Industry ranking
The average time taken for NATIONAL OILWELL VARCO UK LIMITED to pay invoices has increased steadily over the past three periods, from 34 days in 2018 to 61 days in 2023. This is a 79.4% increase over the three-year period.
The volatility in the percentage of invoices paid within 30 days has been relatively stable, with a low of 19% in 2022 and a high of 55% in 2018. However, the volatility in the percentage of invoices paid later than 60 days has increased significantly, with a low of 12% in 2018 and a high of 40% in 2022.
Over the past three periods, there has been a significant increase in the average time taken for NATIONAL OILWELL VARCO UK LIMITED to pay invoices, from 34 days in 2018 to 61 days in 2023. This is reflected in the decrease in the percentage of invoices paid within 30 days, from 55% in 2018 to 19% in 2023. The percentage of invoices paid later than 60 days has also increased, from 12% in 2018 to 40% in 2022.
| Reporting Period | Filing Date | Average Time to Pay (days) | Paid within 30 days | Paid 31-60 days | Paid after 60 days | Not Paid within Terms |
|---|---|---|---|---|---|---|
| 01 Jul 2023 - 31 Dec 2023 | 18 Sept 2025 | 62 | 15% | 43% | 42% | 67% |
| 01 Jan 2023 - 30 Jun 2023 | 08 Aug 2023 | 61 | 24% | 41% | 35% | 54% |
| 01 Jul 2022 - 31 Dec 2022 | 23 Feb 2023 | 66 | 23% | 37% | 40% | 54% |
| 01 Jan 2022 - 30 Jun 2022 | 23 Feb 2023 | 65 | 19% | 41% | 40% | 58% |
| 01 Jul 2021 - 31 Dec 2021 | 23 Feb 2023 | 55 | 27% | 39% | 34% | 51% |
| 01 Jan 2021 - 30 Jun 2021 | 23 Feb 2023 | 54 | 26% | 40% | 34% | 59% |
| 01 Jul 2020 - 31 Dec 2020 | 23 Feb 2023 | 55 | 26% | 38% | 36% | 57% |
| 01 Jan 2020 - 30 Jun 2020 | 23 Feb 2023 | 52 | 27% | 41% | 32% | 61% |
| 01 Jul 2019 - 31 Dec 2019 | 22 Feb 2023 | 49 | 29% | 47% | 24% | 58% |
| 01 Jan 2019 - 30 Jun 2019 | 21 Dec 2020 | 47 | 32% | 48% | 20% | 52% |
| 01 Jul 2018 - 31 Dec 2018 | 21 Dec 2020 | 41 | 44% | 38% | 18% | 57% |
| 01 Jan 2018 - 30 Jun 2018 | 21 Dec 2020 | 34 | 55% | 33% | 12% | 65% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard terms are 60 days but we do have certain vendors/suppliers still at 30 days or less.
Were there any changes to the standard payment terms in the reporting period?
No information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
90
Disputes are handled on a case by case basis and worked through by the purchasing team.
Has this business signed up to a code of conduct or standards on payment practices?
For example, signatories to The Prompt Payment Code must commit to paying 95% of their invoices within 60 days.
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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.
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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.
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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?
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During the reporting period, did the business deduct sums from payments as a charge for remaining on a supplier list?
No information available
National Oilwell Varco UK Limited is the UK entity within the NOV group, which supplies oilfield equipment, technologies and expertise to oil and gas customers worldwide. The wider NOV group develops products and services covering drilling, completion tools, land rigs and fibre glass systems, aimed at improving safety, efficiency and reliability of oilfield operations, as well as supporting the energy transition. Its registered office is in Stonehouse, Gloucestershire, and its business is classified under support activities for petroleum and natural gas extraction. The company operates as part of a global energy services and technology group rather than as an independent trading brand in its own right.
Generated from the company's website and Companies House records. Sources: nov.com · nov.com