SUBSEA 7 I-TECH LIMITED
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Cash
£165k
-95.4% lowest in 3 filed years
Net assets
£131m
+8% vs 2024
Employees
12
+33.3% vs 2024
Profit before tax
£23m
+256.7% first positive since 2024
Net assets
3-year trend · vs Energy 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 | £234,206,000 | £112,525,000 | £103,939,000 | -7.6% | |
| Operating profit | £37,041,000 | -£13,836,000 | £21,217,000 | +253.3% | |
| Profit before tax | £32,115,000 | -£14,733,000 | £23,087,000 | +256.7% | |
| Net profit | £24,544,000 | -£20,709,000 | £13,312,000 | +164.3% | |
| Cash | £5,698,000 | £3,618,000 | £165,000 | -95.4% | |
| Total assets less current liabilities | £178,676,000 | £160,633,000 | £174,276,000 | +8.5% | |
| Net assets | £141,366,000 | £121,199,000 | £130,916,000 | +8% | |
| Equity | £141,366,000 | £121,199,000 | £130,916,000 | +8% | |
| Average employees | 23 | 9 | 12 | +33.3% | |
| Wages | £928,000 | £359,000 | £540,000 | +50.4% | |
| Directors' remuneration | £1,349,000 | — | — | — | |
| Directors' pension contributions | £42,000 | £39,000 | £50,000 | +28.2% | |
| Highest paid director | £605,000 | £392,000 | £465,187 | +18.7% |
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 | 15.8% | -12.3% | 20.4% | |
| Net margin | 10.5% | -18.4% | 12.8% | |
| Return on capital employed | 20.7% | -8.6% | 12.2% | |
| Gearing (liabilities / total assets) | 38.3% | 47.6% | 48.2% | |
| Current ratio | 1.38x | 1.44x | 1.57x | |
| Interest cover | 10.02x | -4.00x | 6.82x |
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 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%
- Subsea 7 i-Tech Brasil Ltda 100%
- Subsea 7 ROV UK Limited 100%
Significant events
- “On 24 July 2025, Subsea 7 S.A. and Saipem S.p.A. announced a binding merger agreement.”
- “On 13 April 2026, the Company sold the shareholding in Subsea 7 i-Tech Brasil Ltda, a fellow group undertaking, to Subsea 7 ROV UK Limited for BRL 10,000 (£1,393).”
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 65 total filings
| Date | Type | Category | Description | |
|---|---|---|---|---|
| 2026-09-24 | AA | accounts | Accounts with accounts type full | |
| 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 |
Public-record activity
Raw counts from Companies House — last 12–24 months
- Filings
- 6
- Capital events
- 0
- Officers appointed
- 1
- 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.