M-I DRILLING FLUIDS U.K. LIMITED
Company number: SC161934
Reporting period:
1 January 2019 to 30 June 2019
Report filed on:
30 July 2019
Approved by:
Simon Smoker
Payment statistics
Average time taken to pay invoices: 53 days
Invoices paid:
- within 30 days: 13%
- in 31 to 60 days: 62%
- in 61 days or more: 25%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 75%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
70 days
Standard payment terms
Our Company is part of larger Schlumberger Group of companies and based on its group policies and processes, there are a range of payment terms being followed depending on the suppliers and terms negotiated. In this reporting period, the most frequent payment terms are 30 days.
Were there any changes to the standard payment terms in the reporting period?
No
Were suppliers notified or consulted about these changes before they were made?
N/A
Maximum contractual payment period agreed
90 days
There is one vendor in the period have 90 days payment term.
Any other information about payment terms
No further comment provided
Dispute resolution process
Dispute resolution provision are contained in most of our supplier contracts. Our Accounts Payable business partner is required to resolve any dispute regarding invoice and payment status per their agreed Service Level Agreement (SLA) within 3 working days. If no resolution is provided by the partner within this period the supplier has the option to forward the issue to Accounts payable teams located in Procurement Service Centre.
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.
Yes
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