SUBSEA 7 TREASURY (UK) LIMITED

1. SUBSEA 7 TREASURY (UK) LIMITED 2011-01-13 → present
2. ACERGY TREASURY LIMITED 2006-01-23 → 2011-01-13
3. SEAWAY (UK) LIMITED 1993-12-08 → 2006-01-23
4. STOLT COMEX SEAWAY LIMITED 1992-06-15 → 1993-12-08
5. COMEX U.K. LIMITED 1989-11-08 → 1992-06-15
6. COMEX HOULDER LIMITED 1987-08-05 → 1989-11-08
7. COMEX HOULDER DIVING LIMITED 1980-12-31 → 1987-08-05
8. COMEX(DIVING)LIMITED 1970-03-17 → 1980-12-31

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 101

Reporting scope

Standalone (parent only)

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Affirmed

“The Directors consider that the going concern assumption remains appropriate for the Company. In forming that conclusion, the Directors have taken into consideration the potential completion of the proposed combination with Saipem S.p.A. The Directors consider that there are no significant doubts over the application of the going concern assumption and no disclosable material uncertainties which cast doubt upon the Company's ability to continue as a going concern.”

Significant events

• “On 24 July 2025, Subsea 7 S.A., the ultimate parent company of the Group, and Saipem S.p.A. announced that they have entered into a binding merger agreement, confirming the terms of the combination of the two companies, following on from the signing of the memorandum of understanding on 23 February 2025. Completion of the proposed combination is anticipated to occur in the second half of 2026, subject to shareholder and regulatory approval.”
• “On 3 January 2025, one of the Company's unsecured loan note agreements with Tartaruga Insurance Limited, a fellow group company, matured with a redemption value of $12.7 million. On 13 January 2025, a second loan note matured with a redemption value of $11.1 million. On 7 January 2025 and 13 January 2025, two new unsecured loan note agreements with Tartaruga Insurance Limited were approved with a redemption value of $10.9 million and $5.7 million, respectively. On 24 July 2025, a further unsecured loan note agreement with Tartaruga Insurance Limited was approved with a redemption value of $8.1m.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

2

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  —

  Not reported

• Cash

  -6%

  £350,134,915 → £329,243,884

• Net assets

  +31.1%

  £186,946,627 → £245,051,890

• Employees

  —

  Not reported

• Operating profit

  +41.9%

  £40,145,293 → £56,954,040

• Profit before tax

  +58.4%

  £48,765,752 → £77,237,213

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers