SUBSEA 7 ENGINEERING LIMITED
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Cash
—
Latest balance sheet
Net assets
-£86m
+22.7% highest in 3 filed years
Employees
0
Average over period
Profit before tax
£40m
+162.2% highest in 3 filed years
Watchouts
Facts from the Companies House register and the latest accounts — not a rating
-
Negative shareholders' funds
Net assets
3-year trend · vs Industrials median
Accounts
3-year trend · Δ = latest vs prior filed period · latest reflected 2025-12-31
| Metric | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 | Δ vs prior |
|---|---|---|---|---|---|
| Turnover | £211,770,000 | £348,834,000 | £466,403,000 | +33.7% | |
| Operating profit | -£34,120,000 | £25,113,000 | £48,994,000 | +95.1% | |
| Profit before tax | -£41,829,000 | £15,316,000 | £40,152,000 | +162.2% | |
| Net profit | -£33,575,000 | £9,589,000 | £25,204,000 | +162.8% | |
| Cash | — | — | — | — | |
| Total assets less current liabilities | -£118,319,000 | -£110,690,000 | -£85,434,000 | +22.8% | |
| Net assets | -£120,426,000 | -£110,837,000 | -£85,633,000 | +22.7% | |
| Equity | -£120,426,000 | -£110,837,000 | -£85,633,000 | +22.7% | |
| Average employees | 0 | 0 | 0 | — | |
| Wages | — | — | — | — | |
| Directors' remuneration | — | — | — | — | |
| Directors' pension contributions | £40,000 | £81,000 | £76,000 | -6.2% | |
| Highest paid director | £332,000 | £292,000 | £767,000 | +162.7% |
Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers
Ratios
Computed from the line items above — sparklines read oldest → newest
| Ratio | Trend | 2023-12-31 | 2024-12-31 | 2025-12-31 |
|---|---|---|---|---|
| Operating margin | -16.1% | 7.2% | 10.5% | |
| Net margin | -15.9% | 2.7% | 5.4% | |
| Gearing (liabilities / total assets) | 192.6% | 183.6% | 137.3% | |
| Current ratio | 0.31x | 0.23x | 0.06x | |
| Interest cover | -5.25x | 2.09x | 4.89x |
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.
Name history
Renamed 1 time since incorporation
- SUBSEA 7 ENGINEERING LIMITED 2006-04-29 → present
- SOUTHCAPE LIMITED 2006-04-18 → 2006-04-29
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.”
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.”
Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers
People
4 active · 27 resigned
| Name | Role | Appointed | Born | Nationality |
|---|---|---|---|---|
| PEACE, Lorna Helen | Secretary | 2016-01-21 | — | — |
| FULLGRABE, Beth Alexandra | Director | 2023-12-22 | Apr 1979 | Australian |
| SMART, Martin John | Director | 2024-10-01 | May 1967 | British |
| WIFFIN, Keith Thomas | Director | 2025-10-06 | Mar 1978 | British |
Show 27 resigned officers
| Name | Role | Appointed | Resigned |
|---|---|---|---|
| ENGER, Martin James | Secretary | 2011-12-09 | 2012-04-02 |
| HAYLOCK, James Richard | Secretary | 2013-10-23 | 2016-01-21 |
| LAMASSIAUDE, Delphine Anne Florence | Secretary | 2011-08-01 | 2011-12-09 |
| MURRAY, Graeme Scott | Secretary | 2006-04-27 | 2011-12-09 |
| RIOS BASTOS SANTOS, Paula | Secretary | 2012-04-02 | 2013-02-15 |
| BRIAN REID LTD. | Corporate Nominee Secretary | 2006-04-18 | 2006-04-20 |
| P & W SECRETARIES LIMITED | Corporate Secretary | 2006-04-20 | 2006-04-27 |
| ALLEN, Andrew Young | Director | 2006-04-27 | 2008-10-10 |
| BERTIN, David Laurent Marie | Director | 2019-03-04 | 2021-06-28 |
| CARRE, Oliver Marc Marie | Director | 2011-08-01 | 2016-01-21 |
| ENGER, Martin James | Director | 2011-12-09 | 2012-04-02 |
| HAYLOCK, James Richard | Director | 2013-10-23 | 2020-12-17 |
| LAMASSIAUDE, Delphine Anne Florence | Director | 2011-08-01 | 2011-12-09 |
| LOUVETY, Franck Stephan | Director | 2024-05-20 | 2025-06-10 |
| LOUVETY, Franck Stephan | Director | 2021-01-08 | 2022-06-30 |
| MAY, Richard George | Director | 2024-08-12 | 2025-10-06 |
| MOFFAT, Benjamin James | Director | 2024-03-01 | 2024-10-01 |
| PARFETT, Justin Richard | Director | 2020-04-30 | 2024-08-12 |
| PERRIN, Jerome Louis Michel Bruno | Director | 2022-06-30 | 2024-03-01 |
| RIOS BASTOS SANTOS, Paula | Director | 2012-04-02 | 2013-02-15 |
| ROSIER, Paul Thomas | Director | 2006-04-27 | 2020-04-30 |
| ROUBACH, Virginie Anne-Laure | Director | 2021-01-08 | 2023-12-22 |
| SHARLAND, Graham Christopher | Director | 2009-01-12 | 2012-06-01 |
| VAN WACHEM, Lodewijk Antonio | Director | 2006-04-27 | 2008-10-10 |
| WILLIAMS, David Robert | Director | 2012-06-01 | 2021-01-08 |
| P & W DIRECTORS LIMITED | Corporate Director | 2006-04-20 | 2006-04-27 |
| STEPHEN MABBOTT LTD. | Corporate Nominee Director | 2006-04-18 | 2006-04-20 |
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 108 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-11 | AA | accounts | Accounts with accounts type full | |
| 2025-11-17 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2025-10-09 | AP01 | officers | Appoint person director company with name date | |
| 2025-10-09 | TM01 | officers | Termination director company with name termination date | |
| 2025-09-15 | AA | accounts | Accounts with accounts type full | |
| 2025-06-19 | TM01 | officers | Termination director company with name termination date | |
| 2024-11-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2024-10-08 | AP01 | officers | Appoint person director company with name date | |
| 2024-10-07 | TM01 | officers | Termination director company with name termination date | |
| 2024-09-27 | AA | accounts | Accounts with accounts type full | |
| 2024-08-15 | AP01 | officers | Appoint person director company with name date | |
| 2024-08-15 | TM01 | officers | Termination director company with name termination date | |
| 2024-05-31 | AP01 | officers | Appoint person director company with name date | |
| 2024-03-05 | AP01 | officers | Appoint person director company with name date | |
| 2024-03-05 | TM01 | officers | Termination director company with name termination date | |
| 2024-01-08 | AP01 | officers | Appoint person director company with name date | |
| 2024-01-08 | TM01 | officers | Termination director company with name termination date | |
| 2023-11-28 | CS01 | confirmation-statement | Confirmation statement with no updates | |
| 2023-10-07 | AA | accounts | Accounts with accounts type full | |
| 2022-12-07 | 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
- 1
- 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.