SUBSEA 7 I-TECH LIMITED
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Next accounts due
2026-09-30 (in 4mo)
Last filed for 2024-12-31
Confirmation statement due
2026-11-28 (in 6mo)
Last made up 2025-11-14
Watchouts
None on the register
Cash
£4M
-36.5% vs 2023
Net assets
£121M
-14.3% vs 2023
Employees
9
-60.9% vs 2023
Profit before tax
-£15M
-145.9% vs 2023
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 | £234,206,000 | £112,525,000 | |
| Operating profit | £37,041,000 | -£13,836,000 | |
| Profit before tax | £32,115,000 | -£14,733,000 | |
| Net profit | £24,544,000 | -£20,709,000 | |
| Cash | £5,698,000 | £3,618,000 | |
| Total assets less current liabilities | £178,676,000 | £160,633,000 | |
| Net assets | £141,366,000 | £121,199,000 | |
| Equity | £141,366,000 | £121,199,000 | |
| Average employees | 23 | 9 | |
| Wages | £928,000 | £359,000 |
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 | 15.8% | -12.3% | |
| Net margin | 10.5% | -18.4% | |
| Return on capital employed | 20.7% | -8.6% | |
| Gearing (liabilities / total assets) | 38.3% | 47.6% | |
| Current ratio | 1.38x | 1.44x | |
| Interest cover | 10.02x | -4.00x |
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 I-TECH LIMITED · parent
- Subsea 7 i-Tech US Inc. 100%
- Subsea 7 i-Tech Mexico S.de R.L.de. C.V. 100%
- Sevenseas Contractors S.de R.L.de. C.V. 99.9%
- 4Subsea AS 100%
- Subsea 7 Marine LLC 100%
- 4Subsea Do Brasil Projetos e Servicos de Integridade Subsea Ltda 100%
- 4Subsea UK Limited 100%
- 4Subsea Astori A.S 100%
- Astori Spółka z.o.o. 100%
Significant events
- “Subsea 7 i-Tech Suriname branch was registered on 9 January 2024.”
- “Subsea 7 i-Tech Limited Liberia branch was liquidated on 21 October 2024.”
- “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 memorand”
- “The Company registered a Columbia branch on 31 January 2025 and incorporated a Brazil subsidiary on 2 July 2025.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
5 active · 13 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PEACE, Lorna Helen | Secretary | 2013-11-14 | — | — |
| EL KURD, Hani | Director | 2024-08-16 | Oct 1979 | Jordanian |
| ELLIS, Simon David | Director | 2025-10-16 | Feb 1975 | British |
| SYME, Kelly | Director | 2025-09-30 | Apr 1980 | British |
| WOULDS, Jeremy Andrew | Director | 2022-05-02 | Apr 1968 | British |
Show 13 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| BLANCE, Keith | Director | 2014-01-15 | 2016-07-11 |
| ELLIS, Simon David | Director | 2020-10-01 | 2022-05-02 |
| ELLIS, Simon David | Director | 2013-11-14 | 2016-07-11 |
| MASSON, Bruce | Director | 2013-11-14 | 2024-06-25 |
| MAY, Richard George | Director | 2019-04-15 | 2020-10-01 |
| MCCARDLE, Mark Justin | Director | 2013-11-14 | 2014-01-15 |
| MILNE, Neil Alan | Director | 2018-03-28 | 2020-01-01 |
| SHARLAND, Graham Christopher | Director | 2013-11-14 | 2015-04-08 |
| STEELE, Stephen Samuel James | Director | 2015-04-08 | 2017-12-12 |
| STRACHAN, Colin | Director | 2020-10-01 | 2025-09-30 |
| TOURNY, Benjamin Frederic | Director | 2016-07-11 | 2020-10-01 |
| VERNIER, Matthias Jerome, Patrice | Director | 2016-07-11 | 2019-04-15 |
| WISELY, Stephen George | Director | 2016-07-11 | 2024-08-16 |
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 64 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2025-12-02 | CH01 | officers | Change person director company with change date | |
| 2025-11-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-10-30 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-03 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-02 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-29 | AA | accounts | Accounts with accounts type full | |
| 2024-11-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-08-21 | AA | accounts | Accounts with accounts type full | |
| 2024-08-20 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-19 | TM01 | officers | Termination director company with name termination date | |
| 2024-06-25 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-16 | AA | accounts | Accounts with accounts type full | |
| 2023-01-05 | AA | accounts | Accounts with accounts type full | |
| 2022-11-24 | CS01 | confirmation-statement | Confirmation statement with updates | |
| 2022-09-07 | SH01 | capital | Capital allotment shares | |
| 2022-05-17 | AP01 | officers | Appoint person director company with name date | |
| 2022-05-17 | TM01 | officers | Termination director company with name termination date | |
| 2021-11-22 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2021-09-23 | AA | accounts | Accounts with accounts type full |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 2
- Officers resigned
- 1
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
-52%
£234,206,000 £112,525,000
-
Cash
-36.5%
£5,698,000 £3,618,000
-
Net assets
-14.3%
£141,366,000 £121,199,000
-
Employees
-60.9%
23 9
-
Operating profit
-137.4%
£37,041,000 -£13,836,000
-
Profit before tax
-145.9%
£32,115,000 -£14,733,000
-
Wages
-61.3%
£928,000 £359,000
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