Sevan Marine resolves tax dispute in Norway

Sevan Marine, a Norwegian company designing offshore oil and gas platforms, will get back the cash it paid as part of a tax assessment dispute with the Norwegian tax authorities.

Sevan Marine said it had in January received a decision from Skatt Sør (Norwegian tax authorities) that the tax assessment for 2012 was adjusted for certain deductions related to losses on intra-group receivables following the sale of FPSO Hummingbird during the 2011-2012 restructuring.

Sevan Marine accrued for the full amount of the potential additional tax, interest and penalty tax in December 2015 of NOK 40.9 million.

The additional tax and interest of NOK 31.7 million was paid in February 2016. Sevan Marine disputed the tax office’s assessment.

However, Sevan said on Wednesday that the tax office “has now informed Sevan Marine that they will reverse their decision and no longer pursue the adjustment of the 2012 tax assessment. In accordance with this decision, Sevan Marine will be paid back the NOK 31.7 million paid in February 2016 plus interest.”

The remaining accrual in the accounts of NOK 9.2 million for penalty tax will also be reversed in Q2 2017.

Sevan Marine said it would further pursue the reimbursement of expenses incurred in disputing this case.

“We are very pleased that the tax authorities have agreed to no longer pursue this matter. This decision will lead to a positive NOK 40.9 million accounting gain and a cash reimbursement of over NOK 31.7 million,” said Reese McNeel, CEO of Sevan Marine ASA.

 

Share this article

Follow Offshore Energy Today

Events>

<< Jan 2020 >>
MTWTFSS
30 31 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply