agreed terms.
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
45
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 UK Service Co Ltd's Supply Chain Management team. Regular engagement sessions are also held between Subsea 7 UK Service Co 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