UK Chancellor Mentions Hi-Tech Tax Breaks on Bibby Offshore Visit

By George Backwell
Friday, July 25, 2014
Osborne (L) & Woodcock: Photo courtesy of Bibby Offshore

Bibby Offshore, subsea services provider to the oil & gas industry, says it has hosted a visit by George Osborne, Chancellor of the Exchequer, to the Company’s workshop, storage and maintenance facility in Aberdeenshire, Scotland.

The Chancellor was given a tour of Bibby Offshore’s new 50,000 sqft state-of-the-art Westhill facility, The Hangar. His visit follows the Company’s recent investment into its facilities; including the installation of a 16 tonne Gantry Crane and five separate workshops allowing for numerous speciality activities, such as care and maintenance of dive hats and diver umbilical’s.

Bibby Offshore adds that during the visit, the Chancellor announced the Government has published a consultation on a new cluster area allowance to encourage investment in ultra high pressure, high temperature oil and gas fields. The allowance is designed to support investment in technically challenging development projects and encourage exploration in the surrounding areas. The allowance will reduce the tax on a portion of a company’s profits from 62% to 30% at current rates.

Howard Woodcock, Chief Executive of Bibby Offshore, commented:
“We were delighted to welcome Mr Osborne to our new facility in Westhill, Aberdeenshire, and to be chosen as the only stop on the Chancellors visit to the North east.
“As a leading services provider in the Offshore oil and gas industry, we welcome any initiative that promotes investment in this region. We hope this new allowance from the Government will not only encourage exploration, reducing the tax on a portion of company’s profits, but it also supports demanding development projects, creating more jobs and further success for the oil and gas industry.”

About the company

Bibby Offshore is a subsea services provider to the oil & gas industry. The Company has a leading position in the UK North Sea, combined with a growing international presence.

It is headquartered in Aberdeen with regional offices in Newcastle, Liverpool, Singapore, Trinidad and Houston, USA.

www.bibbyoffshore.com

Maritime Reporter January 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Long Beach Port to Boost Power, Speed Clearance

Port of Long Beach Chief Executive Jon Slangerup on Thursday unveiled ambitious plans for congestion-beating smart systems for cargo movement and an all-out

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

Technology

Kongsberg Expands Louisiana Office, Training Facility

Kongsberg Maritime has purchased approximately 5.2 acres for new construction on an 82,980 sq ft office and training facility. Construction on the James Business

Navigational Charts App Debuts at Ocean Business

An independent consultancy and software development company will launch a new web and PC based navigational charting app at Ocean Business 2015.   Norcom Technology

Reftrade Upgrades Fleet Refrigeration Systems

Reftrade UK  has made an investment  to upgrade its fleet with environmentally friendly technology. The world’s first refrigeration system to use CO2 as a natural refrigerant,

Finance

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

Strategic Sale of Braemar's H.O.

On 27 January 2015 Braemar Shipping Services Plc exchanged contracts for the sale of our leasehold interest in our Marylebone corporate headquarters to Greenhouse

31st Edition of Cruise Shipping Miami

Cruise Shipping Miami 2015 is gearing up to offer the most comprehensive and robust roster of panel discussions featuring the industry's most knowledgeable and experienced executives.

People in the News

Long Beach Port to Boost Power, Speed Clearance

Port of Long Beach Chief Executive Jon Slangerup on Thursday unveiled ambitious plans for congestion-beating smart systems for cargo movement and an all-out

31 ARENA Projects Completed

ARENA has invested $1 billion in more than 230 projects, fellowships and scholarships that are paving the way for a more diverse energy future for Australia.

Gazprom, OMV Ink Additional Deal

Vienna hosted today the signing of an Addendum to the existing contract for gas supply to Austria between Alexander Medvedev, Deputy Chairman of the Gazprom Management Committee and Gerhard Roiss,

Government Update

Lerwick Harbor sees Positive Outlook

Lerwick's importance as a gateway for Shetland’s communities and industries is underlined by an increase in passenger traffic, cargo handled and fish landed in 2014.

Bill Proposed to Repay WWII Merchant Mariners

Congresswoman Janice Hahn (Calif.) and Congressman John Duncan Jr. (Tenn.) introduced the “Honoring Our WWII Merchant Mariners Act of 2015,” which would provide

Dozens Missing off Bangladesh after Boat Sinks

About 40 illegal migrants heading from Bangladesh to Malaysia to look for work were missing on Thursday after their boat sank, police said. A steady stream of

Offshore Energy

Shell: UK Should Reduce North Sea Oil Tax

The British government should review a supplementary tax charge on North Sea oil producers as it has made the operation of some fields unrealistic, Shell Chief

Shell Eyes Arctic Drilling this Summer

Oil major Shell wants to revive its Arctic oil drilling programme this year after a near two-year suspension, angering environmentalists who say the risk of an oil spill is too high.

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2968 sec (3 req/sec)