Published reports

ONESUBSEA OPERATIONS LIMITED

Company number: SC226359

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

Reporting period:

1 January 2020 to 30 June 2020

Report filed on:

30 July 2020

Approved by:

Mark Higgins

Payment statistics

Average time taken to pay invoices: 74 days

Invoices paid:

within 30 days: 20%
in 31 to 60 days: 41%
in 61 days or more: 39%

Late and disputed:

payments due in the reporting period which have not been paid within the agreed period: 66%

Payment terms

Shortest standard payment periods

30 days

Longest standard payment period

45 days

Standard payment terms

Our company is part of the 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?

Were suppliers notified or consulted about these changes before they were made?

N/A

Maximum contractual payment period agreed

75 days

There was one significant vendor in the period which had a 75 days payment term

Any other information about payment terms

N/A

Dispute resolution process

3rd party: Although dispute resolution provisions are contained in most of our supplier contracts, our company seeks to resolve all supplier disputes amicably. In most cases, in the event of a supplier dispute, an email is sent to our central AP help desk and is prioritized by an AP business partner for resolution. Disputes are generally resolved within 4 to 7 working days. The AP business partner communicates with both parties (external and internal) in order to collate the required information to help resolve the dispute. Intercompany : A large proportion of the supplier payments this company makes are intercompany payments. Any reconciliation differences are identified by the intercompany team, which are then directed to the Procurement department/Sales department/General Accounting team in the financial hub in order to be resolved. If necessary, disputes are escalated to the relevant finance controllers. The aim is to resolve the dispute by the next intercompany settlement date.

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.

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?