SUBSEA 7 PIPELINE PRODUCTION LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2026-07-26 (in 2mo)
Last made up 2025-07-12
Watchouts
None on the register
Cash
—
Latest balance sheet
Net assets
-£10M
-2,306.2% vs 2023
Employees
0
Average over period
Profit before tax
-£9M
-134.4% vs 2023
Name history
Renamed 1 time since incorporation
- SUBSEA 7 PIPELINE PRODUCTION LIMITED 2009-04-14 → present
- PETROLOGY LIMITED 1982-05-05 → 2009-04-14
Net assets
2-year trend · vs Energy median
Accounts
2-year trend · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Turnover | £79,308,000 | £90,834,000 | |
| Operating profit | £13,000 | -£2,951,000 | |
| Profit before tax | -£3,753,000 | -£8,797,000 | |
| Net profit | -£6,860,000 | -£9,703,000 | |
| Cash | — | — | |
| Total assets less current liabilities | £4,269,000 | -£5,464,000 | |
| Net assets | -£419,000 | -£10,082,000 | |
| Equity | -£419,000 | -£10,082,000 | |
| Average employees | 0 | 0 | |
| Wages | — | — |
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
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Operating margin | 0.0% | -3.2% | |
| Net margin | -8.6% | -10.7% | |
| Return on capital employed | 0.3% | 54.0% | |
| Gearing (liabilities / total assets) | 100.6% | 111.6% | |
| Current ratio | 0.07x | 0.05x | |
| Interest cover | 0.00x | -0.50x |
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.
Audit & accounting basis
- 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. 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 23 February 2025, Subsea 7 S.A., the ultimate parent company of the Group, announced an agreement in principle on the key terms of a proposed merger with Saipem S.p.A.”
- “The Group commenced a programme for upgrading its ERP system, SAP, to SAP S/4HANA.”
- “The Company's research and development activities primarily consist of developing and improving its welding technology.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 28 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| FINDLAY, John Kirkwood | Director | 2018-05-01 | Jul 1959 | British |
| PEARCE, Matthew Adam | Director | 2023-10-01 | Dec 1979 | British |
| RASSOULI-SANIABADI, Kaveh | Director | 2014-03-03 | Dec 1979 | British |
| SIMONS, Philip John | Director | 2018-04-01 | Apr 1966 | British |
Show 28 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BARNES, Ian | Secretary | — | 2002-06-20 |
| BARNES, Stephen | Secretary | 2002-06-20 | 2004-04-11 |
| DICKSON, Michael Desmond | Secretary | 2004-05-11 | 2006-11-20 |
| MCCONNELL, James | Secretary | 2006-11-20 | 2011-04-26 |
| ALEXANDER, Paul | Director | 2009-10-16 | 2013-09-30 |
| BARNES, Ian | Director | — | 2002-06-20 |
| BARNES, Stephen | Director | — | 2009-10-30 |
| BELLINGHAM, James | Director | 2005-12-01 | 2006-11-20 |
| BROWN, Gordon | Director | 2005-10-28 | 2006-11-20 |
| CLOUGH, Anthony John | Director | 2005-05-09 | 2006-11-20 |
| COBBAN, Ian George | Director | 2006-11-22 | 2008-08-01 |
| DICKSON, Michael Desmond | Director | 2005-05-09 | 2006-11-20 |
| DUTHIE, Lloyd Simpson | Director | 2011-04-05 | 2016-07-27 |
| ELLIS, Simon David | Director | 2012-06-20 | 2014-03-03 |
| EVANS, John Llyr | Director | 2006-11-20 | 2011-04-26 |
| FINDLAY, John Kirkwood | Director | 2005-05-09 | 2006-11-20 |
| IMOHE, Isoken Ehi | Director | 2011-04-05 | 2012-05-18 |
| MACGREGOR, Kenneth | Director | 2005-05-09 | 2006-11-20 |
| MCCONNELL, James | Director | 2013-06-03 | 2017-01-31 |
| MCCONNELL, James | Director | 2006-11-20 | 2011-04-26 |
| MOFFAT, Benjamin James | Director | 2015-10-01 | 2023-10-01 |
| PUGH, David Edward | Director | 2016-07-27 | 2018-05-01 |
| RENNIE, William | Director | — | 2006-11-20 |
| STRACHAN, Colin | Director | 2011-04-05 | 2013-06-03 |
| TAME, Jonathan Richard | Director | 2013-07-15 | 2018-04-01 |
| TAME, Jonathan Richard | Director | 2008-08-01 | 2011-04-26 |
| WILSON CORMELL, Darren Alfred | Director | 2013-09-30 | 2015-10-01 |
| WOOLGAR, Andrew Frank | Director | 2011-04-05 | 2013-07-15 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Subsea 7 Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2016-04-06 | Active |
Filing timeline
Last 20 of 172 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-03-12 | CH01 | officers | Change person director company with change date | |
| 2026-03-09 | CH01 | officers | Change person director company with change date | |
| 2025-08-04 | AA | accounts | Accounts with accounts type full | |
| 2025-07-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-04 | AA | accounts | Accounts with accounts type full | |
| 2024-07-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-12 | AP01 | officers | Appoint person director company with name date | |
| 2023-10-12 | TM01 | officers | Termination director company with name termination date | |
| 2023-09-25 | AA | accounts | Accounts with accounts type full | |
| 2023-07-19 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-01-05 | AA | accounts | Accounts with accounts type full | |
| 2022-07-21 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2021-09-01 | AA | accounts | Accounts with accounts type full | |
| 2021-07-21 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2020-09-10 | AA | accounts | Accounts with accounts type full | |
| 2020-07-21 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2019-09-19 | AA | accounts | Accounts with accounts type full | |
| 2019-07-26 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2018-08-03 | AA | accounts | Accounts with accounts type full | |
| 2018-07-26 | CS01 | confirmation-statement | Confirmation statement with no updates |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 4
- Capital events
- 0
- Officers appointed
- 0
- Officers resigned
- 0
last 12 months
last 24 months
last 12 months
last 12 months
Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.
Year-on-year
FY2023 → FY2024 · period ending 2024-12-31 vs 2023-12-31
-
Turnover
+14.5%
£79,308,000 £90,834,000
-
Cash
—
Not reported
-
Net assets
-2,306.2%
-£419,000 -£10,082,000
-
Employees
—
Not reported
-
Operating profit
-22,800%
£13,000 -£2,951,000
-
Profit before tax
-134.4%
-£3,753,000 -£8,797,000
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