Measures announced in the UK Budget will review the potential transfer of ownership of UK fields along with the ability to transfer the benefit of past taxes paid on production to be used for relief in future field decommissioning by the new owners.
The announcement on the 28th February of EMAS Chiyoda’s bankruptcy is the latest in a long line of vessel contractors to fall victim to the downturn since January 2015. Multiple companies such as Cal Dive, Ceona, Cecon, Hercules Offshore, Harkand and Swiber have entered into administration, taking a significant number of vessels out of the active fleet.
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