STENA DRILLING LIMITED
Company number: 00061135
Reporting period:
1 July 2020 to 31 December 2020
Report filed on:
28 January 2021
Approved by:
S Wyness
Payment statistics
Average time taken to pay invoices: 43 days
Invoices paid:
- within 30 days: 95%
- in 31 to 60 days: 4%
- in 61 days or more: 1%
Late and disputed:
- payments due in the reporting period which have not been paid within the agreed period: 9%
Payment terms
Shortest standard payment periods
30 days
Longest standard payment period
45 days
Standard payment terms
Standard payments during 2020 were 30 days until 18.11.2020 where by a trial period of weekly payments and 45 day terms was introduced. This trail period will initially run until 21.01.2021
Were there any changes to the standard payment terms in the reporting period?
From 18.11.20 to 27.01.21 weekly payment runs were introduced on a trial basis until 27.01.2021 Company payment terms also updated on a trial basis to 45 days during the same period.
Were suppliers notified or consulted about these changes before they were made?
Suppliers under a PO were notified of the trial introduction of 45 day terms and weekly payment runs.
Maximum contractual payment period agreed
45 days
No further comment provided
Any other information about payment terms
No further comment provided
Dispute resolution process
Disputes are handeled by AP Dept supervisor and escalated through the Management line as necessary
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