GOV.UK
SUBSEA 7 LIMITED
Company number: 04316695
Reporting period:
1 July 2018
to 31 December 2018
This report was filed on 18 January 2019
and approved by Colin Strachan
Payment statistics
Average time taken to pay invoices: 34 days
Invoices paid:
- within 30 days: 38%
- in 31 to 60 days: 59%
- in 61 days or more: 3%
Invoices due but not paid within agreed terms: 12 %
Payment terms
Shortest standard payment period
10 days
Longest standard payment period
60 days
Standard payment terms
The Subsea 7 Group standard payment terms are 45 days from receipt of invoice.
Were there any changes to the standard payment terms in the reporting period?
No
Maximum contractual payment period agreed
60 days
Any other information about payment terms
The Subsea 7 Group's standard payment terms are 45 days from receipt of invoice however there are deviations from these standard terms. For example the supply of travel booking services, agency personnel and sub-contracted labour and corporate professional services (e.g. legal and tax fees) are on shorter payment terms.
Dispute resolution process
The first point of contact for disputes is the Subsea 7 Accounts Payable department in Aberdeen. If there is a fundamental error on the invoice e.g. incorrect legal entity or incorrect/no purchase order number quoted on the invoice the supplier will receive an automated e-mail advising them the invoice has been rejected and the reason why. To resolve the dispute the supplier must submit a revised invoice. All other disputes are resolved in conjunction with the supplier and Subsea 7 Ltd.'s Supply Chain Management team. Regular engagement sessions are also held between the Subsea 7 Ltd Supply Chain Management team and suppliers to discuss any issues/concerns including the invoicing and payment process.
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