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