Bibby Offshore welcomes George Osborne

Bibby Offshore, the subsea services provider to the oil and gas industry, welcomed George Osborne, Chancellor of the Exchequer, to the company’s facility in Aberdeenshire.

On 22 July, the Chancellor was given a tour of Bibby Offshore’s new 50,000 ft² Westhill facility, The Hangar. His visit follows the company’s recent investment in these facilities, including the installation of a 16 ton Gantry Crane and five separate workshops, allowing for specialty activates such as care and maintenance of dive hats and diver umbilicals.

During the visit, Osborne announced that 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.

George Osborne, Chancellor of the Exchequer with Howard Woodcock, Chief Executive of Bibby Offshore.

Howard Woodcock, CEO 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 Chancellor’s 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.”

Adapted from press release by Katie Woodward

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/28072014/bibby-offshore-welcomes-osborne-to-aberdeenshire-facility-1139/