DOLPHIN DRILLING LIMITED
Company number: 01017560
Reporting period:
1 January 2018 to 30 June 2018
Report filed on:
4 July 2018
Approved by:
James David Lomax
Payment statistics
Average time taken to pay invoices: 18 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 3%
- in 61 days or more: 2%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 5%
Payment terms
Shortest standard payment periods
15 days
Longest standard payment period
30 days
Standard payment terms
Standard company terms and conditions are:
Company shall pay the approved invoice amount within thirty (30) days after receipt of a correct and properly supported invoice.
T&C's are published online:
http://fredolsen-energy.com/wp-content/uploads/sites/10/2017/11/Dolphin-Drilling-General-Terms-and-Conditions-1.pdf
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
30 days
N/A
Any other information about payment terms
N/A
Dispute resolution process
The Purchase Order shall be governed by and interpreted in accordance with the laws of the country
in which the Purchase Order was issued. Any disputes arising in connection with the Purchase Order which cannot be resolved by mutual agreement between the parties shall be settled by court proceedings brought before the courts within the jurisdiction of the country in which the Purchase Order was issued.
Initial mediation would normally be with the relevant Purchase Order Owner, for example a Rig Manager. After that it would move onto the senior management team, VP of Operations and VP of Contracts. Should resolution not be possible then it would move on to the company lawyers and follow legal proceedings where required.
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