SUBSEA 7 DEEP SEA LIMITED

1. SUBSEA 7 DEEP SEA LIMITED 2007-11-28 → present
2. SUBSEA 7 (UK) LIMITED 2003-11-07 → 2007-11-28
3. TRUIMDANE LIMITED 2003-10-17 → 2003-11-07

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 merger 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 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. Merger discussions are ongoing with the completion of the proposed combination 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

Filings

4

last 12 months

Capital events

0

last 24 months

Officers appointed

1

last 12 months

Officers resigned

1

last 12 months

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

• Turnover

  -30.2%

  £357,905,115 → £249,650,111

• Cash

  -78.8%

  £26,807,265 → £5,670,126

• Net assets

  -130.3%

  -£27,918,458 → -£64,292,809

• Employees

  -15%

  60 → 51

• Operating profit

  +85.6%

  -£29,312,083 → -£4,216,457

• Profit before tax

  +54.3%

  -£34,627,872 → -£15,817,643

• Wages

  +48.3%

  £3,799,110 → £5,633,803

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