The data shows that the company's average time to pay invoices has fluctuated over the past three periods. It increased from 45 days in the first period (Jan 2018 - June 2018) to 85 days in the second period (Jan 2019 - June 2019). However, it then decreased to 30 days in the most recent period (Jan 2020 - June 2020). This suggests that the company has been working towards improving their payment efficiency.
The company's percentage of invoices paid within 30 days has also varied over the past three periods. It was at its lowest in the second period (Jan 2019 - June 2019) with 0% of invoices paid within 30 days. However, it increased to 71% in the fourth period (July 2019 - Dec 2019) and remained relatively stable at 40% in the most recent period (Jan 2020 - June 2020). This suggests that the company has made efforts to pay a higher percentage of invoices within 30 days.
Overall, the data shows that the company's average time to pay invoices has decreased from 45 days to 27 days over the past three periods. The percentage of invoices paid within 30 days has also improved from 37% to 75%. However, the percentage of invoices paid later than 60 days has increased from 19% to 25%. This could indicate a slight delay in payments for some suppliers.
| 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 Jan 2021 - 30 Jun 2021 | 12 Jul 2021 | |||||
| 01 Jul 2020 - 31 Dec 2020 | 30 Jan 2021 | 27 | 75% | 0% | 25% | 0% |
| 01 Jan 2020 - 30 Jun 2020 | 21 Jul 2020 | 50 | 40% | 20% | 40% | 0% |
| 01 Jul 2019 - 31 Dec 2019 | 27 Jan 2020 | 30 | 71% | 29% | 0% | 0% |
| 01 Jan 2019 - 30 Jun 2019 | 22 Jul 2019 | 85 | 0% | 40% | 60% | 0% |
| 30 Jun 2018 - 31 Dec 2018 | 30 Jan 2019 | 43 | 57% | 0% | 43% | 6% |
| 01 Jan 2018 - 30 Jun 2018 | 26 Jul 2018 | 45 | 37% | 44% | 19% | 6% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Standard 30 day payment terms
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
60
31. RESOLUTION OF DISPUTES 31.1 Any dispute between the PARTIES in connection with or arising out of the CONTRACT or the WORK shall be resolved by means of the following procedure: (a) The dispute shall initially be referred, by means of a formal notice containing the information set out in Clause 31.5 and served in accordance with Clause 29.6, to the COMPANY REPRESENTATIVE and CONTRACTOR REPRESENTATIVE who shall discuss the matter in dispute and make all reasonable efforts to reach an agreement; (b) If no agreement is reached under Clause 31.1(a) above within forty (40) days of the service of such formal notice, the dispute shall be referred to the two persons named in Appendix 1 to Section I – Form of Agreement. Such persons are nominated one by the COMPANY and once by the CONTRACTOR. Such persons may be replaced by the PARTY which nominated them by notice to the other PARTY; (c) If no agreement is reached under Clause 31.1(b) above within twenty (20) days of expiry of the period referred to in Clause 31.1(b) (that is, within sixty (60) days of the service of the formal notice referred to at Clause 31.1(a)), the dispute shall be referred to an appropriate Senior Executive of each of the PARTIES who shall meet to discuss the matter in dispute within twenty (20) days of expiry of the period referred to in this clause 31.1(c) (that is, within eighty (80) days of the service of the formal notice referred to at Clause 31.1(a).) 31.2 If no agreement is reached within twenty (20) days of expiry of the period referred to in Clause 31.1(c) (that is, within eighty (80) days of the service of the formal notice referred to at Clause 31.1(a)), the PARTIES may attempt to settle the dispute by a form of Alternative Dispute Resolution to be agreed between the PARTIES. 31.3 In the absence of any agreement being reached on a particular dispute within twenty (20) days of expiry of the period referred to in Clause 31.1(c) (that is, within eighty (80) days of the service of the formal notice referred to at Clause 31.1(a)), either PARTY may, subject to Clause 31.4, take appropriate action in the Courts to resolve the dispute at any time. 31.4 It shall be a condition precedent to the referral of a dispute to the Courts under Clause 31.3 that the PARTY which intends to commence proceedings in relation to the dispute has used its reasonable endeavours to follow and complete the procedures set out in Clauses 31.1(a), (b) and (c).
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
PETROFAC UK HOLDINGS LIMITED is a leading international service provider to the oil and gas industry. The company offers a range of services including engineering, construction, operations and maintenance, and training. PETROFAC has a strong commitment to sustainability and operates with a focus on environmental, social, and governance (ESG) practices.
As part of their sustainability program, PETROFAC has set ambitious targets to reduce their carbon emissions and increase the use of renewable energy sources. They also prioritize the safety and well-being of their employees and local communities, and actively engage in community development projects.
PETROFAC offers a wide range of products and services to their clients, including engineering and design, procurement, construction, and project management. They also provide training and development programs for the oil and gas industry, helping to build skills and expertise within the sector.
The key people at PETROFAC UK HOLDINGS LIMITED include Ayman Asfari, the Group Chief Executive, and Alastair Cochran, the Chief Financial Officer. The company has a strong leadership team and a dedicated workforce of over 11,000 employees.
For more information about PETROFAC UK HOLDINGS LIMITED, their products and services, and their sustainability program, you can visit their website at www.petrofac.com. Their registered office address is 1st Floor, 121 King Street, Aberdeen, AB24 5BD, United Kingdom.
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