Score of 91.8/100 qualifies for PaymentCheck Certification
| 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 2024 - 31 Dec 2024 | 15 Jan 2025 | 27 | 94% | 4% | 2% | 2% |
| 01 Jan 2024 - 30 Jun 2024 | 04 Jul 2024 | 27 | 92% | 6% | 2% | 1% |
| 01 Jul 2023 - 31 Dec 2023 | 16 Jan 2024 | 26 | 96% | 3% | 1% | 5% |
| 01 Jan 2023 - 30 Jun 2023 | 31 Jul 2023 | 27 | 91% | 7% | 2% | 2% |
| 01 Jul 2022 - 31 Dec 2022 | 27 Jan 2023 | 30 | 90% | 6% | 4% | 2% |
| 01 Jan 2022 - 30 Jun 2022 | 22 Jul 2022 | 28 | 87% | 10% | 3% | 3% |
| 01 Jul 2021 - 31 Dec 2021 | 08 Feb 2022 | 29 | 87% | 6% | 7% | 3% |
| 01 Feb 2021 - 30 Jun 2021 | 30 Jul 2021 | 41 | 86% | 6% | 8% | 2% |
| 01 Jan 2020 - 30 Jun 2020 | 30 Jul 2020 | 32 | 79% | 19% | 3% | 1% |
| 01 Jul 2019 - 31 Dec 2019 | 10 Feb 2020 | 32 | 89% | 8% | 4% | 2% |
| 01 Jan 2019 - 30 Jun 2019 | 29 Jul 2019 | 30 | 94% | 4% | 1% | 0% |
| 01 Jul 2018 - 31 Dec 2018 | 29 Jan 2019 | 34 | 93% | 4% | 3% | 1% |
| 01 Jan 2018 - 30 Jun 2018 | 27 Jul 2018 | 32 | 76% | 21% | 3% | 1% |
This information is as reported by the business, and responses are in their own words.
Standard payment terms
Tullow specifies payment periods of 30 days from receipt of a true, correctly prepared and adequately substantiated invoice in all of its standard contract models. Tullow sometimes varies standard payment terms by reducing the payment period from 30 days to 15 days based on negotiations with suppliers and consultation with Finance. Tullow does not specify a maximum payment period in its model contracts, however Tullow provides for suppliers’ right to charge interest on any undisputed invoices overdue. Tullow does require that invoices be submitted within 3 months of the work qualifying for payment to ensure discipline.
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
30
Tullow reserves the right to dispute items on the invoice. Contracts provide that Tullow will pay undisputed items on the invoice upon receipt of a new invoice for the undisputed portion and supplier’s credit note for the original disputed invoice in accordance with payment terms agreed in the contract. For a minority of contracts entered into in 2024 and for contracts entered into before 2024, Tullow undertakes to pay the undisputed items on the invoice upon receipt of a supplier’s credit note amending the original disputed invoice. Tullow also reserves the right to withhold disputed amounts from any money due under the contract. Suppliers then have aright to submit invoices for any money due once the dispute is settled. All Tullow contracts provide for parties resolving disputes amicably, expeditiously and in good faith.
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
Tullow Group Services Limited is a UK-registered company forming part of the Tullow Oil plc group, an oil and gas explorer and producer. Companies House records the company's nature of business as extraction of crude petroleum and natural gas. The wider group's operations are focused on the Jubilee and TEN fields offshore Ghana, with the group describing itself as an independent energy company pursuing oil and gas development, primarily across Africa. The group also manages supply chain activity, covering procurement, logistics and contract management, and is listed on the London Stock Exchange. This entity itself functions as a service company within that corporate structure rather than as an independent operator.
Generated from the company's website and Companies House records. Sources: tullowoil.com · tullowoil.com