The average time for PGS EXPLORATION (UK) LIMITED to pay invoices has fluctuated over the past three periods. It started at 25 days in the first period and increased to 44 days in the second period. It then decreased to 41 days in the third period and remained relatively stable in the following four periods.
The volatility of the % Invoices paid within 30 days has been relatively stable over the past three periods, ranging from 31% to 63%. However, there has been more volatility in the % Invoices paid between 31 and 60 days, ranging from 33% to 71%. The % Invoices paid later than 60 days has also shown volatility, ranging from 3% to 34%.
In the first period, PGS EXPLORATION (UK) LIMITED paid invoices on average within 25 days, with 63% paid within 30 days and 3% paid later than 60 days. In the second period, the average time to pay increased to 34 days, with 45% paid within 30 days and 10% paid later than 60 days. In the third period, the average time to pay decreased to 44 days, with 31% paid within 30 days and 15% paid later than 60 days. This trend continued in the following periods, with the average time to pay remaining around 41-47 days, but the % Invoices paid within 30 days fluctuating between 22% and 58%. The worst period for PGS EXPLORATION (UK) LIMITED was in the seventh period, where only 22% of invoices were paid within 30 days and 71% were paid between 31 and 60 days, with 7% paid later than 60 days.
| 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 | 30 Jan 2024 | 36 | 20% | 46% | 34% | 45% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 37 | 28% | 54% | 19% | 51% |
| 01 Jul 2022 - 31 Dec 2022 | 31 Jan 2023 | 47 | 21% | 50% | 29% | 51% |
| 01 Jan 2022 - 30 Jun 2022 | 31 Jul 2022 | 47 | 26% | 62% | 12% | 59% |
| 01 Jul 2021 - 31 Dec 2021 | 06 Feb 2022 | 43 | 22% | 71% | 7% | 61% |
| 01 Jan 2021 - 30 Jun 2021 | 28 Jul 2021 | 47 | 58% | 36% | 6% | 33% |
| 01 Jul 2020 - 31 Dec 2020 | 31 Jan 2021 | 46 | 24% | 43% | 33% | 46% |
| 01 Jan 2020 - 30 Jun 2020 | 31 Jul 2020 | 41 | 23% | 45% | 32% | 40% |
| 01 Jul 2019 - 31 Dec 2019 | 29 Jan 2020 | 41 | 26% | 46% | 28% | 47% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 44 | 31% | 54% | 15% | 5% |
| 01 Jul 2018 - 31 Dec 2018 | 28 Jan 2019 | 34 | 45% | 45% | 10% | 18% |
| 01 Jan 2018 - 30 Jun 2018 | 31 Jul 2018 | 25 | 63% | 33% | 3% | 21% |
This information is as reported by the business, and responses are in their own words.
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 information available
Any other information about payment terms
No additional information
Maximum contractual payment period agreed
45
If a dispute arises, it is dealt with by our Accounts Payable Department, usually by email in the first instance and is then followed up by telephone, if required.
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
PGS Exploration (UK) Limited is registered at Weybridge, Surrey, and forms the UK arm of what was PGS, a company providing energy data and geophysical services. PGS has now merged with TGS ASA to create a combined group trading as TGS, describing itself as an integrated energy data and services provider operating across the energy value chain. The wider group collects and processes seismic and subsurface data, offering multi-client data libraries, ocean bottom node and GeoStreamer acquisition technology, and imaging services used in oil and gas exploration and emerging energy markets such as offshore wind and carbon storage. The UK entity operates as part of this international group rather than as an independent trading business.
Generated from the company's website and Companies House records. Sources: pgs.com · pgs.com · pgs.com