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PGS EXPLORATION (UK) LIMITED

Company number: 02904391

Reporting period:
1 July 2019 to 31 December 2019

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

This report was filed on 29 January 2020

and approved by Gottfred Langseth

Payment statistics

Average time taken to pay invoices: 41 days

Invoices paid:

• within 30 days: 26%
• in 31 to 60 days: 46%
• in 61 days or more: 28%

Invoices due but not paid within agreed terms: 47 %

Payment terms

Standard payment period for qualifying contracts

45 days

Standard payment terms

PGS Standard Payment Terms are 45 days from invoice date.

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

No

Maximum contractual payment period agreed

45 days

Majority of suppliers are on standard 45 day payment terms. A small number of suppliers, such as utility companies, are on shorter 7 or 15 day payment terms.

Any other information about payment terms

Note that PGS began to outsource the accounts payable function to a third party in May 2019. During the transition period, there were technical and processing issues which led to delays with paying invoices. This was communicated to suppliers at the time and open dialogue with them was maintained. Issues were resolved during H2 2019.

Dispute resolution process

Disputes are handled by the PGS accounts payable department, based at head office in Oslo, via phone or email.

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 Prompt Payment Code must commit to paying 95% of their invoices within 60 days.

No

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