SUBSEA 7 I-TECH LIMITED
Company number: SC463773
Reporting period:
1 July 2025 to 31 December 2025
Report filed on:
28 January 2026
Approved by:
Kelly Syme
Payment statistics
Average time taken to pay invoices: 36 days
Total value paid:
- within 30 days: £5,570,442 (33%)
- in 31 to 60 days: £8,477,660 (51%)
- in 61 days or more: £2,644,537 (16%)
Invoices paid:
- within 30 days: 42%
- in 31 to 60 days: 52%
- in 61 days or more: 6%
Late and disputed:
- total value of payments due in the reporting period which have not been paid within the agreed period: £11,060,077
- payments due in the reporting period which have not been paid within the agreed period: 57%
- not made in the reporting period due to a dispute: 0%
Payment terms
Shortest standard payment periods
10 days
Longest standard payment period
45 days
Standard payment terms
The Subsea 7 Group's standard payment terms are 45 days from receipt of invoice.
Were there any changes to the standard payment terms in the reporting period?
Subsea 7's UK entities are moving from standard payment terms of 30 days from receipt of invoice to 45 days from receipt. This brings Subsea 7's UK entities in line with the rest of the Group.
Were suppliers notified or consulted about these changes before they were made?
As and when contracts, frame agreements and purchase orders are being renegotiated/placed standard payment terms of 45 days from receipt are now being used. This is being discussed at the time with key and strategic suppliers.
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
The Subsea 7 Group's standard payment terms are 45 days from receipt of invoice however there are deviations from these standard terms. For example the supply of travel booking services, agency personnel and sub-contracted labour and corporate professional services (e.g. legal and tax fees) are on shorter payment terms.
Dispute resolution process
The first point of contact for disputes is the Subsea 7 Accounts Payable department in Aberdeen. If there is a fundamental error on the invoice e.g. incorrect legal entity or incorrect/no purchase order number quoted on the invoice the supplier will receive an automated e-mail advising them the invoice has been rejected and the reason why. To resolve the dispute the supplier must submit a revised invoice. All other disputes are resolved in conjunction with the supplier and Subsea 7 i-Tech Ltd's Supply Chain Management team. Regular engagement sessions are also held between Subsea 7 i-Tech Ltd's Supply Chain Management team and suppliers to discuss any issues/concerns including the invoicing and payment process.
Other payment information
Has this business signed up to a code of conduct or standards on payment practices? If so, which?
For example, signatories to The Fair Payment Code must commit to paying 95% of their invoices within 60 days.
No, this business has not signed up to a code of conduct or standards on payment practices.
Does this business offer e-invoicing in relation to qualifying contracts?
This is where suppliers can electronically submit and track invoices. It's not just allowing suppliers to email them an invoice.
No
Does this business offer supply chain finance?
This is where a supplier who has submitted an invoice can be paid by a third-party finance provider earlier than the agreed payment date. The business would then pay the finance provider the invoiced sum.
No
Under its payment practices and policies, can this business deduct sums from payments under qualifying contracts as a charge for remaining on a supplier list?
No
During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No