SUBSEA 7 (UK SERVICE COMPANY) LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2027-03-19 (in 10mo)
Last made up 2026-03-05
Watchouts
Cash
—
Latest balance sheet
Net assets
£72M
+18.9% vs 2023
Employees
1,852
+8.6% vs 2023
Profit before tax
£12M
+131.9% vs 2023
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
1 PSC ceased in last 24 months
Significant control changed hands — see the Ownership section.
Name history
Renamed 1 time since incorporation
- SUBSEA 7 (UK SERVICE COMPANY) LIMITED 2002-06-11 → present
- PLANTLAUNCH LIMITED 2002-03-05 → 2002-06-11
Net assets
2-year trend · vs Industrials median
Accounts
2-year trend · latest reflected 2024-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 |
|---|---|---|---|
| Turnover | £257,690,000 | £304,895,000 | |
| Operating profit | -£35,956,000 | £13,869,000 | |
| Profit before tax | -£37,043,000 | £11,829,000 | |
| Net profit | -£30,275,000 | £8,807,000 | |
| Cash | — | — | |
| Total assets less current liabilities | £63,841,000 | £75,073,000 | |
| Net assets | £60,797,000 | £72,266,000 | |
| Equity | £60,797,000 | £72,266,000 | |
| Average employees | 1,706 | 1,852 | |
| Wages | £130,909,000 | £142,960,000 |
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 | -14.0% | 4.5% | |
| Net margin | -11.7% | 2.9% | |
| Return on capital employed | -56.3% | 18.5% | |
| Gearing (liabilities / total assets) | 57.3% | 53.4% | |
| Current ratio | 0.62x | 0.51x | |
| Interest cover | -89.89x | 5.40x |
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. 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.”
Group structure
- SUBSEA 7 (UK SERVICE COMPANY) LIMITED · parent
- Thames International Enterprise Limited 100%
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.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
6 active · 24 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PEACE, Lorna Helen | Secretary | 2012-04-19 | — | — |
| FOLEY, Mark | Director | 2022-01-01 | Apr 1973 | British |
| LOUYS, Nathalie Veronique Jacqueline Ghislaine | Director | 2016-09-30 | Nov 1963 | Belgian |
| LYNE, Katherine Rachel | Director | 2019-09-30 | Jul 1969 | British |
| MAY, Richard George | Director | 2025-03-31 | Feb 1983 | British |
| SIMONS, Phillip John | Director | 2020-07-01 | Apr 1966 | British |
Show 24 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| DAVIES, Robin Ashley | Secretary | 2004-05-31 | 2016-12-31 |
| IMOHE, Isoken Ehi | Secretary | 2011-09-05 | 2012-04-19 |
| LAWRIE, Douglas George | Secretary | 2002-04-04 | 2004-05-31 |
| OSWALDS OF EDINBURGH LIMITED | Corporate Nominee Secretary | 2002-03-05 | 2002-04-04 |
| CASSIE, David | Director | 2004-10-18 | 2011-01-10 |
| CROWE, Simon Paul | Director | 2011-04-06 | 2012-07-31 |
| DAVIES, Robin Ashley | Director | 2002-04-04 | 2016-12-31 |
| DUNCAN, Tony | Director | 2012-09-12 | 2013-01-31 |
| EL-IMAD, Nina | Director | 2010-09-13 | 2012-04-02 |
| FITZGERALD, Mel Oliver | Director | 2004-10-18 | 2011-01-14 |
| HICKEY, Thomas Peter Brendan | Director | 2015-05-29 | 2016-09-30 |
| IMOHE, Isoken Ehi | Director | 2011-09-05 | 2012-05-18 |
| LAWRIE, Douglas George | Director | 2002-04-04 | 2004-05-31 |
| LAWRIE, Karen Nicola | Director | 2013-02-05 | 2015-05-29 |
| LE GRAND, Antoine Dominique Pierre | Director | 2013-02-05 | 2013-04-01 |
| LEROY, Joseph Antoine Lucien | Director | 2013-04-01 | 2016-01-22 |
| MAHON, Barry Anthony | Director | 2004-10-18 | 2011-04-06 |
| MCCONNELL, James | Director | 2004-06-30 | 2011-04-26 |
| ROSA, Ricardo Horacio | Director | 2012-07-31 | 2021-12-31 |
| SMITH, John | Director | 2002-06-11 | 2004-06-30 |
| TIPSON, Keith Frederick | Director | 2011-04-06 | 2019-09-30 |
| TOCHER, Judith Robertson | Director | 2012-05-18 | 2013-02-05 |
| YOUNG, Douglas James | Director | 2018-03-19 | 2025-03-31 |
| JORDANS (SCOTLAND) LIMITED | Corporate Nominee Director | 2002-03-05 | 2002-04-04 |
Ownership
Persons with significant control
| Name | Kind | Nature of control | Notified | Status |
|---|---|---|---|---|
| Subsea 7 International Holdings (Uk) Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2026-04-13 | Active |
| Subsea 7 S.A. | Corporate entity | Shares 75–100%, Voting 75–100% | 2017-12-21 | Ceased 2026-04-13 |
| Subsea 7 Senior Holdings (Uk) Limited | Corporate entity | Shares 75–100%, Voting 75–100% | 2016-04-06 | Ceased 2017-12-21 |
Filing timeline
Last 20 of 118 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-04-20 | PSC02 | persons-with-significant-control | Notification of a person with significant control | |
| 2026-04-20 | PSC07 | persons-with-significant-control | Cessation of a person with significant control | |
| 2026-03-23 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2026-03-12 | CH01 | officers | Change person director company with change date | |
| 2025-09-17 | AA | accounts | Accounts with accounts type full | |
| 2025-04-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-04-03 | TM01 | officers | Termination director company with name termination date | |
| 2025-03-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-09-30 | AA | accounts | Accounts with accounts type full | |
| 2024-03-06 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-02-29 | CH01 | officers | Change person director company with change date | |
| 2023-11-15 | AA | accounts | Accounts with accounts type full | |
| 2023-03-13 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-12-21 | AA | accounts | Accounts with accounts type full | |
| 2022-03-07 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2022-01-14 | TM01 | officers | Termination director company with name termination date | |
| 2022-01-14 | AP01 | officers | Appoint person director company with name date | |
| 2021-09-14 | AA | accounts | Accounts with accounts type full | |
| 2021-03-12 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2020-10-13 | AA | accounts | Accounts with accounts type full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 5
- 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
+18.3%
£257,690,000 £304,895,000
-
Cash
—
Not reported
-
Net assets
+18.9%
£60,797,000 £72,266,000
-
Employees
+8.6%
1,706 1,852
-
Operating profit
+138.6%
-£35,956,000 £13,869,000
-
Profit before tax
+131.9%
-£37,043,000 £11,829,000
-
Wages
+9.2%
£130,909,000 £142,960,000
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