HELIX WELL OPS (U.K.) LIMITED

In consideration of the satisfactory performance of the Work, Purchaser shall pay Vendor the Price in the manner set out in the Conditions. Vendor shall send Purchaser a detailed price invoice or invoices as instructed on the order clearly stating the Order Number, the item numbers and the settlement terms and containing all information required to be stated on a tax invoice for VAT purposes. Unless otherwise specified in the Order all payments hereunder shall be made within 45 days of receipt of Vendor's true and correct invoice at Purchaser's invoicing address. Payment shall not operate as a waiver of any of the rights of Purchaser under the Order or otherwise. Unless otherwise stated in the Order all payments hereunder shall be made in sterling. Vendor acknowledges that except as specifically provided in the Order the rates and prices contained therein are sufficient to cover all its obligations whether expressed or implied under the Order. When the Work or any part thereof is to be performed other than at Vendor's premises Vendor shall be deemed to have satisfied itself as to all local conditions and other factors as may in any way affect the performance of the Work. Purchaser reserves the right to audit Vendor's charges and it shall for a period of 2 years from the date of completion or delivery of the Work have access to any detailed cost data necessary for that purpose, and be entitled to copies of such data and supporting documents and information. Purchaser may withhold any payment due to Vendor to such extent as may be necessary to protect the Purchaser from loss because of a doubt that the Work will fulfil the requirements of the Order or breach by Vendor of any of the Conditions, or due to a dispute in an invoice. The Vendor confirms that it has not and shall not, without purchasers prior written agreement, enter into any cashflow finance agreement or similar arrangement with any third party, which would result in any sums being due by the Purchaser to the Vendor under this Order being due and payable directly to such third party, with such third party being entitled to demand payment of such sums due. In the event of the Vendor entering into such an arrangement with a third party the Vendor shall fully advise the Purchaser of this arrangement and of the name and address of the third party and shall provide written confirmation and authorisation that any sums due under the Order are no longer due to the Vendor but are due and should be paid directly to the third party. Any costs or expenses incurred by the Purchaser in connection with any such arrangement put in place by the Vendor shall be to the Vendor's account. The Vendor shall not be entitled to receive payment of any invoice received by Purchaser later than 90 days from Delivery Date of goods or completion of services. Nethertheless, Purchaser may, at its sole discretion, make payment against any such invoice.

N/A

If an invoice is received without a purchase order number then the invoice is returned to the supplier from the accounts payable team, requesting that a revised invoice is sent. If an invoice is received quoting a PO number, then the invoice is distributed by the accounts payable team to the appropriate project manager for approval. If they have any concerns or disputes over the invoice they will ask the accounts payable team to place the invoice on hold whilst they resolve the query with the vendor (via their contact). Once the dispute is resolved then the appropriate project manager will a) let the accounts payable team that the invoice can be released from its hold before the invoice is paid in line with the agreed payment period stated on the PO, or b) the invoice continues to be held until a credit note or a revised invoice is received. If a credit note is received then the invoice will be released from its hold before the invoice is paid deducting the credit note value in line with the agreed payment period stated on the PO. If a revised invoice is received then the original invoice will be deleted before the original invoice is registered by accounts payable. The revised invoice will then be paid in line with the agreed payment period stated on the PO. If an invoice is overdue, then the vendor would get in touch with the accounts payable department. They will then advise why the invoice payment has not yet taken place. They may advise the vendor to get in touch with the appropriate project manager (see above scenarios), or advise on a payment date.