Published reports

SAIPEM LIMITED

Company number: 07195109

This information is as reported by the business, and responses are in their own words.

Reporting period:

1 January 2026 to 30 June 2026

Report filed on:

29 July 2026

Approved by:

Roberto Pellegrini

Contracts and payments

Do any of this business's construction contracts with its suppliers include retention clauses? Yes

Payment statistics

Average time taken to pay invoices: 57 days

Total value paid:

within 30 days: £81,339,543 (30%)
in 31 to 60 days: £92,130,930 (34%)
in 61 days or more: £98,897,184 (36%)

Invoices paid:

within 30 days: 33%
in 31 to 60 days: 48%
in 61 days or more: 19%

Late and disputed:

total value of payments due in the reporting period which have not been paid within the agreed period: £158,318,812
payments due in the reporting period which have not been paid within the agreed period: 32%
not made in the reporting period due to a dispute: 12%

Payment terms

Shortest standard payment periods

0 days

Longest standard payment period

90 days

Standard payment terms

Saipem Limited’s standard payment terms are 60 days from receipt of invoice. Supplier payment terms are generally negotiated “back to back” with our main client payment terms which are defined by project, these are usually 30, 45 or 60 days therefore shorter payment terms than 60 days can be agreed.

Were there any changes to the standard payment terms in the reporting period?

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

90 days

Standard payment terms are 60 days from receipt of invoice however there are deviations from these standard terms. For example, the supply of travel services, agency personnel, utilities, consultancy etc. which can be lower at 15, 30 or 45 days. The maximum of 90 days payment terms are limited to only a few suppliers.

Any other information about payment terms

No further comment provided

Retention clauses

How does this business use retention clauses?

Retention clauses are used in specific circumstances:

Retention clauses are included only in qualifying contracts with suppliers where specific circumstances justify their use. The principal reasons for applying retention are where a vendor is unable to provide a performance bond for the duration of the contract, or where the vendor risk assessment indicates that additional security is required.

Does this business only use retention clauses in construction contracts above a specific contract sum?

Does this business use a standard percentage rate in retention clauses?

Does this business apply retention clause practices that are no more onerous than those applied to it on the same project?

Releasing money under a retention clause

Process for releasing money this business has deducted or retained under a retention clause

In most cases, the vendor issues a pro forma invoice for the value of the retention previously withheld. Once the invoice has been reviewed and accepted by the project, a service entry number is issued, after which the vendor may submit the final invoice for payment following the usual invoice process. In circumstances where the retention is withheld at the payment stage, the retained amount is released and paid once the conditions set out in the purchase order have been satisfied and the accounts department are notified to release the payment.

Is the money released in stages?

Yes:

Generally yes.
In most cases, 50% of the retained amount is released upon completion of the works, typically on issue of the provisional completion certificate. The remaining 50% is released following expiry of the warranty period and issue of the final completion certificate. Where no warranty period applies, 100% of the retained amount may be released once the final reports have been issued. In some cases, the release percentages may differ, for example a 70/30 split, depending on the scope of work under the relevant purchase order.

Amount retained from suppliers in the reporting period

Amount retained stated as a percentage of the money retained from this business by its clients

Amount retained stated as a percentage of the total construction payments made by this business

Dispute resolution process

Typically, our standard terms for dispute settlement are as follows:
SETTLEMENT OF DISPUTES
xx.1 PURCHASER and SUPPLIER shall use their reasonable efforts to resolve any disputes or claims arising
out of or in connection with the PURCHASE ORDER in an amicable manner.
xx.2 In case of a dispute either PARTY shall send a notice to the other detailing the matter giving rise to the
dispute (“NOTICE OF DISPUTE”). The dispute shall initially be referred to PURCHASER’s Representative
and SUPPLIER’s Representative who shall make all reasonable efforts to settle the dispute amicably. Failing
an amicable settlement within 30 (thirty) days from the receipt of a NOTICE OF DISPUTE from a PARTY,
or such other term agreed between the PARTIES, then the dispute shall be referred to senior executives of
both PARTIES which shall be identified by each PARTY, with powers to settle the dispute.
xx.3 Failing an amicable settlement by the senior executives within further 30 (thirty) days or such other term
agreed between the PARTIES, the matter shall be submitted to arbitration by any PARTY in accordance
with the Rules of Arbitration of the International Chamber of Commerce in place at the time of
commencement of the arbitration (the “Rules”). The arbitrators shall be 3 (three) and shall be appointed in
accordance with the Rules. The seat of the arbitral proceedings shall be London, United Kingdom, and such
proceedings shall be conducted in the English language. The arbitral award shall be final and binding on
the PARTIES. The arbitral proceedings shall be confidential and the award shall not be published. Each
PARTY irrevocably and unconditionally waives any objection or immunity on grounds of sovereignty or
otherwise to the arbitral proceedings.
xx.4 Whilst any matters are in dispute SUPPLIER shall continue the performance of the SUPPLY in accordance
with all the provisions of the PURCHASE ORDER, unless otherwise ordered conjunctively by the arbitrators.

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.

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.

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?

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